Most Expensive City in Florida

Where is the most expensive city in Florida? The best way to find the most expensive city in Florida is to analyze the cost of living. 

Cost of Living

According to investopia “The cost of living is the amount of money needed to cover basic expenses such as housing, food, taxes, and healthcare in a certain place and time period. The cost of living is often used to compare how expensive it is to live in one city versus another. The cost of living is tied to wages. If expenses are higher in a city, such as New York, for example, salary levels must be higher so that people can afford to live in that city.” The cost of living can be a significant factor in personal wealth accumulation because a salary can provide a higher standard of living in a city where daily expenses such as rent, food and entertainment are less. This is certainly also the case for people who want to maximize the standard of living for their retirement.

Methodology To Find the Most Expensive City in Florida

The most professional way to measure the cost of living is to use the cost of living index. The index is the estimated amount that represents the cost of the basic necessities required for an individual to live. It typically includes costs for housing, food, energy, medical care, transportation, taxes, and other necessities.

Unfortunately, there is no official cost of living index created or reported by the U.S. government. This is why healthylifestyleflorida.com decided to use the salary.com data. “The Salary.com cost of living calculator is unique in that it also incorporates current salary data for thousands of jobs specific to a chosen home or work location to provide a more refined estimate of the cost of living variations.”

Cost of Living Index Florida 

The cost of living indexes of the most expensive cities are in comparison to the national average. This means that the national average is the baseline of 100. For example, if Palm Beach has a cost of living index of +10.2%, its cost of living is considered to be 10.2% more expensive than the national average.

To give you a little bit more guidance, the state of Florida had a cost of living index of 104.5 compared to other states in the third quarter of 2022. 

Most Expensive City in Florida

The most expensive city in Florida is Miami. This included wealthy neighborhoods like Miami Beach, Coral Gables and Key Biscayne.

Miami, Florida Cost of Living Index + 11.6% – The Most Expensive City in Florida

No surprise to find Miami on top of our list of the most expensive cities in Florida. Like other urban cities, prices for housing, food, insurance and other costs of living are higher than anywhere else in the sunshine states. Miami’s most expensive neighborhood is at Bay Point, not far away from the Design District.

Miami Beach, FL   Cost of Living Index +11.6%

Miami Beach has some of the most expensive properties in the state of Florida. This includes the Venetian Islands, Star Islands and Hibiscus Island.

Coral Gables Cost of Living Index  +11.6%

Coral Gables is home to the 1920s Venetian Pool, carved from a rock quarry, with its grottoes, towers and bridge. This unique aquatic facility has been enjoyed by hundreds of thousands of people since 1923. Coral Gables is one of the best luxury communities for rich families in Miami. The reason is that it is close to the best private schools in the area.

Key Biscayne   Cost of Living Index   +11.6% – Most Expensive City in Florida

The city is known for its beautiful beaches and closeness to Miami. “Key Biscayne’s housing expenses are 336% higher than the national average and the utility prices are 4% higher than the national average. Transportation expenses like bus fares and gas prices are 9% higher than the national average. Key Biscayne has grocery prices that are 21% higher than the national average.”

Coconut Creek, Florida, Cost of Living Index + 11.4%

Coconut Creek is nicknamed “Butterfly Capital of the World” because it is home to Butterfly World, the world’s largest butterfly aviary, with over 80 species and 20,000 individual butterflies. The “utility prices are 4% higher than the national average. Transportation expenses like bus fares and gas prices are 5% higher than the national average. Coconut Creek has grocery prices that are 19% higher than the national average.”

Fort Lauderdale, Florida  Cost of Living Index + 11.4%

Fort Lauderdale is one of the most expensive cities in the US. The city has a relaxed coastal environment, beautiful beachfront and a strong commerce center. In previous years, Fort Lauderdale has seen significant luxury development both in residential and hospitality real estate. The city has great restaurants, entertainment and shopping to offer.

Pompano Beach Florida – Cost of Living Index + 11.4% – Most Expensive City in Florida

Pompano Beach has very expensive beach real estate. The city is known for its excellent boating and fishing, accentuated by an offshore living coral reef accessible to scuba divers and snorkelers. 

