Palmetto, FL

Below Avg · 85

Florida · Population 13,449 · Updated March 2026

$1,286
Median Rent / Month
$61,538
Median Income
$256,700
Median Home Value
$1,128
Owner Costs / Month

Affordability

How far your income goes in Palmetto

25.1%
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

$15,432
Annual Rent
$0
State Income Tax
$2,208
Property Tax (est.)

Cost of Living Overview

Palmetto offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 85 (where 100 equals the national median), Palmetto residents can expect to pay median rent of $1,286/month while earning a median household income of $61,538/year.

The median home value in Palmetto, FL is $256,700, with typical monthly owner costs around $1,128 including mortgage, insurance, and taxes. With a rent-to-income ratio of 25.1%, Palmetto falls within the generally affordable range, though it's approaching the 30% burden threshold.

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.

Frequently Asked Questions

Common questions about living costs in Palmetto

What is the cost of living in Palmetto, FL?
The cost of living index in Palmetto, FL is 85 (US average = 100). Median monthly rent is $1,286, median household income is $61,538/year, and the median home value is $256,700.
Is Palmetto, FL affordable?
Yes, Palmetto is more affordable than the national average with a cost index of 85. The rent-to-income ratio is 25.1%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Palmetto, FL?
The median gross rent in Palmetto, FL is $1,286 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $15,432.
What is the median household income in Palmetto?
The median household income in Palmetto, FL is $61,538 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.