Palmetto Bay, Florida Demographics & Population 2026
During the 2020–2024 ACS period, Palmetto Bay, Florida had a total population of 24,639, the 178th largest village in Florida, with a median household income of $142,447, which is 91% higher than the state average. The poverty rate is 5.8%.
Data vintage: U.S. Census Bureau ACS 2020–2024 5-Year Estimates · refreshed July 2026 · Methodology & source notes
Key Takeaways
- Household income is 91% above the state average — one of the wealthiest communities in Florida.
- 60.1% of adults hold a bachelor's degree or higher — top 10% in Florida.
Palmetto Bay Quick Facts
How Palmetto Bay Changed
Change from the 2019–2023 ACS period to 2020–2024. These are rolling five-year estimates, not year-over-year measurements.
| Metric | 2019–2023 | 2020–2024 | Change |
|---|---|---|---|
| Population | 24,247 | 24,639 | +1.6% |
| Median household income | $143,368 | $142,447 | -0.6% |
| Median home value | $787,000 | $879,700 | +11.8% |
How Palmetto Bay Compares
Median Household Income
Median Home Value
Economy & Housing
Household Income Distribution
Detailed income brackets
Employment
Housing Overview
People & Demographics
Age Distribution
Race & Ethnicity
Diversity Index
A diverse community with significant representation from multiple racial and ethnic groups.
State average: 65 | National average: 61
Education
Educational Attainment (Adults 25+)
Palmetto Bay Rankings in Florida
Explore Florida Rankings
Other Cities in Miami-Dade County
| City | Population | Median Income | Poverty | Home Value |
|---|---|---|---|---|
| Miami | 459,745 | $62,462 | 19.4% | $518,100 |
| Hialeah | 226,165 | $55,594 | 17.0% | $392,000 |
| Miami Gardens | 113,177 | $63,627 | 13.6% | $378,500 |
| Homestead | 82,807 | $65,423 | 18.4% | $380,000 |
| Miami Beach | 82,031 | $72,856 | 14.4% | $556,700 |
| Kendall | 79,562 | $87,325 | 11.2% | $567,900 |
| Doral | 79,216 | $94,164 | 10.3% | $562,800 |
| North Miami | 60,344 | $57,188 | 18.9% | $365,000 |
| The Hammocks | 58,838 | $85,628 | 12.1% | $468,100 |
| Fountainebleau | 55,665 | $64,908 | 12.7% | $320,200 |
Cities Similar to Palmetto Bay
These cities in the same state have comparable population and economic profiles.
| City | Population | Median Income | Home Value | Bachelor's+ | Poverty |
|---|---|---|---|---|---|
| Westchase | 24,885 | $124,434 | $559,500 | 64.4% | 5.3% |
| Fish Hawk | 26,186 | $135,271 | $561,000 | 55.0% | 7.2% |
| Keystone | 25,858 | $161,056 | $653,500 | 61.5% | 3.9% |
| Nocatee | 27,442 | $141,868 | $648,800 | 71.8% | 6.2% |
| Jacksonville Beach | 23,654 | $120,698 | $575,800 | 59.5% | 4.8% |
Population Overview
Palmetto Bay is a small city located in Florida, within Miami-Dade County. The total population is 24,639. It ranks as the 178th most populous out of 955 Census-designated places in Florida.
Age Demographics
The median age in Palmetto Bay is 41.0 years. This is 4% lower than the state median of 42.6 years.
Economy, Income & Housing
The median household income in Palmetto Bay is $142,447. This is 91% higher than the state median of $74,568. It is also 76% higher than the national median of $80,734. The poverty rate stands at 5.8%. This is 54% lower than the state poverty rate of 12.6%. The unemployment rate is 2.7%. This is 45% lower than the state rate of 4.8%. The median home value is $879,700. Housing costs are 145% higher than the state median of $359,000. The home-value-to-income ratio of 6.2x suggests that housing affordability is a significant concern for many residents. 78.2% of occupied housing units are owner-occupied. This homeownership rate is 16% higher than the state average of 67.6%.
Race & Ethnicity
The largest racial or ethnic group in Palmetto Bay is Hispanic or Latino, making up 51.1% of the population. White (non-Hispanic) residents account for 36.3%. The Black or African American population (4.3%) is well below the state average of 14.6%. The Hispanic or Latino population is significantly higher than the state average (51.1% vs 27.4%).
Education
60.1% of residents aged 25 and older hold a bachelor's degree or higher. This places Palmetto Bay in the top 10% of all cities in the state for educational attainment. This is 76% higher than the state rate of 34.2%. Nationally, 35.7% of adults hold at least a bachelor's degree. The high school graduation rate (or equivalent) is 92.9%. Notably, 27.0% of adults hold a graduate or professional degree, indicating a highly educated workforce.
Data Sources & Methodology
All demographic data for Palmetto Bay, Florida is sourced from the U.S. Census Bureau's American Community Survey (ACS) 2020–2024 5-Year Estimates. The ACS collects data from approximately 3.5 million households annually and pools five years of responses so that even small communities can be measured, though the margin of error widens as the population falls. Comparisons are made against Florida state averages and national averages calculated from the same dataset. Rankings reflect the city's position among all 955 Census-designated places in Florida. Read more about how these figures are produced on our methodology page, or visit data.census.gov for official data.
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Frequently Asked Questions
What is the population of Palmetto Bay, Florida?
Palmetto Bay, Florida has a population of 24,639 according to the most recent U.S. Census ACS 5-Year Estimates.
What is the median household income in Palmetto Bay, FL?
The median household income in Palmetto Bay is $142,447, which is 76% higher than the national median of $80,734.
What is the poverty rate in Palmetto Bay, FL?
The poverty rate in Palmetto Bay is 5.8%. This means approximately 1,424 residents live below the federal poverty line.
What is the racial makeup of Palmetto Bay, Florida?
Palmetto Bay's population is 36.3% White, 4.3% Black, 51.1% Hispanic/Latino, and 4.1% Asian.
What is the median home value in Palmetto Bay, FL?
The median home value in Palmetto Bay is $879,700. The home-value-to-income ratio is 6.2x.
How educated is Palmetto Bay, Florida?
60.1% of adults (25+) in Palmetto Bay hold a bachelor's degree or higher, and 27.0% hold a graduate or professional degree.