As home values in NYC decline, Miami has emerged as the location of the most expensive neighborhood in the United States

A recent survey shows that while the number of neighborhoods in New York City where purchasing a home costs at least $1 million is decreasing, Star Island in Miami has become the most expensive neighborhood in the US.

According to Zillow, the average price of a single-family home on the man-made island was valued at a staggering $40.2 million in December. This is a significant increase of 71% from just three years ago when the average price was $23.5 million, as noted by Bloomberg News.

The recent purchase of five properties on the island by hedge fund billionaire Ken Griffin, for a combined price of $194 million, has propelled Star Island to the top of Zillow’s list of priciest neighborhoods.

tar Island is now four times more expensive than Beverly Hills Gateway in Beverly Hills, California, and over twice as expensive as the second priciest neighborhood in the country, the Port Royal section of Naples, Florida.