G
ables Estates in Miami was ranked the most expensive neighborhood in the US, according to Zillow's monthly home value data for 2024. This small gated community within Coral Gables boasts 179 mostly waterfront lots averaging 56,240 square feet in size.

    Florida's lack of state income tax attracts wealth, boosting its luxury real estate market. The neighborhood features owner-occupied luxury residences with full-sized docks opening up to the Biscayne Bay, where many enjoy boating on massive mega yachts. "Gables Estates is this sophisticated money that's the highest level, and they want the best for their families," said Josh Stein, a Miami luxury real estate agent.

    Coral Gables, located in the historical and growing area of Coral Gables, has recently begun expanding into a hub for tech and finance offices. Apple has signed a lease to expand its Miami offices in Coral Gables, while Citadel is leasing 1.2 million square feet of office space on a new skyscraper development.

    To buy a house in Gables Estates, applicants must apply to and get approved by the neighborhood's homeowners association, paying a nonrefundable application fee of $100,000. Most Gables Estates homeowners earn "in excess" of $250,000 yearly and average 60 years of age.

    The mansions inside the neighborhood feature luxuries fitting of their owners, including a 5,000-bottle wine cellar and Swarovski chandeliers in almost every room. An empty lot in the community can go for up to $17.5 million.

    Located near some of Miami's most exclusive private preparatory schools, Gables Estates children typically attend big-ticket schools with annual tuition ranging from $35,000 to $54,820. Parents of children attending these schools might pay over half a million dollars in tuition per child over 13 years of schooling.

    Outside the gated community, Coral Gables is full of historic landscapes like the vine-covered stone-built Plymouth Congregational Church and the limestone-lined Ingraham Park. Residents might have to give up some luxuries when running errands, as the nearest retail stores are located in a nearly abandoned mall.

    Nearby food options include multiple Michelin-starred restaurants in Coconut Grove's densely packed downtown food and boutique district. Coffee shops near Gables Estates charge at least $10 for a latte, making it one of the more expensive coffee options in the city.

    Exploring the area around Gables Estates showed a side of Miami that is not often seen, even by longtime residents. Megayachts are just a fact of life for those living in America's wealthiest neighborhood, where neighbors have to be just as rich as you to move in next door.