Most Expensive Cities to Live in Florida: In spite of what you may have been led to believe, Florida does not just consist of low-cost retirement communities and an infinite supply of beaches. In point of fact, the Sunshine State is home to a number of cities in which the cost of living is exceptionally high.
Be prepared to pay a premium for housing in the following cities in Florida if you are thinking about relocating there. With its pleasant year-round climate and abundance of beautiful beaches, Florida is undeniably a state that offers residents an exceptional quality of life.
However, the cost of living may vary quite a bit across the state of Florida depending on where you choose to make your home. In point of fact, contrary to what you may anticipate, the most costly cities in Florida have been shown to be extremely different from one another in recent assessments.
If you are considering relocating to the Sunshine State, it is imperative that you carry out adequate study prior to making the move.
Most Expensive Cities to Live in Florida
1. Palm Beach
The city of Palm Beach is often ranked among Florida’s most expensive places to live. It is well-known for the lavish lifestyle and opulent resorts that it offers
. A great number of famous people and affluent folks have residences in this area. Although the cost of living is considerable, the quality of life and facilities also come at a premium price.
The city is home to a significant number of high-end stores and dining establishments, in addition to art galleries, museums, and theaters. In addition to that, golfers and boaters flock to this location in large numbers. Over one million dollars is the typical asking price for a property in Palm Beach.
The high cost of living in Palm Beach is the result of a lot of different variables coming together. The location is one of the most crucial aspects to consider. Because of its location on a barrier island, Palm Beach has a limited amount of available ground for development.
Because the weather is favorable throughout the year for a wide variety of outdoor activities, there is an increased demand for housing, which in turn drives up costs. As a result of the fact that many of the restaurants and businesses in the area cater to rich customers, the high-end lifestyle also comes with a hefty price tag.
In addition, Palm Beach has very high tax rates, which contributes significantly to the overall high cost of living there. When all of these elements are considered together, Palm Beach, Florida, becomes one of the most costly areas to live in the state of Florida. Most Expensive Cities to Live in Florida.
2. Bal Harbour
The city of Bal Harbour may be found in Miami-Dade County, Florida. It is known for its high standard of living. It is well-known for its luxurious hotels, fashionable stores, and exquisite dining establishments.
The actual cost of living in Bal Harbour is 114% greater than the average cost of living in the United States. This city is home to some of the most costly real estate in all of Florida, including some of the state’s most desirable locations.
The median price of a property in the city is $1,432,447, while the average income per household in the city is $77.005. The monthly rent for an apartment with one bedroom is usually around $2,895 on average.
Why is it priced at such a high level? The county that the city is located in, Miami-Dade, is consistently ranked as one of the costliest counties in the United States. Since Bal Harbour is home to a number of high-end hotels and resorts, the area’s overall cost of living is higher than average.
On a barrier island just to the north of Miami Beach is where you’ll find the luxury community of Bal Harbour. Luxury shopping, five-star hotels, and upscale dining can be found in Bal Harbour, a neighborhood that has long been a favorite of A-list celebrities and the rich.
The city has an exceptionally low crime rate, which makes it an appealing location to reside for those who have the financial means to do so.
The community of Pinecrest may be found in Miami-Dade County, Florida. The community may be found in the southern portion of the county, close to the cities of Coral Gables and Miami. Pinecrest is one of the richest communities in Florida and has a population of around 19,183 people (2020).
According to Zillow, the typical income for a household in Pinecrest is more than $164,419, while the market value of a property in the area is more than $1.6 million. Pinecrest is well-known for its high-end residences and its sophisticated way of living.
The hamlet is home to a sizeable population of professionals, executives, and those who operate their own businesses. Pinecrest is also home to some of the most prestigious educational institutions in the state of Florida, such as Miami Palmetto Senior High School and Palmetto Elementary School.
What factors into the high cost of living in Pinecrest? To get an answer to this question, one must first think about the facilities and points of interest that are offered in the village, which make it such an attractive location to reside.
