Palmetto Bay, FL
Population 24,247 · Florida
About Palmetto Bay, FL
Palmetto Bay is a mid-sized city in Florida with a population of 24,247 residents. The median household income is $143,368 per year, which is above the national average. The median age in Palmetto Bay is 41.6 years.
Housing in Palmetto Bay has a median home value of $787,000 and median monthly rent of $1,862. Of the 8,760 total housing units, the majority are owner-occupied, with 6,431 owner-occupied and 1,707 renter-occupied units.
The unemployment rate in Palmetto Bay is 3.4% and the poverty rate is 6.4%. 61.5% of residents hold a bachelor's degree or higher. The average commute time is 36.4 minutes.
How Palmetto Bay Ranks in Florida
Cost of Living in Palmetto Bay, FL
Compared to national averages, Palmetto Bay has a median household income of $143,368 (91% above the national median of $75,149). Home values average $787,000, which is 221% above the national median. Monthly rent at $1,862 is 60% above the US average of $1,163. Within Florida, Palmetto Bay's income is 89% above the state average of $75,893, and home values are 123% above the state median of $353,675.
Why Live in Palmetto Bay, FL?
Palmetto Bay offers a strong local economy with a median household income of $143,368, well above the national average, and a strong job market with an unemployment rate of just 3.4%, and a well-educated community where 61.5% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 6.4%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $787,000. However, Palmetto Bay’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Palmetto Bay has a population of 24,247 with a median age of 41.6 years. Compare Palmetto Bay with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Palmetto Bay
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Liberty Triangle | 24,178 | $68,107 | $247,800 | Compare |
| Wekiwa Springs | 24,109 | $113,067 | $429,600 | Compare |
| Oak Ridge | 24,395 | $53,389 | $235,500 | Compare |
| Coral Terrace | 24,051 | $77,396 | $496,500 | Compare |
| World Golf Village | 24,485 | $109,731 | $447,900 | Compare |
| Bloomingdale | 23,979 | $107,313 | $377,000 | Compare |
| Port St. John | 24,617 | $84,214 | $262,700 | Compare |
| Bayonet Point | 23,787 | $42,157 | $160,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
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Frequently Asked Questions about Palmetto Bay
What is the population of Palmetto Bay, FL?
The population of Palmetto Bay, FL is 24,247 according to the latest Census data.
What is the median household income in Palmetto Bay?
The median household income in Palmetto Bay, FL is $143,368 per year.
What is the median home value in Palmetto Bay?
The median home value in Palmetto Bay, FL is $787,000.
What is the average rent in Palmetto Bay?
The median monthly rent in Palmetto Bay, FL is $1,862.
What is the unemployment rate in Palmetto Bay?
The unemployment rate in Palmetto Bay, FL is 3.4%.