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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Save 40+ hours of searching for data in the deep, dark internet rabbit hole, and get the most current Census income data for all Florida cities. Sort your Excel file from the most affluent cities to the least affluent cities in Florida with 2 mouse clicks. Download the sample below.

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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.

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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