What are the Financial Characteristics of the Most Expensive Place to Live in Florida?
The most expensive place to live in Florida is characterized by an average home value exceeding $11 million and a total monthly cost of nearly $70,000. This exclusive locale boasts significant financial benchmarks, making it the priciest destination in the Sunshine State. Prospective residents should be aware of the substantial costs associated with living in this high-end community.
Key Financial Indicators
Living in Florida's most expensive area entails a unique financial profile. Below is a breakdown of the key economic figures for this high-cost region, based on January 2024 data:
| Indicator | Value |
|---|---|
| Total Population | 5,370 |
| Median Household Income | $190,824 |
| Average Home Value (Jan 2024) | $11,165,407 |
| Monthly Expenditure Cost | $2,237 |
| Average Monthly Mortgage | $66,047 |
| Total Monthly Cost | $68,284 |
Understanding the Costs
- High Home Values: The average home value of over $11 million significantly contributes to the overall cost of living, reflecting the ultra-luxury real estate market prevalent in this area.
- Substantial Mortgage Payments: With an average monthly mortgage of $66,047, homeownership here requires a considerable and continuous financial commitment.
- Comprehensive Monthly Expenses: The total monthly cost, which combines mortgage payments with other essential expenditures, stands at $68,284. This figure highlights the comprehensive financial burden of living in such an expensive environment.
- Affluent Community: A median household income of $190,824 suggests a highly prosperous resident base, indicative of a community that can sustain these elevated living expenses.
This information provides a clear picture of the economic landscape for those considering the most expensive areas within Florida.
