As a whole, Florida is not one of the most expensive states in America. Nevertheless, some cities here are way more expensive than the national average.
The places below are the most expensive cities in Florida to buy a property and live in.
The table below shows a quick list of statistics for the fifteen most expensive cities in Florida*:
|City||Population||Median household income||Median home value||Average rent costs||Affordability margin|
Note : The cities in the table above are ranked from the most to the least expensive based on the median home value. Affordability margins were calculated based on the median monthly costs of homeowners with a mortgage in relation to the median household income. All data was sourced from the U.S. Census Bureau and is correct as of June 2022.
* This list only includes cities and census-designated places (CDPs) recognized by the U.S. Census Bureau. It does not include any communities that were not investigated by the American Community Survey. These include Belleair Shore, Jupiter Island, and other places in Florida that could be more expensive than the cities listed in this article.
1. Key Biscayne
- Monthly owner costs* : $4,000+
Famous for its white sand beaches and panoramic views of the ocean, Key Biscayne is the most expensive city in Florida .
According to the U.S. Census Bureau, the median home value is $1,430,100. However, a quick glance at the property market shows that most available properties are actually more expensive. In fact, the prices have gone up by 36.5% between May 2021 and April 2022.
Currently, the average house price is $1,000 per square foot, and you can expect to pay up to $11,000 to rent a 3-bed condo.
With these living costs, it is no surprise that Key Biscayne is a hot spot for the rich and famous. Some celebrities that own properties here include soccer megastar Lionel Messi, actor Andy Garcia, and tennis star Mary Joe Fernandez.
Website: Key Biscayne
2. Palm Beach
- Monthly owner costs* : $4,000+
Like Key Biscayne, Palm Beach is located on a barrier island and is a high-end vacation destination. It has a year-round population of 9,521 residents, increasing by around 25,000 between November and April.
With one of the most expensive zip codes in Florida , Palm Beach was home to at least 21 billionaires in 2017. And even if things might have changed since then, it is undeniably one of the wealthiest cities in the United States.
While housing is slightly more affordable compared to Key Biscayne (a median home value of $1,211,900), residents in Palm Beach have a higher median household income ($169,003). With a poverty rate under 4% and crime rates below the national average, the city enjoys a high quality of life.
Website: Palm Beach
- Monthly owner costs* : $3,403
Overlooking the Gulf of Mexico, Naples is well known for its golf courses and high-end shopping. What you may not know is that Naples is also the most expensive city in southwest Florida .
Larger than Palm Beach and Key Biscayne, it has a year-round population of 19,372 residents. The median household income is lower compared to both Key Biscayne and Palm Beach, but residents still earn around $114,338 per capita.
Housing options are by no means cheap if you want to buy property, as the median home costs over $1 million. However, rent is much more approachable compared to other expensive cities. On average, you can expect to spend around $1,500 for a 1-bed apartment.
It goes without saying that Naples also attracts the rich and famous, with over 20 celebrities calling this city home.
- Monthly owner costs* : $4,000+
Essentially a Miami suburb, Pinecrest is another of the most luxurious cities in Florida . At first glance, living in Pinecrest could seem more affordable compared to the top three most expensive cities in the state.
Homes here have a median value of $938,600, while the median household income is $164,419, similar to that of Kay Biscayne and Palm Beach. However, homeowners with a mortgage spend over $4,000 on average for housing alone – similar to Palm Beach and Kay Biscayne’s costs.
Rent is also more expensive compared to Naples. This makes living expenses in Pinecrest similar to those of Palm Beach, even though buying a property here is more affordable.
Size-wise, Pinecrest is only slightly smaller than Naples. It has 17,987 year-round residents, including influential, elite, and well-known sports celebrities.
5. Coral Gables
- Monthly owner costs* : $3,752
One of the largest cities on this list, Coral Gables, is the fifth of the 10 most expensive cities in Florida . It has a population of 48,375 and is part of the Miami metropolitan area.
