Palmetto Bay, FL Profile: Facts & Data

The Village of Palmetto Bay had a population of 24,507 as of July 1, 2024. Palmetto Bay ranks in the upper quartile for Diversity Index when compared to the other cities, towns and Census Designated Places (CDPs) in Florida. See peer rankings below.

The primary coordinate point for Palmetto Bay is located at latitude 25.6218 and longitude -80.3248 in Miami-Dade County. The formal boundaries for the Village of Palmetto Bay encompass a land area of 8.29 sq. miles and a water area of 0.16 sq. miles. Miami-Dade County is in the Eastern time zone (GMT -5).

The Village of Palmetto Bay has a C1 Census Class Code which indicates an active incorporated place that does not serve as a county subdivision equivalent. It also has a Functional Status Code of "A" which identifies an active government providing primary general-purpose functions.

Florida is one of 20 states where Census County Divisions (CCDs) are used for statistical tracking of subdivisions within each county. The Village of Palmetto Bay is located within Kendall-Palmetto Bay CCD of Miami-Dade County.

Palmetto Bay, FL Data & Demographics (As of July 1, 2024)

POPULATION
Total Population	24,507 (100%)
Population in Households	24,286 (99.1%)
Population in Families	21,800 (89.0%)
Population in Group Quarters¹	221 ( 0.9%)
Population Density	2,958
Diversity Index²	81


INCOME
Median Household Income	$148,342
Average Household Income	$210,175
% of Income for Mortgage⁴	29%
Per Capita Income	$73,111
Wealth Index⁵	211
Socioeconomic Status Index⁶	Moderate (63.0)

HOUSING
Total HU (Housing Units)	9,089 (100%)
Owner Occupied HU	6,698 (73.7%)
Renter Occupied HU	1,825 (20.1%)
Vacant Housing Units	566 ( 6.2%)
Median Home Value	$681,474
Average Home Value	$750,272
Housing Affordability Index³	86

HOUSEHOLDS
Total Households	8,523
Average Household Size	2.85
Family Households	6,786
Average Family Size	3.00

NOTES

Group Quarters - a place where people live or stay in a group living arrangement. Includes college residents halls, nursing facilities, military barracks, and correctional facilities.
The Diversity Index is a scale of 0 to 100 that represents the likelihood that two persons, chosen at random from the same area, belong to different races or ethnic groups. If an area's entire population belongs to one race AND one ethnic group, then the area has zero diversity. An area's diversity index increases to 100 when the population is evenly divided into two or more race/ethnic groups.
The Housing Affordability Index base is 100 and represents a balance point where a resident with a median household income can normally qualify to purchase a median price home. Values above 100 indicate increased affordability, while values below 100 indicate decreased affordability.
The % of Income for Mortgage quantifies the percentage of median household income dedicated to mortgage payments on a home priced at the median value (assuming a 30-year mortgage and a 20% down payment).
The Wealth Index is based on a number of indicators of affluence including average household income and average net worth, but it also includes the value of material possessions and resources. It represents the wealth of the area relative to the national level. Values above or below 100 represent above-average wealth or below-average wealth compared to the national level.
The Socioeconomic Index ranges from zero (lowest relative status) to 100 (highest relative status). This measure quantifies disparities in social position of an area's inhabitants and is built from a broad range of demographic, housing, and socioeconomic inputs. More information on this measure can be found in Esri's SEI tutorial.

Palmetto Bay, FL - Peer Comparisons by Rank and Percentile

The table below compares Palmetto Bay to the other 955 incorporated cities, towns and CDPs in Florida by rank and percentile using July 1, 2024 data. The location Ranked # 1 has the highest value. A location that ranks higher than 75% of its peers would be in the 75th percentile of the peer group.

GROWTH RATE / YEAR	2020-2024	2024-2029
Population	0.07%	-0.51%
Households	0.51%	-0.03%
Families		0.08%
Median Household Income		2.33%
Per Capita Income		2.81%
Owner Occupied HU		0.06%

Variable Description	Rank	Percentile
Total Population	# 183	81st
Population Density	# 274	71st
Median Household Income	# 31	97th
Housing Affordability Index	# 569	60th
Per Capita Income	# 78	92nd
Diversity Index	# 144	85th

Palmetto Bay, FL Profile: Facts & Data

Palmetto Bay, Florida - Basic Facts

Palmetto Bay, FL Data & Demographics (As of July 1, 2024)

POPULATION

INCOME

HOUSING

HOUSEHOLDS

GROWTH RATE / YEAR

Palmetto Bay, FL - Peer Comparisons by Rank and Percentile

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