It's not uncommon for some Floridians to have second homes. Many retirees that have a second home in Florida have a primary home in a colder part of the country. (These residents are affectionately called "snowbirds.") That said, often, both of the homes in this situation are moderately priced.
There is another subset of Floridians with second homes. These homes are quite a bit more pricey because the owners of these homes are multi-millionaires.
A new report by Henley and Partners listed the top 10 U.S. towns where centi-millionaires — those with a wealth of $100 million or more — own second homes, and 3 Florida cities were in the list, as follows:
Miami, at Number 1: Miami took the top spot on entire list, and for good reason. The Henley report indicated that as of December of 2022, there were over 800 centi-millionaires in Miami. One might assume that the Hamptons in New York was the most popular place in the country for a second home among the wealthy, but in fact, Miami was more popular. (The Hamptons were second.)
Miami likely is attractive to the wealthy for a second home location because it can replicate many of the amenities they have at their primary home, including fine restaurants, shopping, good private schools, and the arts. It also has some of the most beautiful beaches in the state. And it is also home to upscale barrier islands that some celebrities call home, like Fisher Island, where the median home price was around $3 million in January of 2023. Many affluent Miami homes are on the water.
West Palm Beach, at Number 3: West Palm Beach's place on the list may not be much of a surprise. It is known as an affluent playground for the wealthy in south Florida. So many wealthy northerners have begun to call West Palm Beach home that it's affectionately known as "The Hamptons of the South."
Luxury brands such as Saint Laurent and Oscar de la Renta have moved into the West Palm Beach shopping experience. The city has numerous award-winning golf courses, gorgeous beaches, and fantastic shopping. According to the Henley report, 400 centi-millionaires called West Palm Beach their second home as of December 2022.
Boca Raton, Florida, at Number 10: The Henley report says that Boca Raton (also in south Florida) has around 150 centi-millionaires who own second homes in the city. Boca Raton is sometimes known as "The Beverly Hills of Florida" because the median per-capita income is over double the amount for Florida overall. Some residents of Boca say that it feels like a small town, and you're only 75 miles from the Caribbean so it's easy to get away.
Boca has beautiful beaches (some dog-friendly,) and is home to Florida Atlantic University. Many of Boca Raton's affluent communities are both gated and waterfront. The median home price in Boca Raton is around $625,000.
The Rest of the List: The Florida cities that made the list may be of interest to Floridians, but it is also interesting to check out the other cities that made the list. It does appear that millionaires favored second homes either on the water or in the mountains. Here is the list in its entirety:
- Miami, Florida
- The Hamptons, New York
- West Palm Beach, Florida
- Napa, California
- Aspen, Colorado
- Santa Barbara and Montecito, California
- San Diego, California
- Jackson Hole, Wyoming
- Carmel-by-the-Sea, California
- Boca Raton, Florida