by Kristen Carney
Updated: June 20, 2024
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).
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 |
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.
Join thousands of subscribers and receive just 1 (ONE!) email a year in December when the US Census Bureau releases new income data for Florida richest cities.
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/.
© Copyright 2024 Cubit Planning, Inc.