Pinecrest is widely recognized for the quality of its public schools. In point of fact, Pinecrest is rated as having the best schools in all of Miami-Dade County by the website Niche. Families with children of school age are prepared to pay a premium in order to live in a community that has such highly regarded educational institutions.
In addition to this, Pinecrest is well-known for its low crime rate. The hamlet is home to its very own police force, which makes every effort to maintain a low percentage of criminal activity. The community has a department dedicated to severe code enforcement, which helps keep homes and businesses up to code. This contributes to the overall sense of safety that one has while they are in the village. Most Expensive Cities to Live in Florida.
4. Key Biscayne
It should come as no surprise that Key Biscayne, which is located on an island just off the coast of Miami and is known for its pristine white-sand beaches, five-star hotels, and championship golf courses, is one of the most expensive locations to reside in the state of Florida.
On the island of Key Biscayne, you’ll find some of the wealthiest residents in the whole state. The typical annual income for inhabitants of Key Biscayne is about $166,667, which is significantly more than the average property price of nearly $1.4 million.
But what truly drives up the cost of real estate in Key Biscayne is the scarcity of available land. Because the total land area is less than five square miles, there is just not enough room to satisfy the needs of prospective purchasers and tenants.
Because of this intense competition for limited resources, the cost of goods and services has increased. Additionally, Key Biscayne has some of the highest property taxes in Florida, which, when added up over the course of a year, may amount to thousands of dollars.
A community in the state of Florida known as Surfside may be found along the Atlantic Coast. It is famous for both the stunning beaches and the opulent way of life that it offers. With a typical price of over one million dollars, Surfside is consistently ranked as one of the most expensive cities in the state of Florida.
The town is not only a major tourist attraction, but it is also home to a large number of well-known people and affluent persons. One of the most affluent and exclusive neighborhoods in all of Florida is Surfside, which can be found just to the north of Miami Beach.
One of the most costly areas to live in the state of Florida is Surfside, Florida. The high cost of living in Surfside can be attributed to a variety of different aspects of the local economy. The town may be found in the state of Florida, which is consistently ranked as one of the most populous states in the United States.
This indicates that the demand for homes in Surfside is significantly larger than it is in other regions of the country. Due to the town’s size, there is only a limited supply of land available for new building. Because there is a shortage of supply, prices have increased even more.
Because of its stunning coastline and pleasant climate throughout the year, Surfside is a very desired location for residential real estate.
6. Key Largo
Key Largo is well-known for the luxurious resorts and glistening seas that can be found there. Because Key Largo is such a famous tourist destination, the demand for properties in the area is great, which drives up the cost of living.
The typical price of a property in Key Largo is $1,033,055, according to Zillow. The strong demand for products and services contributes to the high cost of living that residents experience.
Many rich people choose to make their home on Key Largo, which contributes to the city’s well-earned reputation for having a limited population. It is difficult for families with low incomes to find suitable accommodation in Key Largo, which is another reason why this city is not a good fit for them.
Although Key Largo’s public schools are often ranked among the best in Florida, its tuition rates consistently rank among the most in the state. Private schools are an alternative for families who are able to afford them; nevertheless, the availability of private schools is not as widespread as that of public schools.
Why is it priced at such a high level? An private island enclave, Key Largo may be found in the waters just off the coast of Florida. The island is home to a wide range of high-end shopping destinations and dining establishments, as well as a number of opulent hotels and spas, golf courses, and marinas.
As a result of its close proximity to the Florida Keys Reef, Key Largo is also a well-liked vacation spot among boaters and fisherman. Most Expensive Cities to Live in Florida
7. Southwest Ranches
With a median price of $1,127,516, Southwest Ranches is one of the most expensive cities in the state of Florida when it comes to the cost of a property. The city is well-known for its equestrian estates and high-end residential neighborhoods.
A large number of well-known people and rich persons call Southwest Ranches their home. Southwest Ranches was first built as a planned equestrian community and is home to a number of noteworthy inhabitants, including those who ride horses. The community is surrounded by a large number of horse ranches and farms.
