Are Miami’s Elite Suburbs Becoming the New Beverly Hills?

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  • The most expensive neighborhood in America is in Coral Gables, Florida, Bloomberg reports.
  • Before the pandemic, that distinction belonged to Beverly Hills, according to Zillow. 
  • Tech and finance giants are helping to fuel Florida’s scorching hot real-estate market.

The post-pandemic Florida real-estate boom just earned the state a new superlative.

Today, seven of the 10 most expensive neighborhoods in the US are located in Florida, Bloomberg reported, citing data from Zillow.

The priciest neighborhood in America is Gables Estates in Coral Gables, where a typical home costs $21.2 million, Bloomberg reported.

Pre-pandemic, in 2020, the most expensive neighborhood in America was Beverly Hills Gateway, where a typical home cost a cool $10.6 million.

The Port Royal neighborhood in Naples, Florida, was the second most expensive neighborhood in 2024, followed by Beverly Hills Gateway — where a typical house today is priced at $12 million, Bloomberg reported.

Meanwhile, New York had two of the nation’s most expensive neighborhoods in 2020 — the West Village and the Upper East Side — but does not rank in Zillow’s top 10 for 2024, according to Bloomberg.

Tech and financial giants are flocking to Florida

Stats about America’s priciest neighborhoods are the latest bit of proof of Florida’s scorching hot real-estate market, as a swarm of monied tech and business giants is helping fuel its ascent.

Separately, Bloomberg reported Tuesday that Apple is taking a new 45,000-square-foot office in Coral Gables, while Microsoft leased a space in the same building that will become the headquarters for hedge fund Citadel.

Amazon is also seeking 50,000 square feet of office in Miami, according to Bloomberg, as founder Jeff Bezos continues to snap up multiple homes on the uber-exclusive Indian Creek island off Miami.

An Amazon spokesperson confirmed to Business Insider it was seeking the space. Apple and Microsoft did not immediately respond to requests for comment.

Meanwhile, BI’s Eliza Relman reported Tuesday on the downsides of the buzz surrounding Miami.

Increasing home prices and rents are making it harder for lower-income Floridians to afford to live in the state, while the climate crisis — and rising sea levels — could result in further displacement.