Miami Metro Area Adds More 'Million Dollar Cities'
MIAMI (CBSMiami) - While many are struggling to find an affordable home or rental in the Miami metro area, it continues to add "million-dollar" cities."
According to Zillow, in 2021 there were 14 million-dollar cities in the Miami metro area, two more than the previous year. A "million-dollar city" is where the typical home value is at least $1 million.
The median typical home value across the Miami metro area is $396,515.
Indian Creek, an exclusive 300-acre island in Biscayne Bay, is the most expensive city in the country. It has a typical home value of around $28.3 million, according to Zillow. That's a 34 percent increase for 2021.
The city has fewer than 100 residents, including a handful of high-profile celebrities including Tom Brady and Gisele Bündchen.
Golden Beach, with a typical home value around $5.2 million, came in second for the Miami metro area, followed by Manalapan, Fisher Island, Jupiter Inlet Colony, Golf, Gulf Stream, Palm Beach, Pinecrest, Sea Ranch Lakes, Key Biscayne, Bal Harbour, Ocean Ridge, and Coral Gables.
A record 146 U.S. cities became new "million-dollar cities" in 2021, according to Zillow, bringing the total nationwide to 481 cities.
"The surge in demand for housing last year sent home values skyrocketing, even in places where prices already were sky-high, and that helped tip a record number of cities into the million-dollar club," said Jeff Tucker, Zillow senior economist. "The locations of these newly seven-figure towns bust the myth that everyone fled California and the Northeast last year, as California, Massachusetts and New York led the pack for the most new cities with home values above $1 million."
He added that 2021 was the first year for Idaho, Montana, and Tennesse to add cities to the list.
But a majority of the "million-dollar cities" exist within eight coastal metro areas with San Francisco and New York
San Francisco and New York metro areas lead the way with 76 "million-dollar cities" each. The Los Angeles metro is third with 57 cities, and San Jose is fourth with 22.