The sought-after area gives off Mediterranean vibes and is home to the Venetian Pool, a unique aquatic facility inspired by Italian architecture.
The city has many other attractions, including the Lowe Art Museum, and is home to a vast mix of cultures. This makes it a destination for wealthy expats looking to find a home in Florida – almost 40% of Coral Gables residents are foreign-born.
Affordability-wise, you can expect to pay around $856,600 (or slightly more ) for the average property. The median household income is $103,999, and homeowners with a mortgage spend around $3,752 per month.
Website: Coral Gables
6. Longboat Key
- Monthly owner costs* : $3,682
The most expensive city in Sarasota, Florida , Longboat Key appeals to those who like island life. It is located on the barrier island with the same name, between the Gulf of Mexico and Sarasota Bay.
The island as a whole is known for its stunning beaches, waterfront golf facilities, fine dining, and luxury resorts.
Longboat Key, the city, attracted many celebrities over the years. Some personalities that lived here include author Stephen King and Aerosmith’s lead guitarist Joe Perry.
Wondering how much property here costs? According to U.S. Census, the median house value in Longboat Key is $724,600. However, the median house value and the real offer and demand are often different; you can expect to pay around $1.3 million for the average property.
Median rent prices are around $2,200-$2,500, although high-end waterfront villas can cost a lot more. That said, Longboat Key is a great choice if you’re looking for a peaceful life.
Website: Longboat Key
- Monthly owner costs* : $3,106
A true paradise known for its coral reefs, Islamorada is one of the most affordable expensive places in Florida for homeowners.
With a median house value of $708,400, the village ranks seven on our list. However, the average monthly homeowner costs (without a mortgage) don’t exceed $900.
Renting a property turns out to be more expensive, but newcomers might still be able to find good deals. This explains why Islamorada residents have the lowest median income ($76,497) compared to residents of Longboat Key and even Sanibel.
Despite the lower income of residents, Islamorada has very low poverty rates and low crime, attracting celebrities and athletes who don’t like the opulent lifestyle.
- Monthly owner costs* : $3,490
Joining Naples, Sanibel is one of the most expensive cities in southwest Florida . Like most island cities, it is popular for its beaches, picnic spots, and fishing opportunities, but residents actually like it because rent in Sanibel is one of the most affordable – around $1,100, on average.
This doesn’t mean that housing here is cheap. The median home value is $703,800, only slightly lower than Islamorada. At the same time, the median costs for homeowners (without a mortgage) are $1,487 – almost twice as much as Islamorada.
However, owners with a mortgage have monthly costs that are more than double that amount. With a median household income of $92,875, it doesn’t come as a surprise that poverty rates here are higher compared to other cities on this list – around 8.5%.
That said, Sanibel still attracts wealthy people and celebrities, with some famous people calling this city home, including NBC weather star Williard Scott .
9. Key West
- Monthly owner costs* : $3,117
Another island city, Key West, is the place where you can find some of the most expensive real estate in Florida . It is part of the Florida Keys archipelago and home to 26,527 year-round residents.
The median house value, according to the Census stats, is $686,700, but most homes for sale on the island cost over $1 million.
However, what makes Key West expensive is the cost of living. Homeowners here have monthly costs of around $900 without a mortgage. These go up to over $3,000 with a mortgage. Yet, the average household income is only $73,029. As a result, around 10% of Key West residents live in poverty.
Website: Key West
10. Southwest Ranches
- Monthly owner costs* : $3,551
Broward is one of the most expensive counties in Florida , and Southwest Ranges is a sought-out home to many celebrities who prefer the quiet, rural lifestyle.
But even if it doesn’t have the glam of places like Palm Beach, you should still expect to find opulence here. Overall, the median house value is $670,100. However, the average price of properties currently on the market is over $1.6 million.
Renting a home is obviously more affordable, but you’ll still spend over $2,300 per month unless you’re lucky – or don’t mind living in a smaller home.
That said, the median household income is $133,750, and very few people here live below the poverty line.
