February 15, 2023 05:04 PM
Florida has become the home to a majority of the wealthiest neighborhoods in the United States, as many flee states such as California and New York for the Sunshine State.
A total of nine out of the 12 richest neighborhoods in the country are located in Florida, with Star Island, located in Miami Beach, Florida, at the top, where the medium home value was $40.2 million as of December 2022, up from $23.5 million from December 2019. Other Florida neighborhoods on the list include Port Royal, Bear's Club, Palm Island, Aqualane Shores, San Marino Island, Rivo Alto Island, Hibiscus Island, and Di Lido Island, according to Bloomberg.
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“Miami Beach used to be this place you come a few days to party, get some sun, and get out,” said real estate broker Dina Goldentayer. “Now it’s the place to live. It’s the lifestyle, weather, economic policies, political policies. Everyone wants to come here.”
A total of three neighborhoods from California made it onto the top five on the list, all of which were located in Beverly Hills: Beverly Hills Gateway, Trousdale Estates, and the Flats. For all 12 of the neighborhoods, all of them experienced growth in their levels of medium home values, with the Florida neighborhoods growing by more than $3 million while the ones in California grew by less than $2 million.
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Ken Griffin, founder of the hedge fund company Citadel, is one of the most recent billionaires to move to Florida, moving to the Sunshine State in 2022 and buying five properties on Star Island for a combined $194 million. Griffin's purchases of the properties contributed to the boost of the island's wealth between 2019 and 2022.
The state of Florida being less strict against COVID-19 and also having no state income tax were seen as major attractions for billionaires moving to the state, such as Griffin when he moved to the state from Illinois. Griffin had previously served as one of Illinois’s major political donors but has since financially backed Florida Gov. Ron DeSantis after relocating Citadel from Chicago.
