Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $964,046 | $293,727 | $242,182 |
| Price Trend (Annual %) | 13.8% | 12.0% | 8.2% |
| Median Gross Rent | $1,782 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palmetto Bay is about 228% higher than in Florida. Rent is about 14% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Palmetto Bay, up about 13.8% and 5.7% a year respectively. Home prices are changing faster.
Median rent in Palmetto Bay rose about 46.2% between 2015 and 2023, from $1,218 to $1,782. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 7.2 yearly household incomes in Palmetto Bay.
Buying the median-priced home in Palmetto Bay costs roughly 45.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Palmetto Bay. The price-to-rent ratio in Florida is about 15.7.
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $964,046 | $293,727 | $242,182 |
| Median Household Income | $134,775 | $71,865 | $78,145 |
| Price-to-Income Ratio | 7.2 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Palmetto Bay rose about 126.3%, while median household income rose about 31.6% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 71.5% | 57.1% | 58.2% |
| Rental Rate | 21.9% | 27.7% | 31.3% |
| Vacancy Rate | 6.7% | 15.2% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Palmetto Bay has a homeownership rate of 71.5%, higher than the Florida average of 57.1%. Its housing vacancy rate is 6.7%, compared with 15.2% in Florida.
Housing Stock
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.89 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1976 | 1987 | 1978 |
| Median Number of Rooms | 6.3 | 5.2 | 5.5 |
The typical housing unit in Palmetto Bay was built around 1976. On average, 2.9 people live in a home with about 6.3 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Palmetto Bay, Florida.
What is the median home price in Palmetto Bay, Florida?
The median home price in Palmetto Bay, Florida is $964,046, higher than the Florida average of $293,727.
What is the average home price in Palmetto Bay, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Palmetto Bay, Florida?
The median gross rent in Palmetto Bay, Florida is $1,782 per month, higher than the Florida average of $1,564.
What was the median gross rent in Palmetto Bay in 2020?
In 2020, the median gross rent in Palmetto Bay, Florida was $1,421 per month.
What is the price-to-rent ratio in Palmetto Bay, Florida?
The price-to-rent ratio in Palmetto Bay, Florida is about 45.1, meaning it would take roughly 45.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Palmetto Bay.
Are home prices or rent rising faster in Palmetto Bay, Florida?
Both home prices and rent are rising in Palmetto Bay, up about 13.8% and 5.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Palmetto Bay, Florida?
71.5% of households in Palmetto Bay, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Palmetto Bay, Florida?
The housing vacancy rate in Palmetto Bay, Florida is 6.7%, lower than the Florida average of 15.2%.