Richest Neighborhoods in Miami, Florida

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The city of Miami, often referred to as the “Magic City,” is a vibrant metropolis known for its rich cultural diversity and bustling economic activity. Located in Southeast Florida, Miami serves as the epicenter of international trade, finance, and entertainment in the region. Its unique geographic position has made it a melting pot of Latin American and Caribbean cultures, which is reflected in the city’s lively music, diverse culinary scene, and colorful neighborhoods.

Downtown Miami, with its impressive skyscrapers, is the heart of the city’s financial and business district, while areas like Wynwood and the Design District showcase Miami’s thriving arts and fashion scenes. The city’s beautiful beaches, year-round warm weather, and a plethora of outdoor activities add to its allure, making Miami a popular destination for tourists and a beloved home for its residents.

Miami Beach is situated on a natural barrier island that stretches between the Atlantic Ocean and Biscayne Bay. This picturesque city is celebrated for its colorful Art Deco architecture, stunning white sand beaches, and vibrant nightlife. It has become synonymous with fashion, art, and a high-end lifestyle, attracting tourists and residents alike who are drawn to its tropical climate, oceanfront setting, and the famous Ocean Drive that lines its eastern shore. Miami Beach’s combination of natural beauty and cultural richness makes it a jewel in the crown of Florida’ seaside destinations, for those moving to Florida.

Both Miami and Miami Beach offer an alluring blend of urban sophistication and tropical paradise, making them top destinations for luxury living.

The financial scene in Miami is as dynamic and prosperous as the city’s skyline. Home to a growing number of high-net-worth individuals, Miami has become a hub for wealth and investment. These affluent residents are drawn not only to the city’s tax-friendly policies but also to its burgeoning economy, which spans industries like finance, real estate, and international trade. The presence of top-notch financial institutions and investment opportunities has solidified Miami’s status as a haven for the wealthy.

Why listen to us? We’re Bellhop – we offer local moves in Miami, long-distance moves to Miami, and even last-minute Miami movers, if you’re pressed for time.

Magic City’s most exclusive neighborhoods

Coral Gables

Dubbed “The City Beautiful,” Coral Gables is famous for its Mediterranean Revival architecture, tree-lined boulevards, and historic landmarks such as the Biltmore Hotel. And yes, it is a city – although locals tend to think of “the Gables” as a Miami suburb, it is officially a separate municipality located southwest of Downtown Miami. We’re including it in this article because we feel we’d be remiss in leaving it out – it’s such a wonderful place to live.

With its lush landscaping and grand entrances – the Granada Entrance features an imposing stone gateway with and a prominent tower, while the Douglas Entrance boasts a graceful archway, a tower, and intricate Mediterranean motifs – Coral Gables appeals to those who value elegance and sophistication. This neighborhood is known for its Mediterranean Revival architecture, population of free-roaming wild peacocks, elegant boulevards, and the strict zoning regulations that have helped maintain its unique character. The city is home to the University of Miami, Miracle Mile with its upscale shopping and fine dining establishments, and the Fairchild Topical Botanic Garden’s 83-acres of tropical plants and trees. The residents, often high-profile professionals and entrepreneurs, enjoy a tranquil, upscale lifestyle.

According to Red Fin, Coral Gables home prices are up 25.5% compared to last year, and the median price of a home here is $1.4M. Homes here range from Mediterranean-style mansions to historic bungalows, there is even a small “Japanese Village” which was designed in the 1920s.

Infographic: Where are new Miami residents moving from? Bellhop Blog

Coconut Grove

Just south of downtown Miami, nestled along Biscayne Bay, Coconut Grove is Miami’s oldest continuously inhabited community. Known for its bohemian vibe, lush canopy of trees, and waterfront parks, this neighborhood attracts a mix of artists, CEOs, writers, musicians, and all-around interesting people. Residents have included David Crosby, Jimmy Buffett, Tennessee Williams, Robert Frost, Alexander Graham Bell, and Madonna. The Grove, as locals call it, is characterized by its charming, winding streets and eclectic mix of modern and historic homes. And speaking of homes, the Vizcaya Museum & Garden, built between 1914 and 1922 by industrialist James Deering, is a National Historic Landmark, its art-filled interiors are surrounded by 10 acres of formal Italian-inspired gardens, complete with a carved stone barge (see it and the estate in this video), that was used to entertain guests and acts as a breakwater to protect the estate during storms.

