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City · 24,639 residents · Miami-Dade County, Florida

Palmetto Bay , Florida

In Palmetto Bay, a typical home is worth $879,700 and typical rent is $2,101 a month. Compared with all of Miami-Dade County, typical household income is 99% higher, the typical home value is 90% higher, and the share of households that own their home is 26 points higher.

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  • Typical home value

    $879,700

    90% above the county

    145% above Florida

    • Palmetto Bay
    • Miami-Dade
    • Florida

  • Typical rent

    $2,101a month

    15% above the county

    26% above Florida

    • Palmetto Bay
    • Miami-Dade
    • Florida

  • Typical household income

    $142,447a year

    99% above the county

    91% above Florida

    • Palmetto Bay
    • Miami-Dade
    • Florida

  • Households that own their home

    78%

    26 points above the county

    11 points above Florida

    • Palmetto Bay
    • Miami-Dade
    • Florida

Source: U.S. Census Bureau, Average 2020–2024

Palmetto Bay is in Miami-Dade County. The FHA loan limit ($667,000 for a one-unit home), the fair market rents and the help on this page are those of all of Miami-Dade County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Palmetto Bay apart

What this place has that others do not, from public data, most unusual first.

  1. The typical household income in Palmetto Bay is $142,447, 99% more than in Miami-Dade County as a whole ($71,753).

  2. The typical home in Palmetto Bay is worth $879,700, 90% more than in Miami-Dade County as a whole ($463,000).

  3. 78% of households in Palmetto Bay own their home, against 52% in Miami-Dade County.

  4. Nearby, in Richmond Heights, the typical home value is $378,100: 57% less than in Palmetto Bay ($879,700).

  5. Nearby, in West Perrine, the typical rent is $1,488: 29% less than in Palmetto Bay ($2,101).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Palmetto Bay

What homes there are in Palmetto Bay, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house rules in Palmetto Bay: 79% of homes, more than in Miami-Dade County (39%).

Year built

Homes in Palmetto Bay are older: the typical year built is 1976; in Miami-Dade County, 1980.

In Palmetto Bay, 78% of homes have 3 bedrooms or more, more than in Miami-Dade County (45%).

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes
Monthly rent with utilities

With a mortgage

$3,756 a month

Miami-Dade County: $2,451 a month

Without a mortgage

$1,248 a month

Miami-Dade County: $815 a month

Owners with a mortgage

63%

Miami-Dade County: 59%

In Palmetto Bay, 63% of owners have a mortgage, and their typical cost is $3,756 a month, against $2,451 in Miami-Dade County. Without one it drops to $1,248.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

Homes in Palmetto Bay gained value more slowly than in Miami-Dade County: 56% since 2015–2019, against 60%.

The typical rent in Palmetto Bay rose 47% over the same time; in Miami-Dade County, it rose 38%.

The typical household income in Palmetto Bay rose 15%: less than home values (+56%) and rent (+47%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasurePalmetto BayMiami-Dade CountyFloridaUnited States
Rental vacancy Unreliable estimate5.5%7.6%5.5%
Homeowner vacancy Unreliable estimate1.2%1.4%0.9%
More than one person per room Unreliable estimate7.2%3.3%3.4%
People per household 3.002.762.512.53
Drive alone 60%69%70%69%
Carpool 11%9%9%9%
Public transit 3%3%1%3%
Walk or bike Unreliable estimate3%2%3%
Work from home 21%14%16%15%
Other means Unreliable estimate2%2%2%
Typical commute 30 to 39 minutes30 to 39 minutes20 to 29 minutes20 to 29 minutes

On average, a household in Palmetto Bay has 3.00 people, more than in Miami-Dade County (2.76).

In Palmetto Bay, 21% of workers work from home, more than in Miami-Dade County (14%).

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Palmetto Bay?

A typical home costs more than the typical income allows

We start with a typical home in Palmetto Bay, worth $879,700, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 62% of the typical household income in Palmetto Bay, which is $142,447 a year. For that payment to be 28% of income, a household would need to earn about $313,416 a year. Note: at that price the loan is above the FHA limit for Miami-Dade County ($667,000), so FHA would not insure it; the payment is only a reference.

The calculator's FHA and conventional loan limits are those of all of Miami-Dade County.

