Living in Palmetto Bay, Florida
Cost of living, income, home prices, rent and demographics of Palmetto Bay · Census data 2020–2024
Palmetto Bay has 24,639 residents with a median age of 41. The median household income is $142,447 (91% higher than the Florida median), the median home value is $879,700, the median rent is $2,101/month.
Palmetto Bay at a glance
- Population
- 24,639
- Median age
- 41State: 42.6
- Median household income
- $142,447State: $74,568
- Median home value
- $879,700State: $359,000
- Median rent
- $2,101/moState: $1,669
- Homeowners
- 78.2%
- Bachelor's degree or higher
- 60.1%
- Average commute
- 35 min
Is Palmetto Bay a good place to live?
Pros: Median household income 91% higher than the Florida median; unemployment of 2.7%; a poverty rate of 5.8%.
Cons: Home values 145% higher than the state median; an average commute of 35 minutes.
The weather is best in February–March and November–December.
Cost of living in Palmetto Bay
Housing is the biggest part of the cost of living. In Palmetto Bay the median home value is $879,700, 164% higher than the U.S. median. Renters pay a median of $2,101 per month, which is 41.3% of household income. Homeowners with a mortgage pay $3,756 a month in housing costs.
Palmetto Bay median household income
The median household income in Palmetto Bay is $142,447 and the income per person is $70,313. 5.8% of residents live below the poverty line (Florida: 12.6%).
Housing in Palmetto Bay: homes for sale and rent
- Housing units
- 8,681
- Owner-occupied
- 78.2%
- Renter-occupied
- 21.8%
- Vacant
- 6.1%Includes seasonal homes
- Median year built
- 1976
- Average household size
- 3.00
Palmetto Bay demographics
- Population
- 24,639
- Median age
- 41
- Under 18
- 24.3%
- 65 and older
- 15.5%
- Households
- 8,150
- Foreign-born
- 32.4%
- Veterans
- 4.5%Adults 18+
Hispanic or Latino can be of any race. Population history of Palmetto Bay ›
Education in Palmetto Bay
60.1% of adults 25 and older in Palmetto Bay have a bachelor's degree or higher (Florida: 34.1%), and 27% have a graduate or professional degree.
Jobs and commute in Palmetto Bay
- Unemployment rate
- 2.7%State: 4.8%
- Average commute
- 35 minState: 28 min
- Work from home
- 21.2%
- Drive alone
- 60.3%
- Public transit
- 2.6%
- Walk to work
- 1.1%
- Homes with broadband
- 94.1%
Palmetto Bay vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Palmetto Bay | 24,639 | $142,447 | $879,700 | $2,101 |
| Palmetto Estates | 16,129 | $82,064 | $445,900 | $1,948 |
| West Perrine | 11,162 | $66,997 | $411,500 | $1,488 |
| Pinecrest | 18,462 | $206,417 | $1,406,400 | $1,946 |
| Cutler Bay | 45,070 | $89,244 | $472,700 | $1,978 |
| Richmond Heights | 9,992 | $67,606 | $378,100 | $1,801 |
| Kendall | 79,562 | $87,325 | $567,900 | $1,905 |
| South Miami Heights | 38,766 | $65,417 | $407,100 | $1,605 |
| Coral Gables | 49,802 | $134,216 | $1,089,900 | $2,373 |
More for people moving to Palmetto Bay
Palmetto Bay ZIP code ›Weather and climate ›Living in Palmetto Bay: FAQ
What is the median household income in Palmetto Bay, FL?
The median household income in Palmetto Bay is $142,447, 91% higher than the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Palmetto Bay?
The median home value in Palmetto Bay is $879,700, compared with $359,000 in Florida.
How much is rent in Palmetto Bay?
The median gross rent in Palmetto Bay is $2,101 per month, about 41.3% of household income.
Is Palmetto Bay, FL a good place to live?
Pluses: median household income 91% higher than the Florida median; unemployment of 2.7%; a poverty rate of 5.8%. Minuses: home values 145% higher than the state median; an average commute of 35 minutes.
What is the median age in Palmetto Bay?
The median age in Palmetto Bay is 41 years (Florida: 42.6).
How long is the commute in Palmetto Bay?
The average commute to work in Palmetto Bay is 35 minutes; 21.2% of workers work from home.
What is the unemployment rate in Palmetto Bay?
The unemployment rate in Palmetto Bay is 2.7% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Palmetto Bay?
60.1% of adults in Palmetto Bay have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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