– The most expensive neighborhood in America is Gables Estates in Coral Gables, Florida, with a typical home costing $21.2 million
– Before the pandemic, Beverly Hills Gateway had the distinction of being the most expensive neighborhood in America
– Florida now boasts seven of the 10 most expensive neighborhoods in the US, with tech and financial giants fueling the real estate market boom
The most expensive neighborhood in America is in Coral Gables, Florida, with the priciest neighborhood being Gables Estates where a typical home costs $21.2 million. Before the pandemic, Beverly Hills held this distinction according to Zillow. Florida’s real estate market has been booming post-pandemic with seven of the 10 most expensive neighborhoods in the US located in the state.
In 2020, Beverly Hills Gateway in California was the most expensive neighborhood with a typical home costing $10.6 million. Currently, Port Royal in Naples, Florida is the second most expensive neighborhood, followed by Beverly Hills Gateway where a typical house is now priced at $12 million. New York, which had two of the most expensive neighborhoods in 2020, does not rank in Zillow’s top 10 for 2024.
The influx of tech and financial giants in Florida is contributing to the state’s hot real estate market. Companies such as Apple, Microsoft, and Amazon are establishing offices in Florida, with Jeff Bezos from Amazon purchasing multiple homes on Indian Creek island off Miami.
While the real estate market in Florida is thriving, there are concerns about the impact on lower-income Floridians. Rising home prices and rents are making it difficult for lower-income individuals to afford to live in the state, while the threat of the climate crisis and rising sea levels could lead to further displacement.