Penney Farms, FL
Population 573 · Florida
About Penney Farms, FL
Penney Farms is a small community located in Florida with a population of 573 residents according to the latest US Census Bureau American Community Survey data. The median household income is $60,625 per year, which is 19% below the national median of $75,149. The median age of 79.9 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Penney Farms features a median home value of $213,300, which is 13% below the national median of $244,900. This positions Penney Farms in a moderately priced market relative to the rest of the country. Median monthly rent is $1,893, 63% above the national average of $1,163/month. Of the 262 total housing units, 14% are owner-occupied (32 units) and 86% are renter-occupied (196 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Penney Farms shows an unemployment rate of 0.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 8.4%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Penney Farms have an average one-way commute time of 35.6 minutes, suggesting many residents commute to jobs in a nearby metro area.
Education & Demographics
51.5% of Penney Farms 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 0.0% White, 0.5% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 4.0% of the population being foreign-born.
Cost of Living in Penney Farms, FL
Compared to national averages, Penney Farms has a median household income of $60,625 (19% below the national median of $75,149). Home values average $213,300, which is 13% below the national median. Monthly rent at $1,893 is 63% above the US average of $1,163. Within Florida, Penney Farms's income is 20% below the state average of $75,893, and home values are 40% below the state median of $353,675.
Why Live in Penney Farms, FL?
Penney Farms offers affordable housing with a median home value of $213,300, below the US average of $244,900, and a strong job market with an unemployment rate of just 0.0%, and a well-educated community where 51.5% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 8.4%, better than the national average.
Potential considerations include median household income ($60,625) that falls below the national average. However, Penney Farms’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Penney Farms has a population of 573 with a median age of 79.9 years. Compare Penney Farms with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Penney Farms
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Altha | 567 | $32,898 | $85,300 | Compare |
| Hillsboro Pines | 567 | $82,778 | $489,900 | Compare |
| Garcon Point | 581 | $106,463 | $347,000 | Compare |
| Beverly Beach | 564 | $43,864 | $297,100 | Compare |
| Lake Mystic | 556 | $58,375 | $300,000 | Compare |
| Orchid | 553 | $136,875 | $2,000,001 | Compare |
| Micanopy | 604 | $68,393 | $230,600 | Compare |
| Hastings | 608 | $0 | $205,300 | 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 Penney Farms
What is the population of Penney Farms, FL?
The population of Penney Farms, FL is 573 according to the latest US Census Bureau American Community Survey estimates. This makes it a small community in Florida.
What is the median household income in Penney Farms?
The median household income in Penney Farms, FL is $60,625 per year, which is 19% below the national median of $75,149.
What is the median home value in Penney Farms?
The median home value in Penney Farms, FL is $213,300, which is 13% below the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Penney Farms?
The median monthly rent in Penney Farms, FL is $1,893, which is 63% above the national average of $1,163/month.
What is the unemployment rate in Penney Farms?
The unemployment rate in Penney Farms, FL is 0.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Penney Farms, FL a good place to live?
Penney Farms offers a moderate cost of living, affordable housing, and a strong job market. With a population of 573 and a median age of 79.9, the city appeals to established professionals and retirees.
How educated is Penney Farms, FL?
51.5% of residents in Penney Farms 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 Penney Farms?
Key cost-of-living indicators for Penney Farms, FL: median home value is $213,300 (13% below national), median rent is $1,893/month, and median household income is $60,625. The home-value-to-income ratio is 3.5x, a moderate figure by national standards.
What is the poverty rate in Penney Farms?
The poverty rate in Penney Farms, FL is 8.4%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Penney Farms, FL?
Penney Farms's population is 0.0% White, 0.5% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 3.5% two or more races. 4.0% of residents are foreign-born.