Additionally, it is the location of the Everglades Equestrian Preserve, which is a conservation area reserved just for horses. The city is home to a number of parks and leisure facilities, such as the Southwest Ranches Community Center and the Southwest Ranches Sports Complex.
What accounts for Southwest Ranches’ high cost of living? The location of the town is one of the reasons. One of the most populous municipalities in Broward County, Southwest Ranches is one of the largest of its kind because to its location on approximately 5,000 acres of property.
Additionally, the hamlet is surrounded on all sides by many horse routes and two golf courses. The town’s educational institutions are consistently ranked among the top in the county.
8. Highland Beach
The wealthy town of Highland Beach may be found in Palm Beach County in the state of Florida. The community is famous for its expensive residences and the high cost of living that it maintains. In point of fact, Highland Beach is frequently mentioned as being the location in Florida that features the highest overall cost of living.
The cost of living in Highland Beach is about 45.8 percentage points more than the average for the rest of the state, and the average home price in the area is over $1.1 million. Additionally, Highland Beach is the location of a number of Florida’s most elite private clubs and resorts, making it a very desirable place to live.
What factors contribute to its high cost? It should come as no surprise that the region is so pricey given that it features beaches with white sand, waterways that are turquoise, and lush tropical landscapes. However, Highland Beach is more than just a gorgeous spot to look at; it is also an excellent location to call home.
The town features a wide selection of upmarket stores and restaurants, in addition to top-rated educational institutions and medical facilities. The community boasts a low crime rate and is located within easy driving distance of large urban cities like as Miami and Fort Lauderdale.
9. Sunny Isles Beach
The affluent lifestyle that Florida is known for is on full display in Sunny Isles Beach, which can be found between North Miami Beach and Bal Harbour. Some of the most expensive real estate in the state may be found in this region, with beachfront estates beginning at approximately $5 million.
The cost of living in Sunny Isles Beach is noticeably greater than the cost of living in other towns in Florida, with the average monthly rent for an apartment with one bedroom coming in at over $2,000 dollars.
The median price of a property in Sunny Isles Beach is also significantly more than $594,654 now. In spite of the city’s relatively high overall cost of living, Sunny Isles Beach is a well-liked vacation spot, particularly among seniors.
Why, then, does a trip to Sunny Isles Beach cost so much? The setting just cannot be beat. The beachfront villas in this location provide breathtaking vistas of the Atlantic Ocean, and both Miami and Fort Lauderdale can be reached in a very short amount of time by car.
The town of Sunny Isles Beach is home to some of the most fashionable stores and restaurants in the whole state. It doesn’t matter if you’re searching for fresh seafood or the latest in designer clothing; this place has it all.
It is still well worth your time to pay Sunny Isles Beach a visit, even if you are unable to purchase a home there. After all, where else can one find such opulence so close to the ocean? Most Expensive Cities to Live in Florida
10. Miami Beach
The cost of living is highest on Miami Beach, which is the state’s most famous beach. The typical cost of a house in Miami Beach is now estimated to be $450,764. The income of a typical household in Miami Beach is $57,211 per year. The beachside community of Miami Beach is not just a well-liked vacation spot but also a desirable location to call home.
The climate is pleasant and sunny throughout the whole year, and there is a plethora of activities to do in the city at any given time. In addition to the various art galleries and museums, there are also several upscale restaurants and retail establishments.
In addition, a lot of famous people call Miami Beach their home. The costs of everything, from lodging to entertainment to even basic necessities like food and drink, can be rather high.
What factors contribute to Miami Beach’s relatively high cost of living. Because of the city’s location on a barrier island, there is a restricted supply of land that is suitable for urban expansion.
Because Miami Beach is such a well-known tourist destination, a significant number of the city’s people find employment in the tourism and hospitality industries. As a direct consequence of this, there is a huge amount of demand for homes, and as a result, prices have increased proportionally.
The fact that the city contains a number of affluent enclaves, such as South Beach, is another factor that adds to the high cost of living there.
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