The most expensive neighborhood in America is currently located in Coral Gables, Florida, as reported by Bloomberg. Before the pandemic, this title belonged to Beverly Hills, according to Zillow. Factors such as tech and financial giants are contributing to Florida’s red-hot real estate market. Seven of the 10 most expensive neighborhoods in the US are now in Florida, according to Bloomberg data from Zillow. The most expensive neighborhood is Gables Estates in Coral Gables, where the typical home costs $21.2 million.
In 2020, the most expensive neighborhood in America was Beverly Hills Gateway, with a typical home costing $10.6 million. The Port Royal neighborhood of Naples, Florida was the second most expensive in 2024, followed by Beverly Hills Gate where the typical home costs $12 million. While New York had two of the most expensive neighborhoods in 2020, the West Village and the Upper East Side, it does not feature in Zillow’s top 10 for 2024.
Tech and financial giants are choosing Florida as their new focal point for business expansion, bringing a flurry of investment to the state’s real estate market. For example, Apple is buying a 45,000-square-foot office in Coral Gables, while Microsoft is leasing space in the same building to serve as headquarters for hedge fund Citadel. Amazon also wants to secure 50,000 square feet of office space in Miami. Meanwhile, founder Jeff Bezos has been buying more homes on the exclusive Indian Creek Island off Miami.
Despite the influx of wealth and business opportunities in Florida, there are drawbacks associated with rapid growth. Rising home prices and rents make it a challenge for lower-income residents to find affordable housing in the state. In addition, the threat of a climate crisis and rising sea levels may lead to further displacement in the future.
