Florida's Richest City In 2026 Is An Exclusive Island Community

While Florida's economy ranks among the best of any state, a number of its wealthiest citizens actually reside off the state's mainland — on Fisher Island. According to a Florida Demographics by Cubit analysis of U.S. Census Bureau data, Fisher Island is the richest city in Florida, with island residents boasting an average income of $781,968 in 2024, and a median income of $250,001. These figures are significantly higher than the national median earnings which, as of Q2 2026, were around $65,000 according to Bureau of Labor Statistics data.

While the region was originally part of mainland Florida, the government authorized the creation of a manmade channel in the early 1900s, resulting in the island's creation. Over the years portions of the island changed hands among both wealthy individuals and developers alike — transforming it into the luxurious, secluded getaway it is in 2026. With a population of just 1,436 in 2026, the exclusive nature of Fisher Island has attracted a wide array of wealthy celebrities, executives, and other people in the top 1% – something that has undoubtedly fueled its ranking as the richest city in the state. For instance, a Fisher Island property was once part of Oprah Winfrey's real estate portfolio. 

The associated costs of living on Fisher Island makes being wealthy a significant requirement for residents. While prices are already high, scarcity of available properties on the island has fueled even greater demand and higher housing prices in recent years. In fact, Fisher Island's last available parcel of land was sold to a real-estate firm in 2022 for $122.6 million. This parcel is set to be a luxury condominium project, with approximately fifty condos expected to reach record-breaking prices. Per Miami Condo Insider, the building should be completed in 2027 — with residences beginning at $30 million. 

According to Zillow, in August 2026, the average home value on Fisher Island was a whopping $7,005,005 — roughly 19 times the national average of $368,697. Using 100 as the average housing cost benchmark in the United States, BestPlaces gave Fisher Island a score of 897.5. Meanwhile, Ivan and Mike places annual HOA fees on the island anywhere from $12,452 to $47,000.

BestPlaces also reports that groceries in the area are high, with a score of 127.1. Because the island is only accessible by ferry, prices for all goods available on the island are even higher than inflation due to more complicated transportation requirements. Overall, Fisher Island is 18.9% more expensive than the average city in the United States and 15.3% higher than the average Florida city — making it a city that is truly only accessible to the richest Florida residents.