Palmetto Bay, FL

Very High · 185

Florida · Population 24,247 · Updated March 2026

$1,862
Median Rent / Month
$143,368
Median Income
$787,000
Median Home Value
$2,589
Owner Costs / Month

Affordability

How far your income goes in Palmetto Bay

15.6%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

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

$22,344
Annual Rent
$0
State Income Tax
$6,768
Property Tax (est.)

Cost of Living Overview

Palmetto Bay has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 185 (where 100 equals the national median), Palmetto Bay residents can expect to pay median rent of $1,862/month while earning a median household income of $143,368/year.

The median home value in Palmetto Bay, FL is $787,000, with typical monthly owner costs around $2,589 including mortgage, insurance, and taxes. The median rent-to-income ratio of 15.6% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

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 Palmetto Bay.

Frequently Asked Questions

Common questions about living costs in Palmetto Bay

What is the cost of living in Palmetto Bay, FL?
The cost of living index in Palmetto Bay, FL is 185 (US average = 100). Median monthly rent is $1,862, median household income is $143,368/year, and the median home value is $787,000.
Is Palmetto Bay, FL affordable?
No, Palmetto Bay is more expensive than the national average with a cost index of 185. The rent-to-income ratio is 15.6%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Palmetto Bay, FL?
The median gross rent in Palmetto Bay, FL is $1,862 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $22,344.
What is the median household income in Palmetto Bay?
The median household income in Palmetto Bay, FL is $143,368 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.