Zillow: Gables Estates in Florida Becomes America’s Most Expensive Neighborhood

A significant shift is occurring within America’s ultra-luxury residential market, as Florida’s Gables Estates has been recognized as the nation’s most expensive neighborhood, based on Zillow’s home value data from the past year. This development signifies a symbolic transfer of prestige from traditional enclaves such as Beverly Hills, California, highlighting a broader migration of wealth and investment towards the Sunshine State.

• Gables Estates, Florida, is now the most expensive neighborhood in the U.S.
• This new designation is based on Zillow’s recent home value data.
• It indicates a notable shift of prestige away from long-standing luxury areas like Beverly Hills.
• The trend underscores a significant movement of wealth and capital into Florida.

Factors Driving Gables Estates’ Ascendancy

Fernando de Nunez y Lugones, CEO and co-founder of Coral Gables-based Vertical Developments, attributes Gables Estates’ rise to its unique blend of privacy, sophistication, and livability. Unlike destinations primarily defined by historical reputation, Gables Estates emphasizes an exclusive lifestyle and experience, consistently drawing ultra-high-net-worth buyers. This refined appeal contrasts with the more generalized allure found in established luxury markets.

Florida’s Economic Realignment and Wealth Migration

This localized trend is indicative of a larger economic realignment. Data reveals a substantial influx of wealth into Florida in the post-COVID era, with over $14 billion in income migrating to the state between 2017 and 2022. A significant portion of this capital, exceeding $9.2 billion, flowed into Palm Beach, Broward, and Miami-Dade counties.

South Florida’s Emergence as a Wealth Hub

Further illustrating this growth, Henley & Partners’ World’s Wealthiest Cities Report for 2025 identifies West Palm Beach and Miami as two of the world’s fastest-growing wealth hubs. Over the past decade, West Palm Beach experienced a 112% increase in millionaire residents, while Miami saw a 94% rise, surpassing even New York City’s growth rates in wealth accumulation. Experts view this as a durable, long-term trend driven by factors such as lifestyle preferences, favorable tax policies, and a burgeoning economic environment that has increasingly branded South Florida as “Wall Street South.”

Understanding Gables Estates: An Exclusive Enclave

Gables Estates itself is an exclusive waterfront community, with development commencing in the 1920s. It encompasses an estimated 160 to 180 properties, distinguished by luxurious mansions, extensive landscaping, and a direct canal system providing access to Biscayne Bay. The community prioritizes security, maintaining 24/7 armed patrols on both land and water. Entry into this elite enclave requires a non-refundable application fee of $100,000 to the Gables Estates Club, with home listings frequently exceeding $21 million.

The Role of Scarcity in Sustaining Value

The inherent self-limiting nature of prime land in Coral Gables is a critical factor in the neighborhood’s sustained value and prestige. This scarcity, combined with rigorous development standards, helps insulate the area from overexposure while accommodating national attention without compromising its exclusive lifestyle or property values. This measured growth approach is expected to sustain Coral Gables’ momentum for decades to come, reinforcing its status as a world-class luxury enclave.

Zillow’s Top 10 Most Expensive Neighborhoods

Zillow’s home value index, which assesses the value of typical properties using metrics such as sales transactions, tax assessments, public records, square footage, and location, clearly delineates this market shift. The list below highlights the top ten most expensive neighborhoods in the U.S., dominated by Florida’s emerging luxury real estate landscape:

Rank	Neighborhood	City, State
1.	Gables Estates	Coral Gables, FL
2.	Port Royal	Naples, FL
3.	Old Cutler Bay	Coral Gables, FL
4.	Beverly Hills Gateway	Beverly Hills, CA
5.	The Flats	Beverly Hills, CA
6.	Shady Canyon	Irvine, CA
7.	San Marino Island	Miami Beach, FL
8.	Bear’s Club	Jupiter, FL
9.	Palm Island	Miami Beach, FL
10.	Rivo Alto Island	Miami Beach, FL