Your numbers

Local data
$

Starts at the typical home value in Palmetto Bay. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $30,790 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$7,313

at 7.18% · 30 years

Loan amount
$863,766
Total interest
$1,242,757
Paid off in
November 2056

Includes $14,856 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $3,324 a month

  • Tight

    $3,324 to $4,273 a month

  • Hard

    more than $4,273 a month

    Your payment · 62%

Compared with the typical household income in Palmetto Bay ($142,447 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$7,313
Principal & interest$5,851
Property tax$565
Home insurance$367
FHA mortgage insurance (MIP)$531

This loan is over the FHA limit

You'd borrow $848,910, but the FHA limit for a one-unit home in Palmetto Bay is $667,000. You'd need a bigger down payment or a different loan.

You need at least $30,790 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Palmetto Bay and Miami-Dade County

Palmetto Bay is in Miami-Dade County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Palmetto Bay's own numbers

Typical home value
$879,700
Typical monthly rent
$2,101
Typical yearly household income
$142,447
Households that own their home
78%
Effective property tax rate
0.77%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Miami-Dade County

FHA limit, one-unit home
$667,000
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$2,564
Price change over 5 years (FHFA)
+80%
Homes in a high flood-risk zone
40%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Miami-Dade County.

Everything about Miami-Dade County

Buying

Buying a home in Palmetto Bay

A typical home in Palmetto Bay is worth $879,700: 90% above the county and 145% above Florida. With the typical household income in Palmetto Bay ($142,447 a year), a typical home costs 6.2 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Palmetto Bay 6.2 years
  • Miami-Dade 6.5 years
  • Florida 4.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Miami-Dade County

According to FHFA’s house price index, home prices in Miami-Dade County rose 148% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Miami-Dade County.

Period County Florida U.S.
Last year (2025) +2.8% −0.5% +2.9%
5 years (2020–2025) +80% +60% +47%
10 years (2015–2025) +148% +127% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Palmetto Bay next to Miami-Dade County, Florida and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Palmetto Bay $879,700
  • Miami-Dade $463,000
  • Florida $359,000
  • United States $332,700
Typical monthly rent
  • Palmetto Bay $2,101
  • Miami-Dade $1,829
  • Florida $1,669
  • United States $1,413
Typical yearly household income
  • Palmetto Bay $142,447
  • Miami-Dade $71,753
  • Florida $74,568
  • United States $80,734
See the full table
Palmetto Bay next to Miami-Dade County and Florida
Measure Palmetto Bay Miami-Dade County Florida U.S.
Typical home value $879,700 $463,000 $359,000 $332,700
Typical monthly rent $2,101 $1,829 $1,669 $1,413
Typical yearly household income $142,447 $71,753 $74,568 $80,734
Households that own their home 78% 52% 68% 65%
Typical yearly property tax $6,758 $3,744 $2,730 $3,119
Effective property tax rate 0.77% 0.81% 0.76% 0.94%
Renters with high rent for their income 69% 64% 60% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Miami-Dade County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Palmetto Bay

For a typical $879,700 home in Palmetto Bay, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Palmetto Bay's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $7,313a month

    Above the FHA limit for Miami-Dade County ($667,000)
    Down payment
    $30,790
    Cash to close
    $57,181
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $531

  • Conventional, 5% down $7,010a month

    Above the conventional limit for Miami-Dade County ($832,750): it would be a "jumbo" loan
    Down payment
    $43,985
    Cash to close
    $70,376
    Rate
    7.18%
    Mortgage insurance
    PMI · $418

  • Conventional, 20% down, no PMI $5,699a month

    Least cash to close
    Down payment
    $175,940
    Cash to close
    $202,331
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $6,512a month

    Down payment
    $131,955
    Cash to close
    $158,346
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is Conventional, 20% down, no PMI.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Palmetto Bay and for Miami-Dade County.

Property tax

Effective rate in Palmetto Bay

0.77%of the home’s value each year

$6,758 a year for the typical owner in Palmetto Bay.

  • Palmetto Bay 0.77%
  • Miami-Dade 0.81%
  • Florida 0.76%

What Florida publishes Homestead exemption (Florida Department of Revenue)

Exemptions and deadlines in Florida

Flood risk in Miami-Dade County

FEMA does not publish these numbers by city: they are for all of Miami-Dade County.

