Richest Cities in Florida (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in Florida

The richest city in Florida is Fisher Island in Miami-Dade County with an average household income of $1,004,349 as of 2022. While exceptionally affluent, Fisher Island only has a population of 681 as of 2023. The richest city in Florida with at least 5,000 people is Palm Beach in Palm Beach County with an average household income of $365,991 as of 2022 and 9,258 people as of 2023 according to the most current Census data available (citation).

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20 Richest Cities in Florida

Rank City County Population Average Income Median Income
1 Fisher Island Miami-Dade 681 $1,004,349 $250,001
2 Jupiter Island Martin 828 $497,536 $235,500
3 Gulf Stream Palm Beach 968 $475,275 $227,500
4 Golf Palm Beach 265 $454,287 $250,001
5 Golden Beach Miami-Dade 972 $406,247 $250,001
6 Windsor Indian River 236 $392,225 $226,738
7 Manalapan Palm Beach 429 $387,855 $162,000
8 Palm Beach Palm Beach 9,258 $365,991 $190,824
9 Belleair Shore Pinellas 75 $365,636 $178,750
10 Sea Ranch Lakes Broward 552 $351,376 $238,750
11 Orchid Indian River 547 $325,720 $159,688
12 Pinecrest Miami-Dade 18,051 $304,416 $178,095
13 South Beach Indian River 3,120 $290,072 $193,281
14 Indian River Shores Indian River 4,458 $287,179 $153,242
15 Lake Butler CDP Orange 17,765 $278,972 $150,316
16 Naples Collier 19,704 $277,872 $135,657
17 Gotha Orange 1,640 $274,334 $174,750
18 Jupiter Inlet Colony Palm Beach 426 $265,348 $135,000
19 Key Biscayne Miami-Dade 14,414 $264,913 $173,015
20 Highland Beach Palm Beach 4,266 $262,728 $140,045

Median Income versus Average Income: Which Should You Use?

We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:

  • average is the sum of a set of numbers divided by the count of numbers in the set
  • median is the middle number in the set of numbers
illustation of median vs average

Now let’s say you had the following simplified set of income data.

Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000

The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.

Most Business Owners Should Use Median Income

So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.

When Should You Use Average Income

If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.

Why do so many cities have a median value of $250,001?

The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.

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SOURCES

United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.

United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.

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