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Number of 'millionaire cities' rises to 17 in South Florida. Here's a look at the communities

Lisa J. Huriash, South Florida Sun Sentinel on

Published in Home and Consumer News

South Florida now has a larger number of “millionaire cities.”

There are 17 cities in South Florida where the typical home is worth at least $1 million, according to an analysis done by Zillow, in which it identified its millionaire cities across the country. That’s compared with 16 last year.

Newly on the list this time: Palmetto Bay, a village that’s 8 square miles and has 25,000 residents.

“It just confirms what the people who live in Palmetto Bay already know: It’s a great place to live, work and play,” said Mayor Karyn Cunningham. “It is exciting.”

The village isn’t far from Cutler Bay and Pinecrest, just nine miles from Coral Gables. (Pinecrest and Coral Gables are both millionaire cities, too.)

Of the rising values, Cunningham said: “There’s not a lot of inventory (and) folks who live there stay there.” The mayor, 60, is among those who’ve enjoyed staying, living there for 30 years. “We have a tendency to want to age in place.”

Nationwide, the number of affluent towns is growing. There are currently 550 U.S. cities where the typical home value is $1 million or more, up from 491 a year ago.

Here are the 17 “millionaire” cities across South Florida, according to Zillow. The typical home values are Zillow estimates, as of February:

Palm Beach County

—Golf, where the typical home is worth about $2.82 million.

—Gulf Stream, where the typical home is worth more than $2.71 million.

—Jupiter Inlet Colony, where the typical home is worth nearly $3.66 million.

—Manalapan, where the typical home is worth about $4.08 million.

—Ocean Ridge, where the typical home is worth about $1.43 million.

—Palm Beach, where the typical home is worth almost $2.11 million.

Broward County

—Parkland, where the typical home is worth about $1.08 million.

 

—Sea Ranch Lakes, where the typical home is worth about $1.84 million.

—Southwest Ranches, where the typical home is worth nearly $1.32 million.

Miami-Dade County

—Bal Harbour, where the typical home is worth about $1.85 million.

—Coral Gables, where the typical home is worth about $1.41 million.

—Fisher Island, where the typical home is worth about $5.91 million.

—Golden Beach, where the typical home is worth about $1.02 million.

—Key Biscayne, where the typical home is worth about $1.62 million.

—Palmetto Bay, where the typical home is worth about $1.02 million.

—Pinecrest, where the typical home is worth nearly $2 million.

—Surfside, where the typical home is worth about $1.2 million.

Rising values

Low inventory is keeping competition high and home values rising, according to Zillow.

“If mortgage rates drop later this year, as many expect, we may see a surge in million-dollar cities as even more buyers jump in and drive prices higher,” said Anushna Prakash, an economic research data scientist at Zillow, in a statement.

Amid the changes, there were three states — Florida, as well as Texas and Delaware — that had fewer “millionaire cities” in total over the past year. Florida had 34 millionaire cities last year, and it now has 32. Three cities were excluded on the Gulf Coast (Siesta Key, Santa Rosa Beach and Sanibel), but now included is the village of Palmetto Bay, according to Zillow.


©2024 South Florida Sun Sentinel. Visit at sun-sentinel.com. Distributed by Tribune Content Agency, LLC.

 

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