Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $134,775 | $71,865 | $78,145 |
| Median Personal Income | $92,335 | $53,537 | $61,726 |
| Average income growth | 4.0% | 5.7% | 5.1% |
| Six-Figure Earners | 25.2% | 10.9% | 13.2% |
The median household income in Palmetto Bay is about 88% higher than in Florida. Income has been growing slower in Palmetto Bay (4.0%/yr) than in Florida (5.7%/yr).
About 25% of adults in Palmetto Bay earn six figures ($100,000 or more) a year, higher than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Palmetto Bay, Florida grew by 31.6% from 2009 to 2023, reaching $134,775 in 2023. That's an average of about 4.0% per year.
Economic Inequality in Palmetto Bay | Gender Pay Gap | Gini Coefficient
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.589 | 0.566 | 0.570 |
| Male Median Income | $104,054 | $58,426 | $67,746 |
| Female Median Income | $80,159 | $48,893 | $54,793 |
| Gender Pay Gap | 23.0% | 16.3% | 19.1% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Palmetto Bay, it is 0.589, higher than Florida's 0.566, so income is less evenly distributed here than there, and higher than the US's 0.570, so income is less evenly distributed here than there.
Men's income is about 30% more than women's income in Palmetto Bay, Florida. Over a 35-year career, a 30% wage gap accumulates to roughly $836,325 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palmetto Bay, Florida has narrowed from about 39% to 23% in 2023. In dollar terms, the gap has narrowed by $9,568 since 2009.
Employment
| Metric | Palmetto Bay | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 3.9% | 4.8% | 5.2% |
| Working from Home | 18.7% | 13.9% | 13.4% |
| Commute time (minutes) | 33 | 23 | 22 |
Approximately 436 people are unemployed in Palmetto Bay, Florida.
The average commute time in Palmetto Bay is 33 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palmetto Bay, Florida has fallen from 7.6% to 3.9% in 2023.
Conclusion
Considering all these factors, Palmetto Bay, Florida has an overall wealth index grade of A, making it notably better than Florida, and notably better than the country as a whole.
Palmetto Bay, FL Wealth Compared With Nearby Cities
How Palmetto Bay, FL compares with the 1 cities closest to it.
| Area | Population | Median household income | Unemployment | Income inequality |
|---|---|---|---|---|
| Palmetto Bay, FL | 21,161 | $134,775 #1/2 | 3.9% #1/2 | 0.6 #2/2 |
| Cutler Bay, FL | 43,850 | $81,379 | 4.4% | 0.6 |
Frequently Asked Questions
Common questions about income and wealth in Palmetto Bay, Florida.
How Rich Is Palmetto Bay, Florida?
Palmetto Bay has a wealth index grade of A. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; an A grade means residents are much better off than the U.S. average. The median household income is $134,775, about 88% higher than the Florida average of $71,865.
What is the current median household income in Palmetto Bay, Florida?
As of 2023, the median household income in Palmetto Bay, Florida is $134,775.
What was the median household income in Palmetto Bay in 2023?
In 2023, the median household income in Palmetto Bay, Florida was $134,775.
What was the median household income in Palmetto Bay in 2020?
In 2020, the median household income in Palmetto Bay, Florida was $119,098.
What is the Gini coefficient in Palmetto Bay, Florida?
The Gini coefficient in Palmetto Bay is 0.589. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is higher than the US average of 0.570, so income is distributed less equally than in the country overall.
How has the income gap between men and women changed in Palmetto Bay, Florida?
Since 2009, the income gap between men and women in Palmetto Bay, Florida has narrowed from about 39% to 23% in 2023. In dollar terms, the gap has narrowed by $9,568 since 2009.