Homes in the high-risk zone
40%
199,250
Of those, with NFIP insurance
74%
County Florida U.S.
Homes in the high-risk zone 40% 13% 3.5%
Of those, with NFIP insurance 74% 67% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Palmetto Bay

Typical rent in Palmetto Bay is $2,101 a month: 15% above the county. In Palmetto Bay, 69% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Miami-Dade County, by unit size. To pay the 2-bedroom one ($2,564 a month) without spending more than 30% of your income, you would need to earn $49.31 an hour working full time.

HUD fair market rent for all of Miami-Dade County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,953 $37.56 $78,120
1 bedroom $2,121 $40.79 $84,840
2 bedrooms $2,564 $49.31 $102,560
3 bedrooms $3,277 $63.02 $131,080
4 bedrooms $3,749 $72.10 $149,960

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Palmetto Bay

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Palmetto Bay has 2 ZIP codes with their own.

For 2 bedrooms it runs from $2,310 in 33157 to $3,290 in 33158.

1 of the 2 is above the fair market rent for Miami-Dade County ($2,564).

  • 33157 $2,310$2,950
  • 33158 $3,290$4,220

2 of these ZIP codes cross the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Palmetto Bay when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Palmetto Bay

HUD lists one building with rents for lower incomes in Palmetto Bay.

  • Royal Coast 9001 SW 156th St, Palmetto Bay 33157 174 homes, 173 low-income · 1 bd: 126 · 2 bd: 48 · In service since 2012 · For families

See all 399 buildings in Miami-Dade County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Palmetto Bay

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There are 11 HUD-approved agencies with an office in Miami-Dade County; 9 say they serve in Spanish.

A man shakes hands with the specialist who helped him with his loan, in the kitchen of his new home.

HUD counseling is free or low-cost

Assistance programs in Palmetto Bay

1 program is for Palmetto Bay or Miami-Dade County, by its own record: they come first, each with what its official page says about being open. The ones below are statewide in Florida: they work in Palmetto Bay the same as in the rest of the state.

Which programs do I qualify for? All programs in Florida

Housing counselors near Palmetto Bay

The HUD-approved agencies closest to the center of Palmetto Bay, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Real Estate, Education and Community Housing, Inc.

    7875 NW 12th St, Doral · 11 miles away · Spanish

    Also serves in Creole.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 5 more
    (786) 260-6821

  • Cuban American National Council, Inc. - Miami

    1223 SW 4th St, Miami · 12 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 7 more
    305-642-3484-182

  • Neighborhood Housing Services of South Florida

    300 NW 12th Ave, Miami · 12 miles away · Spanish

    Also serves in Creole.

    • Budget and financial counseling
    • Budget and credit workshops
    • and 6 more
    (305) 751-5511

Every agency in Miami-Dade County All counseling agencies in Florida

Help in Spanish near Palmetto Bay

3 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Palmetto Bay

In HUD’s record, no housing authority with an office in Miami-Dade County is named for Palmetto Bay or Miami-Dade County.

6 other authorities have an office in Miami-Dade County: see the list Source: HUD

Cities

Other cities in Miami-Dade County

These cities are also in Miami-Dade County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Miami-Dade County Housing in Florida
See 48 more cities in Miami-Dade County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Palmetto Bay, with the typical home value.

Neighboring counties

If Miami-Dade County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Palmetto Bay.

All guides
Three generations of a family gather on the porch of their home.

Questions

Housing questions about Palmetto Bay

Short answers with the numbers for Palmetto Bay and all of Miami-Dade County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Palmetto Bay?

The typical home value in Palmetto Bay is $879,700, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Miami-Dade County it is $463,000.

How much does it cost to rent in Palmetto Bay?

Typical rent in Palmetto Bay is $2,101 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Miami-Dade County is $2,564.

What is the FHA loan limit in Palmetto Bay?

Palmetto Bay uses the FHA limit for all of Miami-Dade County (2026): $667,000 for a one-unit home and $1,282,700 for a four-unit home.

How much property tax do owners pay in Palmetto Bay?

The typical homeowner in Palmetto Bay pays $6,758 a year, according to the U.S. Census Bureau. That is 0.77% of the home’s value; in Miami-Dade County, the rate is 0.81%.

Where can I find free help to buy or rent in Palmetto Bay?

There are 11 HUD-approved counseling agencies with an office in Miami-Dade County. 9 say they serve in Spanish. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).