Two South Florida Suburbs Are Among the Wealthiest in the U.S.

Guess which two South Florida suburbs rank among the wealthiest in the nation.

July 8, 2024

Worth Avenue, an upscale street on the island of Palm Beach Photo by Sean Pavone/Getty Images

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South Florida is home to some of the nation's most exclusive neighborhoods, where celebrities, athletes, and industry tycoons reside in mansions akin to palaces.

Just outside of urban centers in Miami-Dade County, you can find small, insular neighborhoods that are among the nation's wealthiest: Fisher Island, Indian Creek, and Golden Beach, to name a few. To the north, Jupiter Island in Martin County, where massive beachfront homes are standard housing, consistently ranks among the richest neighborhoods in the nation as well.

As for larger South Florida suburbs, a new study pegs Pinecrest and Palm Beach as the area's wealthiest communities. The report from GoBankingRates, which looked at municipalities with at least 5,000 households, used average household income and property values as markers of wealth.

On the nationwide list, Palm Beach holds the number 11 spot, with Pinecrest coming in at 20 in the rankings. The two are the only Florida communities in the study's 50-city list.

Famed for its luxury and exclusivity, Palm Beach tallied a population of 9,245 in the 2020 U.S. Census. According to GoBankingRates, the municipality's average household income is $365,991, with an average home value of more than $11 million.

Pinecrest, located in South Miami-Dade County, is nearly twice as big, population-wise, registering 18,000 in habitants. The village boasts an average household income of $304,416 and an average home value of $2.24 million.

Here are the 20 wealthiest suburbs in America according to the study:

1. Scarsdale, New York

Typical home value: $1,413,514
Average household income: $568,942

2. Rye, New York

Typical home value: $2,119,482
Average household income: $405,074

3. West University Place, Texas

Typical home value: $1,605,049
Average household income: $403,845

4. Los Altos, California

Typical home value: $4,451,059
Average household income: $400,817

5. Paradise Valley, Arizona

Typical home value: $3,449,905
Average household income: $385,643

6. University Park, Texas

Typical home value: $2,305,281
Average household income: $381,235

7. Hinsdale, Illinois

Typical home value: $1,088,871
Average household income: $380,479

8. Great Falls, Virginia

Typical home value: $1,564,775
Average household income: $373,735

9. Orinda, California

Typical home value: $2,078,615
Average household income: $370,203

10. Wellesley, Massachusetts

Typical home value: $1,979,339
Average household income: $367,801

11. Palm Beach, Florida

Typical home value: $11,571,608
Average household income: $365,991

12. McLean, Virginia

Typical home value: $1,541,929
Average household income: $364,093

13. Southlake, Texas

Typical home value: $1,240,766
Average household income: $360,078

14. Palos Verdes Estates, California

Typical home value: $2,890,788
Average household income: $342,463

15. Saratoga, California

Typical home value: $3,981,261
Average household income: $329,142

16. Menlo Park, California

Typical home value: $2,810,388
Average household income: $316,584

17. Lafayette, California

Typical home value: $2,001,408
Average household income: $312,233

18. La Canada Flintridge, California

Typical home value: $2,481,526
Average household income: $310,947

19. Los Gatos, California

Typical home value: $2,740,764
Average household income: $305,653

20. Pinecrest, Florida

Typical home value: $2,243,489
Average household income: $304,416

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