A few months ago, we told you about the exodus of financial and service companies from Manhattan and other U.S. cities to South Florida and how it was affecting office rents in Miami and other parts of the state. 

But the surge in prices and demand isn't limited to commercial and corporate spaces. Certain areas of Florida have become, according to Bloomberg, a magnet for the ultra-wealthy. Between 2019 and 2022, the number of ZIP codeswith properties valued in the hundreds of millions has more than doubled. 

For example, the average price of a single-family home on Star Island in Miami Beach stood at US$40.2 million in December 2022, 71% higher than in December 2019. The average value of a home in Port Royal, in Naples, on Florida’s coast facing the Gulf of Mexico, was US$16.9 million in December 2022, 107% more than in December 2019. 

Florida's boom isn't limited to the super-rich. As companies and their owners relocate to the state, the number of jobs has increased: in 2022, for the first time since these statistics have been tracked, Florida had more jobs (9,578,500) than New York State (9,576,100), according to the Federal Bureau of Statistics.

The Most Expensive Neighborhoods in the U.S.
(Average value of single-family homes, in millions of US dollars)

Source: Bloomberg/Zillow