The 5 Richest Neighborhoods In Miami, FL For 2024

The richest Miami neighborhoods are Islands and North Coconut Grove for 2024 based on Saturday Night Science.

Richest Neighborhoods In Miami
Source: Wikipedia User Averette | CC BY 3.0

Welcome to the land of the 1%. Where you’ll find lawyers, and doctors, and business executives. And while they aren’t made of ticky-tacky, they are definitely made of money.

These are the wealthiest neighborhoods that Miami has to offer. Where houses go for over 3.03x the national median and household incomes are 2.97x the national median.

But where exactly in Miami do the richest of the rich people live? That would be Islands where the median income is a cool $163,112.

Here’s a look at the top 10 wealthiest neighborhoods in Miami out of 14 for 2024.

The Richest Neighborhoods In Miami For 2024

  1. Islands
  2. North Coconut Grove
  3. Downtown
  4. South Coconut Grove
  5. Coral Way

What’s the richest neighborhood to live in Miami for 2024? According to the most recent census data, Islands looks to be the richest Miami neighborhood to live in.

Summing up the median income of those 10 neighborhoods adds up to $716,053. And that, my friend, is more 0s than most of us will see in our bank account for a long, long time — if we ever get that lucky.

Find where your neighborhood ranks amongst the richest in Miami.

For more Miami reading, check out the best neighborhoods in Miami and the worst neighborhoods in Miami.

Or, for living around Miami, out the best Miami suburbs and the worst Miami suburbs.

Table Of Contents: Table | Methodology

Richst Neighborhoods In Miami For 2024 By Median Income

Rank Neighborhood Median Household Income
1 Islands $163,112
2 North Coconut Grove $99,136
3 Downtown $88,620
4 South Coconut Grove $83,666
5 Coral Way $64,787
6 Wynwood $53,417
7 Upper Eastside $52,071
8 Flagami $43,130
9 Little Haiti $36,525
10 Little Havana $31,589
11 West Flagler $31,236
12 Overtown $30,979
13 Allapattah $30,292
14 Model City $24,443

How We Determined The Wealthiest Neighborhoods In Miami For 2024

Every city has its best neighborhoods — where everyone wants to live — and the worst neighborhoods — where no one wants to live. And then you have the wealthiest neighborhoods, where no one can afford to live.

And by no one, we mean you because there’s always someone richer than you.

How do you quantify richer than you? We looked at one simple criterion:

Which neighborhoods have the highest median income?

Using Saturday Night Science, we researched income data from the Census and BLS for every neighborhood in Miami.

We ranked every neighborhood in Miami by median income from highest to lowest. The neighborhood with the highest median income, Islands, was named the wealthiest neighborhood in Miami.

The richest neighborhoods in Miami are Islands, North Coconut Grove, Downtown, South Coconut Grove, Coral Way, Wynwood, Upper Eastside, Flagami, Little Haiti, and Little Havana.

The poorest neighborhood? That would be Model City.

The poorest neighborhoods in Miami are Model City, Allapattah, Overtown, West Flagler, and Little Havana.

We updated this article for 2024. This is our tenth time ranking the most affluent neighborhoods to live in Miami.

For more Florida reading, check out:

About Chris Kolmar

Chris Kolmar has been in the real estate business for almost ten years now. He originally worked for Movoto Real Estate as the director of marketing before founding HomeSnacks.

He believes the key to finding the right place to live comes down to looking at the data, reading about things to do, and, most importantly, checking it out yourself before you move.

If you've been looking for a place to live in the past several years, you've probably stumbled upon his writing already.

You can find out more about him on LinkedIn or his website.