by Kristen Carney
Updated: December 17, 2024
The richest city in Florida is Fisher Island in Miami-Dade County with an average household income of $838,622 as of 2023. While exceptionally affluent, Fisher Island only has a population of 830 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 $356,467 as of 2023 and 9,258 people as of 2023 according to the most current Census data available (citation).
Rank | City | County | Population | Average Income | Median Income |
---|---|---|---|---|---|
1 | Fisher Island | Miami-Dade | 830 | $838,622 | $250,001 |
2 | Jupiter Island | Martin | 828 | $545,061 | $246,500 |
3 | Golf | Palm Beach | 265 | $507,146 | $250,001 |
4 | Manalapan | Palm Beach | 429 | $475,159 | $203,250 |
5 | Golden Beach | Miami-Dade | 972 | $459,032 | $250,001 |
6 | Windsor | Indian River | 293 | $416,661 | $234,096 |
7 | Belleair Shore | Pinellas | 75 | $384,481 | $192,750 |
8 | Gulf Stream | Palm Beach | 968 | $374,083 | $196,806 |
9 | Palm Beach | Palm Beach | 9,258 | $356,467 | $175,078 |
10 | Sea Ranch Lakes | Broward | 552 | $334,532 | $250,001 |
11 | Pinecrest | Miami-Dade | 18,051 | $312,591 | $192,477 |
12 | Pine Ridge CDP | Collier | 1,800 | $304,587 | $129,829 |
13 | North Key Largo | Monroe | 1,630 | $298,030 | $146,389 |
14 | Naples | Collier | 19,704 | $294,621 | $140,833 |
15 | Jupiter Inlet Colony | Palm Beach | 426 | $291,651 | $168,750 |
16 | Lake Butler CDP | Orange | 17,242 | $289,593 | $178,750 |
17 | Orchid | Indian River | 547 | $284,988 | $136,875 |
18 | Key Biscayne | Miami-Dade | 14,414 | $273,222 | $172,604 |
19 | Windermere | Orange | 3,092 | $271,174 | $156,042 |
20 | Indian River Shores | Indian River | 4,458 | $268,048 | $149,722 |
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:
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.
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.
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.
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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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, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. B19013 Median Household Income, 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2023 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 12 December 2024. http://www.census.gov/.
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