This Is The Richest Town In Florida

The wealthiest town in Florida is Key Biscayne, where the median household income is more than $124,504, according to a new report.

The financial news and opinion site 24/7 Wall St. reviewed median household incomes in every town, city, village, borough or place with a population between 1,000 and 25,000, using data from the U.S. Census Bureau’s American Community Survey.

Here’s the entire breakdown for Key Biscayne.

• Florida: Key Biscayne
• Median household income: $124,504 (state: $48,900)
• Households earning $200,000 or more: 31.5 percent (state: 4.4 percent)
• Adults with at least a bachelor’s degree: 70.6 percent (state: 27.9 percent)
• Median home value: $1,034,800 (state: $166,800)
• Population: 12,935

Here is how the website 24/7 describes Key Biscayne:

"Key Biscayne, a barrier island off the Florida coast just south of Miami is by far the wealthiest town in the state. The typical area household earns $124,504 a year — or about $14,000 more than the typical household in Keystone, the second wealthiest town in Florida.

Buying a home in Key Biscayne is likely prohibitively expensive for anyone outside the highest income bracket. It is the only town in Florida where over half of all homes are worth over $1 million. Statewide, the median home value is just $166,800."

In nearly every state, regardless of wealth, at least one town has people who earn significantly more than a typical resident in the state and the typical American, the authors wrote.

Most of the richest towns have a relatively large number of college-educated people, the authors wrote. This is partly because at least a four-year college degree is required to qualify for many high-paying jobs. In all but four towns on the list, the share of adults with at least a bachelor’s degree was greater than the statewide share and the nationwide share of 30.3 percent. The town with the highest median income was also often a pretty pricey place to live, the authors wrote.

“Not only can higher income individuals afford more expensive real estate, but high real estate costs also drive up median incomes as they attract higher income residents and are often often prohibitively expensive for most Americans,” the authors wrote. All but three towns on the list have higher median home values than the typical U.S., home, which is worth $184,700, the site said. Each “richest” town also had higher median home value than the state. Many of the wealthiest towns are located near large cities and are “well within” commuting distance of a major urban center.

“Major urban areas are more likely to offer a wide range of high-paying jobs as well as a high concentration of cultural amenities like museums, theatres, concert venues, and professional sports teams,” the authors wrote.

Some small towns where the margin of error was too high weren’t included, the authors wrote. Click here to read the full methodology.

Patch reporter Dan Hampton contributed to this report.

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