salaryRent is higher than in 87% of U.S. cities. Household incomes are higher than in 90% of U.S. cities. A typical house costs about 5.7 years of household income. Commutes are long, about 35.3 minutes each way. Most homes (78.2%) are owned, so rentals can be hard to find. It is a highly educated city: 60.1% of adults have a college degree.
How much money do I need?
To rent here comfortably, you should earn about $102,840 a year. That is $49 an hour at a full-time job.
Is rent cheaper than other Florida cities?
No. Rent here is more expensive than in most of Florida. It is number 407 of 479 cities from cheapest to most expensive.
How much do households earn in Palmetto Bay?
Share of households by yearly income. 55.9% of households earn $100,000 or more.
Rent by apartment size in Palmetto Bay
| Size | Palmetto Bay | U.S. average |
|---|---|---|
| Studio | $1,787 | $1,338 |
| 1 bedroom | $1,495 | $1,324 |
| 2 bedrooms | $2,319 | $1,509 |
| 3 bedrooms | $2,565 | $1,698 |
| 4 bedrooms | $3,500+ | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Palmetto Bay overall?
Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Palmetto Bay, so the Florida figure is shown.
Taxes and bills in Palmetto Bay
Life in Palmetto Bay
Is it cheaper to rent or buy in Palmetto Bay?
Renting is cheaper right now: about $3,533 a month less.
Owning assumes a typical $879,700 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $87,970 for the down payment.
Frequently asked questions
What is the average rent in Palmetto Bay, FL?
Renting in Palmetto Bay costs a median of about $2,571 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Palmetto Bay?
To keep rent under 30% of income, you need about $102,840 a year, or $49 an hour at a full-time job.
Is Palmetto Bay cheap or expensive?
Palmetto Bay is rated OK: rent takes 20.1% of the typical household income of $153,629. It ranks 407th cheapest of 479 Florida cities we track.
How much are property taxes in Palmetto Bay?
The median homeowner in Palmetto Bay pays $6,758 a year in property taxes, about 0.77% of the median home value.
Is Palmetto Bay more expensive than the national average?
Overall prices in Florida are 3% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Palmetto Bay?
The median home value in Palmetto Bay is $879,700, about 5.7 times the typical yearly household income.
24,639 people live in Palmetto Bay. Numbers are typical (middle) values.