Palm Springs, FL

Average · 98

Florida · Population 26,871 · Updated March 2026

$1,597
Median Rent / Month
$59,602
Median Income
$234,500
Median Home Value
$1,502
Owner Costs / Month

Affordability

How far your income goes in Palm Springs

32.2%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$19,164
Annual Rent
$0
State Income Tax
$2,017
Property Tax (est.)

Cost of Living Overview

Palm Springs has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 98 (where 100 equals the national median), Palm Springs residents can expect to pay median rent of $1,597/month while earning a median household income of $59,602/year.

The median home value in Palm Springs, FL is $234,500, with typical monthly owner costs around $1,502 including mortgage, insurance, and taxes. At 32.2% rent-to-income ratio, residents of Palm Springs are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Palm Springs.

Frequently Asked Questions

Common questions about living costs in Palm Springs

What is the cost of living in Palm Springs, FL?
The cost of living index in Palm Springs, FL is 98 (US average = 100). Median monthly rent is $1,597, median household income is $59,602/year, and the median home value is $234,500.
Is Palm Springs, FL affordable?
Yes, Palm Springs is more affordable than the national average with a cost index of 98. The rent-to-income ratio is 32.2%—above the 30%% affordability threshold.
What is the average rent in Palm Springs, FL?
The median gross rent in Palm Springs, FL is $1,597 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,164.
What is the median household income in Palm Springs?
The median household income in Palm Springs, FL is $59,602 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.