Southwest Ranches is home to 7,502 permanent residents.
Website: Southwest Ranches
11. Lake Butler
- Monthly owner costs* : $3,325
The smallest most expensive city in Florida on this list, Lake Butler is home to an exclusive community of around 1,492 people.
Most residents are wealthy, and some are even famous. For instance, former basketball player Shaquille O’Neal owned a sprawling 31,000-square-foot mega mansion right on the lake’s bank, which sold recently for $16.5 million .
Not all homes in Lake Butler are this expensive, though. According to Census data, the median house value is $663,800. This is much more affordable compared to the cities on top of this list.
Average rent prices are around $2,094 per month, and with a median household income of $130,815, most Lake Butler residents enjoy a good quality of life.
Website: Lake Butler
- Monthly owner costs* : $3,563
Parkland is the second city in Broward County that has made it to our top. It might not be the most expensive city in the state, but it has the most expensive rent in Florida – $2,670, on average. This is more than what you’d pay in Key Biscayne or Palm Beach.
Rent aside, housing is more affordable if you plan to buy. The median house value is $631,000. However, with monthly owner costs that can exceed $3,500, you should consider all expenses before investing in real estate here.
Parkland is the second-largest city on this list, with a year-round population of 35,265 residents.
The average household income is $159,692, with over $60,000 per capita income. This makes Parkland one of the wealthiest places in Florida, with a poverty rate under 4%. Like other suburban cities in southeast Florida, it is part of the Miami metropolitan area.
- Monthly owner costs* : $3,349
Part of Miami-Dade County, Surfside is one of the most expensive cities in southeast Florida but one of the most affordable on this list.
Despite monthly owner costs that can exceed $3,300, the median house value is only $619,300. Sure, most properties currently on the market are much more expensive, but investing in real estate here without breaking the bank is still possible.
Close to Miami Beach and overlooking Miami – and the Atlantic Ocean – Surfside is one of the most vibrant places in Florida. It is home to 5,531 year-round residents, most of them living in the iconic oceanfront condominiums.
Pedestrian-friendly Surfside is also a top destination for vacationers looking for a peaceful place near Miami.
14. Palmetto Bay
- Monthly owner costs* : $3,148
Like Surfside, Palmetto Bay is a charming place in Miami-Dade County. Made up of three former census-designated places, the city offers one of the best qualities of life.
While still one of the most expensive cities in Florida, houses here have a median value of under $600,000. At the same time, the median household income is $123,235 – one of the highest in the state.
Median rent prices are high but not as high as other places on this list. You can expect to pay around $1,455, on average. Furthermore, homeowners who don’t have to pay a mortgage have even lower monthly costs – around $1,059.
This makes Palmetto Bay a desirable place to live. Add low poverty and crime rates, and Palmetto Bay is one of the best places in Florida for families.
Website: Palmetto Bay
15. South Miami
- Monthly owner costs* : $2,595
South Miami may not have made it to the top 10 most expensive cities in Florida, but it concludes our top 15.
It is more affordable than all of the cities above, but it is one of the most impoverished places on this list – 12% of South Miami residents live in poverty.
As its name suggests, South Miami is part of the Miami metropolitan area. Very close to the heart of Florida’s most famous city, it is home to diverse communities and residents from all walks of life. There are wealthy residents in the area, but also students and young professionals.
Due to the diversity of the place, the median household income is only $66,769. However, the average property value is similar to Palmetto Bay. Rent and housing costs are also high, and this is why some residents struggle to make ends meet.
Nevertheless, South Miami is still a desirable area to live in, attracting newcomers with lots of amenities, good schools, and easy access to nearby national parks and attractions.
*Monthly owner costs mentioned in this article are the sum of mortgages, purchase contracts, real estate taxes, insurance, utilities, and deeds of trust. They also include condominium fees, where appropriate. All data is sourced from the U.S. Census Bureau and is correct as of June 2022. The specified amounts do not include additional living costs.