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CITY · 2020 ACS

Palmetto Bay

Florida · 24,439 residents · 8.285 sq mi
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The short version

Palmetto Bay is significantly wealthier than the US average, with a median household income of $123,235. Population has held roughly steady since 2019. 59% of adults hold a bachelor's degree or higher, well above the national rate of 33%. Median home value is $585,600. Poverty is rare here, at 5.5% of residents. Households here earn about 114% more than the Florida median.

At a glance
Wealthier
above the US median
US median: $66,278
Older
median age 43.7
US median: 38.8
More educated
59% hold a bachelor's degree
US average: 33%
Stable housing
home values roughly flat, inflation adjusted
US median home: $265,253
Section 01

Population & growth

Total population
24,439
Unchangedsince 2019
from 24,333 in 2019
2009 – 2025
Population density
2,950 / sq mi
Unchangedsince 2019
from 2,937 / sq mi in 2019
US average: 280
Median age
43.7
+5%since 2019
from 41.5 in 2019
US average: 38.8
Population, 2009 – 2024
23K24K24K24K25K200920202024Palmetto Bay
202425K
200920202024
Section 02

Income & economy

Median household income
$123,235
−1%inflation adjusted, since 2019
from $123,477 in 2019
US average: $66,278
2009 – 2024
Per capita income
$53,746
+2%since 2019
from $52,910 in 2019
US average: $35,364
Households earning $100K+
69.9%
−0.2 ptssince 2019
from 70.1% in 2019
US average: 43.9%
Poverty rate
5.5%
−0.3 ptssince 2019
from 5.7% in 2019
US average: 12.8%
Workforce by industry, 2020
Information10%
US avg: 11.1%
Other services9.1%
US avg: 6.6%
Retail trade6.3%
US avg: 10%
Finance & insurance6%
US avg: 5.5%
Public administration6%
US avg: 4.7%
Professional, scientific, technical5.6%
US avg: 4.7%
Transportation & warehousing4.7%
US avg: 2.5%
Wholesale trade3.5%
US avg: 6.7%
Arts, entertainment, food1.7%
US avg: 2%
Education & health services0.5%
US avg: 0.8%
Agriculture, forestry, fishing0.2%
US avg: 1.7%
Construction0.2%
US avg: 1.2%
Manufacturing0%
US avg: 0.5%
BARS: THIS PLACE · TICKS: US AVERAGE
Section 03

Housing

Median home value
$585,600
+3%inflation adjusted, since 2019
from $562,300 in 2019
US average: $265,253
2009 – 2024
Median gross rent
$1,455
+1%inflation adjusted, since 2019
from $1,426 in 2019
US average: $1,124
Owner-occupied
80.7%
Unchangedsince 2019
from 80.7% in 2019
19.3% rent
Afford Score
4.8
+4%since 2019
from 4.6 in 2019
2009 – 2024
RELATED:See current rent listings in Palmetto Bay on RentDataNow
Section 04

Race & ethnicity

2019
White, non-Hispanic42.1%(10,246)
Black3.6%(873)
Hispanic / Latino46.6%(11,346)
Asian4.8%(1,170)
Other2.9%(698)
Diversity Score75.1%(18,276)
2020
White, non-Hispanic38%(9,287)
Black4.6%(1,131)
Hispanic / Latino48.8%(11,924)
Asian4.7%(1,157)
Other3.7%(914)
Diversity Score76.4%(18,663)
Diversity Score
76
+2%since 2019
from 75 in 2019
2009 – 2024
Section 05

Education

Bachelor's degree or higher
59.4%
+0.9 ptssince 2019
from 58.5% in 2019
US average: 32.9%
High school or higher
95.4%
+0.6 ptssince 2019
from 94.8% in 2019
US average: 88.5%
Graduate degree
26.6%
−1.1 ptssince 2019
from 27.7% in 2019
US average: 12.7%
Section 06

Commute & transportation

Average commute
39.9 min
+6%since 2019
from 37.5 min in 2019
US average: 26.9
Drive alone to work
75.9%
−3.9 ptssince 2019
from 79.8% in 2019
US average: 75.1%
No vehicle available
2.7%
+1.4 ptssince 2019
from 1.3% in 2019
US average: 8.4%
Section 07

Work & employment

Unemployment rate
6.5%
+0.3 ptssince 2019
from 6.2% in 2019
US average: 5.4%
Labor force participation
68.2%
+2.6 ptssince 2019
from 65.6% in 2019
US average: 63.4%
Management & professional
56.7%
+1.3 ptssince 2019
from 55.4% in 2019
US average: 39.3%
Section 08

People & community

Male
51.4%
+1.7 ptssince 2019
from 49.7% in 2019
Female
48.6%
−1.7 ptssince 2019
from 50.3% in 2019
Foreign born
30.9%
−1.0 ptssince 2019
from 31.9% in 2019
US average: 13.5%
Uninsured
4.5%
+0.1 ptssince 2019
from 4.4% in 2019
US average: 8.8%
Drill deeper

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Frequently asked

How many people live in Palmetto Bay, Florida?

Palmetto Bay, Florida has about 24,439 residents according to the 2020 American Community Survey.

What is the median household income in Palmetto Bay, Florida?

The typical household in Palmetto Bay, Florida earns about $123,235 a year. Half of households make more than that, and half make less.

Is Palmetto Bay, Florida expensive?

In Palmetto Bay, Florida, the median home is worth about $585,600, and the typical rent is about $1,455 a month.

How educated are people in Palmetto Bay, Florida?

About 59.4% of adults age 25 and over in Palmetto Bay, Florida hold a bachelor's degree or higher.

What is the poverty rate in Palmetto Bay, Florida?

About 5.5% of people in Palmetto Bay, Florida live below the federal poverty line.

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DATA: US CENSUS BUREAU ACS 5-YEAR + DECENNIAL CENSUS · UPDATED 2024

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