Delray Beach, Florida – Cost of Living Index + 10.5%

Delray Beach is famous for its lively main street, inviting beach weather, a thriving arts scene and interesting culture that stretches back centuries. Highland Beach has the most expensive real estate in Delray Beach. Local real estate prices are one of the main reasons for the high costs of living that turn Delray Beach into one of the most expensive cities in Florida.

Boca Raton, Florida – Cost of Living Index + 10.5%

Ultra-high-end real estate in Boca Raton turns this small city into one of the wealthiest cities in the sunshine state. Boca Raton has an affluent and wealthy lifestyle to offer. 

Palm Beach, Florida – Cost of Living Index + 10.2% – Most Expensive City in Florida

As a billionaire hotspot in Florida, Palm Beach is a must on this list. Real estate prices are one of the highest in the sunshine state. Transportation and housing costs are mainly responsible for the fact that Palm Beach is only for the super rich. The city is known for its world-famous beaches on the Palm Coast, a plethora of golf courses, and access to some of the most sought-after dining and entertainment.

West Palm Beach, Florida – Cost of Living Index + 10.1%

West Palm Beach is best known for its palm-lined trees, nightlife, entertainment, cultural attractions, shopping areas, and fantastic fishing spots. In comparison to the island of Palm Beach there are many young professionals and families living in West Palm Beach. 

Palm Beach Gardens, Florida – Cost of Living Index + 10.1%

Palm Beach Gardens is the official home of the PGA. This is one of the reasons why Palm Beach Gardens is best known for its award-winning golf courses and high-end golf clubs. The famed PGA National Resort and Spa attracts thousands of fans wishing to follow in the footsteps of golf’s best players. Housing and groceries are mainly responsible for the fact that Palm Beach Gardens is one of the most expensive cities in Florida.

Wellington, Florida – Cost of Living Index  + 10.1%

Wellington is recognized as the winter equestrian capital of the world. This means that wealthy people from all over the country spend the winters in Wellington to train their horses in the mild climate. No surprise, that housing, transportation and grocery costs are far above average in Wellington, Florida.

Jupiter, Florida – Cost of Living Index  + 9.9% – Most Expensive City in Florida

We already know that Jupiter is a place for billionaires in Florida. Therefore, it is no surprise that homes are very luxurious and upscale and drive the cost of living index in Jupiter. In 2011 bloomberg named Jupiter Island, Fla. No. 2 Most Expensive Small Town in America. One of the reasons was the fact that the median home value was $2,810,434.

Marathon, FL  – Cost of Living Index  + 7.0%

Marathon and Islamorada have very expensive real estate prices. The main reason is that space is very limited. Health costs are also much higher than in most places in the sunshine state.

Key West, FL – Cost of Living Index + 7.0%

Real estate prices and groceries are the main reason why Key West ist one of the most expensive cities in Florida. Houses in Key West can cost up to 10 million. Groceries need to travel a long way to get to Florida’s furthest southern point.

Hialeah, Florida – Cost of Living Index  + 3.6% – Most Expensive City in Florida

Did you know that Hialeh is also called the Grand Dame” of the horse-racing industry? The Hialeah Park Race Track (also known as the Hialeah Race Track or Hialeah Park) is a historic racetrack in Hialeah, Florida. In Hialeah transportation expenses like bus fares and gas prices are 9% higher than the national average. In addition, the city has grocery prices that are 21% higher than the national average.

Hollywood, Florida – Cost of Living Index + 3.5%

Also Hollywood is expensive to live in, the city has several advantages. It is cheaper than Fort Lauderdale and closer to Miami.  It is also close to Aventura mall which is one of the top shopping spots in Florida.

Pembroke Pines, Florida – Cost of Living Index + 3.5%

“Pembroke Pines is known for its commitment to the arts and culture, its outstanding schools, exciting South Florida lifestyle for all ages, cultural diversity, numerous parks and forward thinking.” The fact that housing expenses are approximately 45% higher than the national average is the major reason why Pembroke Pines is one of the most expensive cities in Florida.

A Word from Healthlifestyleflorida.com

It is no surprise that the wealthiest people in the state live in the most expensive cities. Luckily the richest neighborhoods in Florida are not the most expensive ones. This means that many of us can take advantage of great public infrastructure and high quality of life.

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