Florida’s wealthiest town is Key Biscayne, and the race is not even close. 24/7 Wall St. broke down the wealthiest town in every state, and with Key Biscayne topping their list for Florida, the data is worth looking at.
Key Biscayne has a median household income of $124,504, two and a half times higher than any other town in the state. Keystone, the second wealthiest town in Florida, has a median household income $14,000 lower than Key Biscayne.
Wealthy suburban towns like Key Biscayne are found in every state. 24/7 Wall St. noted some similarities between the wealthiest towns in the country using the U.S. Census Bureau’s American Community Survey. The wealthiest towns may share more with each other than they do with towns in their own state.
Location is a crucial. Proximity to large cities allows for easy commutes and high wages. Key Biscayne is just south of Miami, on a barrier island. The residents are well educated with over 70 percent of adults holding at least a bachelor’s degree. Out of Key Biscayne’s 12,935 residents, 31.5 percent of households earn $200,000 or more.
24/7 Wall St.’s data displays the commonalities between rich places scattered across the country. Towns like Key Biscayne surpass the state averages when it comes to education, median income, household earnings and median home value. Predictably, real estate prices are high. More than half of the homes in Key Biscayne are worth over $1 million, meanwhile the state median home value is only $166,800.