Palmyra, MO
Population 3,620 · Missouri
About Palmyra, MO
Palmyra is a small town located in Missouri with a population of 3,620 residents according to the latest US Census Bureau American Community Survey data. The median household income is $69,211 per year, which is 8% below the national median of $75,149. The median age of 37.5 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Palmyra features a median home value of $165,000, which is 33% below the national median of $244,900. This positions Palmyra in a moderately priced market relative to the rest of the country. Median monthly rent is $852, 27% below the national average of $1,163/month. Of the 1,648 total housing units, 72% are owner-occupied (1,019 units) and 28% are renter-occupied (389 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palmyra shows an unemployment rate of 2.3%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 10.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palmyra have an average one-way commute time of 18.5 minutes, one of the shorter commutes in the region.
Education & Demographics
27.9% of Palmyra residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 0.6% White, 1.6% Hispanic or Latino, 0.0% Black or African American, and 0.0% Asian residents, with 0.4% of the population being foreign-born.
Cost of Living in Palmyra, MO
Compared to national averages, Palmyra has a median household income of $69,211 (8% below the national median of $75,149). Home values average $165,000, which is 33% below the national median. Monthly rent at $852 is 27% below the US average of $1,163. Within Missouri, Palmyra's income is 13% above the state average of $61,047, and home values are 9% above the state median of $150,786.
Why Live in Palmyra, MO?
Palmyra offers affordable housing with a median home value of $165,000, below the US average of $244,900, and rent that’s lower than the national average at $852/month, and a strong job market with an unemployment rate of just 2.3%. Additionally, the city features a low poverty rate of 10.1%, better than the national average, and short commute times averaging just 18.5 minutes.
Potential considerations include median household income ($69,211) that falls below the national average. However, Palmyra’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Palmyra has a population of 3,620 with a median age of 37.5 years. Compare Palmyra with other cities to see how it stacks up, or explore all cities in Missouri.
Similar Cities Near Palmyra
Cities in Missouri with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Moscow Mills | 3,647 | $68,451 | $186,900 | Compare |
| Northwoods | 3,654 | $40,787 | $72,300 | Compare |
| Frontenac | 3,669 | $225,813 | $1,004,500 | Compare |
| El Dorado Springs | 3,545 | $31,982 | $83,700 | Compare |
| Whiteman AFB | 3,713 | $60,250 | $0 | Compare |
| Hillsboro | 3,483 | $65,278 | $206,200 | Compare |
| Malden | 3,818 | $38,786 | $88,900 | Compare |
| New Haven | 3,389 | $69,701 | $187,600 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Missouri
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Palmyra With Other Cities
Frequently Asked Questions about Palmyra
What is the population of Palmyra, MO?
The population of Palmyra, MO is 3,620 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Missouri.
What is the median household income in Palmyra?
The median household income in Palmyra, MO is $69,211 per year, which is 8% below the national median of $75,149.
What is the median home value in Palmyra?
The median home value in Palmyra, MO is $165,000, which is 33% below the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palmyra?
The median monthly rent in Palmyra, MO is $852, which is 27% below the national average of $1,163/month.
What is the unemployment rate in Palmyra?
The unemployment rate in Palmyra, MO is 2.3%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Palmyra, MO a good place to live?
Palmyra offers a moderate cost of living, affordable housing, and a strong job market. With a population of 3,620 and a median age of 37.5, the city appeals to a broad range of residents.
How educated is Palmyra, MO?
27.9% of residents in Palmyra aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Palmyra?
Key cost-of-living indicators for Palmyra, MO: median home value is $165,000 (33% below national), median rent is $852/month, and median household income is $69,211. The home-value-to-income ratio is 2.4x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in Palmyra?
The poverty rate in Palmyra, MO is 10.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palmyra, MO?
Palmyra's population is 0.6% White, 1.6% Hispanic or Latino, 0.0% Black or African American, 0.0% Asian, and 4.1% two or more races. 0.4% of residents are foreign-born.