Cost of Living in Palmetto Bay, FL
Population 24,247 · Florida · Data vintage 2023
(100 = US avg)
Housing in Palmetto Bay sits 158% above the national median — $787,000 for the typical home — but median household incomes near $143,368 (92% above the US figure) soften the blow that similar pricing creates in lower-wage metros.
Geographically, Palmetto Bay sits roughly 13 miles southwest of Miami. Median home values run roughly 66% higher than Miami's $475,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Palmetto Bay
The median home value in Palmetto Bay is $787,000 — 158% above the national median of $305,000. Median rent runs $1,862/month, 42% higher than the national median of $1,314/month. The median household income of $143,368/year is 92% higher than the US median of $74,580. The local unemployment rate is 3.4%, below the national average of 4.8%. Florida charges no state income tax, a meaningful advantage for take-home pay. Overall, Palmetto Bay has a cost of living index of 212 versus the US average of 100, meaning it is 112% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
💨 Air Quality
EPA AQS 2023 — county-level monitoring data
Frequently Asked Questions
What is the cost of living in Palmetto Bay, FL?
Palmetto Bay has a cost index of 212 (100 = national average). It is 112% above the national average.
What is average rent in Palmetto Bay, FL?
The median gross rent in Palmetto Bay is $1,862 per month based on 2023 Census data.
What is the average home price in Palmetto Bay?
The median home value in Palmetto Bay is $787,000 according to 2023 Census ACS data.
What is the median income in Palmetto Bay?
The median household income in Palmetto Bay is $143,368 per year (2023 ACS 5-year estimates).
What is the sales tax in Palmetto Bay, FL?
The combined state and local sales tax rate in Palmetto Bay is 7.0%. Florida has no state income tax.
Is Palmetto Bay, FL affordable?
Palmetto Bay is above average in cost of living, with an index of 212 — about 112% higher than the national average.
Palmetto Bay at a Glance
- Population
- 24,247
- Median Income
- $143,368
- Home Value
- $787,000
- Median Rent
- $1,862/mo
- Unemployment
- 3.4%
- Sales Tax
- 7.0%
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Explore county-level cost of living data
Florida Rankings
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