Poor Fisher Island: Miami Beach Hub No Longer Among U.S. Most Expensive

Forbes drops pricey Miami Beach island to 37th on Expensive ZIP codes list

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    NEW YORK - OCTOBER 26: A homeless man panhandles October 26, 2009 in New York City. In a recently released report by the advocacy group Coalition for the Homeless it was revealed that the numbers of homeless people using New York City shelters each night has reached an all time high. Since Mayor Michael Bloomberg took office eight years ago there has been a 45 percent increase in shelter use with over 39,000 homeless people, including 10,000 homeless families, checking in to city shelters every evening. The group also said that 2009 has turned out to be 'the worst on record for New York City homelessness since the Great Depression. (Photo by Spencer Platt/Getty Images)

    The rich aren't getting richer on Fisher Island.

    The exclusive island paradise that's been home to the likes of Oprah Winfrey, Ricky Martin and Julia Roberts is feeling the effects of the recession, according to Forbes magazine, which knocked Fisher Island out of its top spot as the most expensive zip code in America.

    In fact, Fisher Island is more like a middle-class neighborhood these days compared to other spots in the country if you look at its new ranking of 37th. Fisher Island homes have a median price of just under $2.3 million, almost $2 million less the the new No. 1, Duarte, California.

    When the Miami Beach zip code was the most expensive place to set up shop in 2007 and 2008, home prices were routinely $3.8 million and there was a waiting list of stars trying to get in on a home.

    But when the South Florida housing market plummeted, so did the values on Fisher Island.

    Last year, Forbes dropped it to No. 33 and now celebs trying to ditch their Fisher Island pad can't find a buyer.

    On average, homes stay on the market for 410 days before someone bites. It took Oprah a few years to unload her condo and she's Oprah!

    But before you rush to organize a caviar food drive to feed the starving residents of Fisher Island, it should be noted the median household income is still among the tops in the country.