Palmetto Bay, FL
Population 24,247 · Florida
About Palmetto Bay, FL
Palmetto Bay is a mid-sized city located in Florida with a population of 24,247 residents according to the latest US Census Bureau American Community Survey data. The median household income is $143,368 per year, which is 91% above the national median of $75,149. The median age of 41.6 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Palmetto Bay features a median home value of $787,000, which is 221% above the national median of $244,900. This places Palmetto Bay in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,862, 60% above the national average of $1,163/month. Of the 8,760 total housing units, 79% are owner-occupied (6,431 units) and 21% are renter-occupied (1,707 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palmetto Bay shows an unemployment rate of 3.4%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 6.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palmetto Bay have an average one-way commute time of 36.4 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
61.5% of Palmetto Bay residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 3.0% White, 0.9% Hispanic or Latino, 3.0% Black or African American, and 21.8% Asian residents, with 30.2% of the population being foreign-born.
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.
Compare Palmetto Bay With Other Cities
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 US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Florida.
What is the median household income in Palmetto Bay?
The median household income in Palmetto Bay, FL is $143,368 per year, which is 91% above the national median of $75,149.
What is the median home value in Palmetto Bay?
The median home value in Palmetto Bay, FL is $787,000, which is 221% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palmetto Bay?
The median monthly rent in Palmetto Bay, FL is $1,862, which is 60% above the national average of $1,163/month.
What is the unemployment rate in Palmetto Bay?
The unemployment rate in Palmetto Bay, FL is 3.4%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Palmetto Bay, FL a good place to live?
Palmetto Bay offers above-average incomes, a competitive housing market, and a strong job market. With a population of 24,247 and a median age of 41.6, the city appeals to a broad range of residents.
How educated is Palmetto Bay, FL?
61.5% of residents in Palmetto Bay aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Palmetto Bay?
Key cost-of-living indicators for Palmetto Bay, FL: median home value is $787,000 (221% above national), median rent is $1,862/month, and median household income is $143,368. The home-value-to-income ratio is 5.5x, a moderate figure by national standards.
What is the poverty rate in Palmetto Bay?
The poverty rate in Palmetto Bay, FL is 6.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palmetto Bay, FL?
Palmetto Bay's population is 3.0% White, 0.9% Hispanic or Latino, 3.0% Black or African American, 21.8% Asian, and 3.8% two or more races. 30.2% of residents are foreign-born.