10 Richest Neighborhoods in Miami

By PropertyClub Team
Apr 16th 2024
With its stunning ocean views and iconic island living, it’s no wonder Miami is home to an abundance of wealthy communities. This list of the ten wealthiest neighborhoods in Miami will guide you to the most expensive areas around the city. 

hash-mark10 Richest Neighborhoods in Miami

  1. Star Island
  2. Indian Creek Island
  3. La Gorce Island 
  4. Hammock Oaks & Lakes
  5. Fisher Island 
  6. Camp Biscayne
  7. Coconut Grove 
  8. Biscayne Island
  9. Upper East Side
  10. Brickell

hash-mark1. Star Island

Star Island is the richest neighborhood in Miami. This exclusive island has been home to numerous A-listers, including supermodels, celebrities, professional athletes, and business tycoons. The island itself is small and slightly removed, featuring a total of thirty-three stunning multimillion-dollar estates. Each property possesses up to 30,000 square feet and is lavishly styled with Mediterranean, Spanish, and European designs. Additional private amenities include elevators, fitness centers, movie theaters, wine cellars, commercial kitchens, swimming pools with cabanas and swim-up bars, and sweeping ocean views. With home prices averaging $30 Million, Star Island is the most expensive neighborhood in Miami. 

hash-mark2. Indian Creek Island

The second-richest neighborhood in Miami is Indian Creek Island. Also known as the “Billionaire Bunker,” this island has quite a reputation for beauty and wealth. Its 300 acres are home to only forty regal estates, each of which lines the island’s circumference, providing residents with unprecedented waterfront access. The island’s small population makes it a desirable area for those who prefer a more private lifestyle. Its gated access point gives residents the security they need to live peacefully without worrying. Home prices on Indian Creek Island average at almost $20 Million, keeping it the second-richest area in all of Miami. 

hash-mark3. La Gorce Island 

Located on the turquoise waters of Biscayne Bay is La Gorce island, another one of Miami’s most expensive neighborhoods. This rich and stunning island is private, gated, and home to an abundance of exquisite single-family estates, most of which come with waterfront access and brilliant views of the Miami skyline. Homes here include both historic estates and newly constructed villas, and many residents choose to become members of the exclusive La Gorce Golf and Country Club. The island is also equipped with lush greenery and is located only minutes away from shopping, dining, and everything else the neighboring South Beach has to offer. Home values in La Gorce average $5.8 Million, which makes it one of the most expensive places to live in Miami.

hash-mark4. Hammock Oaks & Lakes

Hammock Oaks & Lakes is a rich area for those who prefer a quiet life away from the city center. Situated on the south side of Miami, this tranquil neighborhood offers residents beautiful oak trees and peaceful streets. Most homes here have waterfront views, and many also feature spacious front and back yards. Homebuyers can find several architectural styles, including Mediterranean and Spanish designs, as well as large, open floor plans. Other features include guest houses, swimming pools, marble accents, and a private marina with access to Biscayne Bay. With homes in this neighborhood averaging close to $4.45 Million, Hammock Oaks & Lakes is another exceptional option for Miami’s upper echelon. 

hash-mark5. Fisher Island 

Fisher Island is one of the richest and most exclusive neighborhoods in Miami. This island is only accessible by helicopter, boat, or ferry and has been home to some of the country’s most famous celebrities and professionals. This island has often set the standard for luxury, indulging its residents with private, white-sand beaches and crystal-clear waters. Island dwellers also have the opportunity to join the Fisher Island Club, which is the former estate of the Vanderbilt Family. This club offers its affluent members many luxury amenities, including a European-style spa, fitness center, fine dining restaurant, deep water marina, and golf course. Home values on Fisher Island average $4.05 Million, keeping it an area exclusive to those who live a life of leisure. 

hash-mark6. Camp Biscayne 

Camp Biscayne has long been hailed as one of the most expensive neighborhoods in Miami. This affluent and highly desirable area is considered one of the most secluded neighborhoods in the city, and its rustic cottages have been home to notable names such as the Rockefellers. Camp Biscayne has only 21 homes within its quiet streets, all of which vary in architectural style – from Spanish revival to Mid Century. This array of designs combined with the area’s desirable location makes the local real estate market highly competitive, keeping average home prices in the $1.7 Million range. 

hash-mark7. Coconut Grove 

Coconut Grove is both a rich and iconic part of Miami’s landscape. Otherwise known as “The Grove,” this area is part of the City of Miami and is the city’s oldest neighborhood. The Grove is considered a happening area and is loved for its lively entertainment scene. In addition to lush tropical environments and bohemian charm, the neighborhood also provides residents with an assortment of festivals, parks, farmers’ markets, museums, Michelin-star restaurants, boutiques, and fun cocktail bars. Home values in Coconut Grove average $1.3 Million, making it an excellent choice for wealthy individuals who want to remain close to Miami’s bustling center.

hash-mark8. Biscayne Island

Biscayne Island is another rich Miami enclave. It’s the westernmost island in the Venetian Islands, located in between downtown and Miami Beach. It’s home to about 500 residents. Biscayne Island is known for its upscale waterfront estates and gorgeous coastline views. It’s a popular destination for boating and water sports enthusiasts, with plenty of beaches and marinas along Biscayne Bay. As a result, it’s a very affluent and exclusive neighborhood. The average home price is $1.3 million, and the median household income is $163,100. However, many of its waterfront homes are more affordable than those in similar areas like Miami Beach or Coral Gables.

hash-mark9. Upper East Side 

Miami’s Upper East Side comprises three distinct residential areas: Belle Meade, Bay Pointe, and Morningside. Each area has its own unique charm and appeal, but together they create a stunning conglomerate of affluent living. The Upper East Side features wide streets that are covered in beautiful canopy trees and other tropical plants. Additionally, the neighborhood is known for its abundance of public parks and breathtaking views of Biscayne Bay and Miami Beach. Home values in Miami’s Upper East Side average at $1.0 Million, keeping it a beautiful part of the city’s most expensive neighborhoods.

hash-mark10. Brickell

Brickell is also one of the richest neighborhoods in Miami. Brickell is Miami’s financial district, situated east of I-95 between Coconut Grove and Miami River. It’s a bustling and popular neighborhood full of lively bars, restaurants, art galleries, and entertainment venues. It’s also one of the largest financial centers in South Florida and home to many corporate headquarters, banks, and foreign consulates. Brickell also features many upscale luxury apartment complexes and condominium buildings and has a population of 27,776 residents. The average home price in Brickell is $633,017, and the median household income is $77,000.