The 5 Most Expensive Neighborhoods in the South

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Soulful, hospitable and abundant in gorgeous natural beauty, the South has been summoning new residents of late. Between July 2021 and July 2022, population growth in Southern states outpaced all other U.S. regions. Florida was the fastest-growing state. One of the lures of the South, separate from its cultural diversity and other strong suits, is its relative affordability, particularly as it pertains to housing. No wonder members of Gen Z are flocking there for more affordable living.

But make no mistake; like every other region, the South has areas that are absurdly expensive. It’s just a matter of sussing them out. In a new study, GOBankingRates found the most expensive neighborhoods in different U.S. regions. Let’s have a look at the five most expensive neighborhoods in the South. Neighborhoods are ranked in order from least to most expensive.

5. Bear’s Club, Florida 

• Livability: 70 
• Household median income: $109,109  
• Average single-family home value: $10,480,770   
• Total cost of living annually: $776,693    

4. Palm Island, Florida

• Livability: 70 
• Household median income: $67,014  
• Average single-family home value: $10,773,902   
• Total cost of living annually: $798,195    

3. Old Cutler Bay, Florida  

• Livability: 84 
• Household median income: $130,803  
• Average single-family home value: $11,856,196   
• Total cost of living annually: $876,011   

2. Port Royal, Florida 

• Livability: 79
• Household median income: $140,833  
• Average single-family home value: $16,047,216   
• Total cost of living annually: $1,173,133   

1. Gables Estates, Florida 

• Livability: 84 
• Household median income: $130,803  
• Average single-family home value: $23,743,691  
• Total cost of living annually: $1,726,714   

Editor’s note: Photos are for representational purposes only and might not reflect the exact locations listed in this article.

Methodology: For this study, GOBankingRates found the most expensive neighborhoods in different U.S. regions including; West, Midwest, South, Northeast, the East Coast, and West Coast. For each region the top five neighborhoods with the highest single-family home average values were identified using Zillow Home Value Index from December 2024. For each neighborhood the cities which they reside in were identified and a number of factors were found including; total population, population ages 65 and over, total households, and household median income all sourced from the U.S. Census American Community Survey. Using this data the percentage of the population ages 65 and over can be calculated. The cost of living indexes were sourced from Sperling’s BestPlaces and include the grocery, healthcare, housing, utilities, transportation, and miscellaneous cost of living indexes. Using the cost of living indexes and the national average expenditure costs, as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost for each location can be calculated. The livability index was sourced from AreaVibes for each location. Using the average single family home value, assuming a 10% down payment, and using the most recent national average 30-year fixed mortgage rate, as sourced from the Federal Reserve Economic Data, the average mortgage can be calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living can be calculated. The neighborhoods were sorted within their appropriate regions and sorted to show the neighborhoods with the highest single-family home values first with all the other data provided as supplemental information. All data was collected on and is up to date as of Jan. 27, 2025.

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