FL's 2 Most Exclusive Small Towns Have Home Prices Averaging Almost $3 Million, and Large Populations Of Retirees

L. Cane

If you have lived in Florida for the last couple of years, you know that housing prices, the cost of living, and insurance costs have been rising for many residents.

Because of this, some Floridians arguably already feel like they are living in expensive suburbs. However, the financial site Go Banking Rates identified the most expensive suburbs in each state in the summer of 2023.

And Florida had two that were listed. You may be surprised about the mean housing costs, the mean income, and the number of residents over 65 in both suburbs. I'll go over these statistics below.

What were the Criteria?: Before we talk about Florida's two most expensive, exclusive suburbs, let's discuss how Go Banking Rates found them. The site looked at cities with populations of less than 100,000 (which ensured that smaller towns were considered.) The site also looked at median home and rent prices using Zillow, as well as the costs of living index provided by Sperling's Best Places.

Florida's Most Expensive Suburb - Bal Harbour: This community is a suburb of the Miami metropolitan area. It is small, with under 3,000 residents, according to World Population Review.

The website Niche has named Bal Harbour as the 22nd best place to retire in the entire United States, so it may not be a coincidence that over 30% of Bal Harbour's population is over 65.

The July 2023 median home price in Bal Harbour is around $3 million. The average household income for residents of Bal Harbour is reportedly $199,637.

Many residents of Bal Harbour live on private beaches. There is fine dining in restaurants like Brasserie La Goulue, but there are no fast food restaurants in sight. Shopping at Bal Harbour Shops features brands like Prada, Gucci, and Chanel.

The Second Most Expensive Suburb in Florida - Palm Beach: Like Bal Harbour, this Florida Suburb is in balmy south Florida. This is also a small community, with a population of just over 9,000.

Palm Beach is arguably a bit more well-known than Bal Harbour because of its famous shopping hub Worth Avenue. You'll find many Gilded Age-era mansions, gorgeous beaches, and famous landmarks like the Flagler Museum. (The Palm Beach Memorial Fountain is pictured at the top of this article.)

However, despite the opulence, you can find simple pleasures in Palm Beach too, such as a visit to get a malted shake at Green's Pharmacy & Luncheonette.

The median home price in Palm Beach is around 2.8 million, and the average household income is reportedly over $300,000. Nearly 25% of Palm Beach's population is over 65 years old.

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