The median sale price of a home in Coconut Grove was $1.72M last month, up 14.5% since last year. Homes here range from Old Florida style with deep porches set in tropical landscapes, to waterfront estates, contemporary clean lined architecture and ornate Mediterranean Revival homes.

Brickell

Miami’s financial district and one of its most affluent neighborhoods, Brickell feels a bit like Manhattan with a definite southern twist. It lies just south of Downtown Miami, connected by the Brickell Avenue Bridge – a drawbridge that crosses over the Miami River and can create traffic congestion and general crankiness when it lifts to allow boats to pass through.

This neighborhood is a bustling hub of international banking, business and luxury living. The skyline, dotted with sleek skyscrapers, is home to high-end condominiums offering breathtaking views of the bay. Brickell’s cosmopolitan atmosphere is further enhanced by its world-class restaurants, upscale shops, and vibrant nightlife. For those seeking an urban lifestyle with all the perks of a global city, Brickell is an unparalleled choice.

The median sale price of a home in Brickell is $755K, up 26.9% since last year. Most of the homes here are in those dazzling skyscrapers, ranging from condo penthouses to loft style apartments, the most expensive boasting panoramic views of the Miami skyline and Biscayne Bay.

Fisher Island

Accessible only by ferry or private boat, this 216-acre private island in Miami Beach is an exclusive enclave known for its privacy and luxury. It boasts some of the most expensive real estate in the United States. With its stunning views of the Miami skyline and the Atlantic Ocean, Fisher Island offers a serene retreat from the bustling city. The island’s residents, including celebrities and business moguls, enjoy amenities like a private beach club, golf course, and tennis courts. Fisher Island represents the epitome of secluded luxury living.

The median sale price of a home in Fisher Island is $9.6M, down 7.9% since last year. Fisher Island is primarily known for its very upscale condominium clusters, but there are some villas, estate and historic homes here as well.

Bal Harbour

Situated at the northern tip of Miami Beach, Bal Harbour is synonymous with luxury and exclusivity. The area is known for the prestigious Bal Harbour Shops, an upscale, open-air shopping mall home to designer boutiques, luxury brands, and fine dining restaurants, which attracts a well-heeled clientele.

Bal Harbour is ideal for those who desire an upscale, yet peaceful beachfront living experience. The village boasts some of Miami’s most beautiful and well-maintained beaches. The sandy shores are less crowded compared to other parts of Miami Beach, offering a more tranquil and exclusive beach experience.

The median sale price of a home in Bal Harbour is $1.6M, down 27.8% since last year. The residential properties in Bal Harbour range from opulent condominiums to waterfront estates.

Key Biscayne

A tranquil island south of Miami Beach, Key Biscayne offers a unique blend of small-town charm and luxury living. Known for its beautiful beaches, state parks, and recreational facilities, Key Biscayne is a haven for outdoor enthusiasts. The neighborhood, primarily residential, is home to affluent families and retirees who appreciate the island’s safe, family-friendly environment. The sense of community, coupled with the island’s natural beauty and proximity to downtown Miami, makes Key Biscayne a highly desirable location for the wealthy seeking a serene lifestyle.

The median sale price of a home in Key Biscayne is $1.5M last month, down 18.9% since last year. The possibilities here include waterfront estates, villas, luxe condos, family homes and townhouses.

Looking for other family-friendly neighborhoods in Miami?

Making the move to Miami

From the historic charm of Coral Gables to the secluded luxury of Fisher Island, each neighborhood presents its unique allure. These enclaves, with their distinct characteristics, cater to the varied preferences of Miami’s high-net-worth individuals, making the city a mosaic of luxury living.

Whether you’re seeking urban sophistication, waterfront serenity, or cultural richness, Miami’s richest neighborhoods provide an unmatched living experience for those who desire the best in life. If that’s you, we’d be happy to help make your move to Miami an outstanding experience. We’re Bellhop, and we are dedicated to making your relocation as stress free as possible.

From long distance moves to Miami to local moves, full-service and special project hourly rates, storage services and last minute moves Miami moves – we do it all. Use our moving cost calculator to get a quick view of the approximate costs, or just go right ahead and book your Bellhop move. Questions? We have answers and we’re always happy to talk to you.

(PS: even if you’re not moving to one of Miami’s most expensive neighborhoods, you can still expect premium service from Bellhop!)

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Tyler Brown

Tyler has been with Bellhop since 2022. When not working on making moving experience awesome, Tyler enjoys biking through new cities all over the country, figuring out where his next meal is going to be, and fantasizing about where he might live next. He's currently in Richmond, Virginia.