Palmetto Bay, FL Cost Of Living
Cost Of Living In Palmetto Bay, FL Summary
Cost of living in Palmetto Bay research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Palmetto Bay is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Palmetto Bay is 151, with 100 being the average.
The cost of living index in Palmetto Bay is 1.5x higher than the national average.
Palmetto Bay ranks as the #442 cheapest in Florida out of 459.
Palmetto Bay ranks as the #5,719 cheapest out of 6,489 in the US.
The median home value in Palmetto Bay is $913,080.
The median income in Palmetto Bay is $143,368.
Table Of Contents
Palmetto Bay's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Palmetto Bay, FL?
According to the most recent data on the cost of living, Palmetto Bay has an overall cost of living index of 151, which is 1.5x higher than the national index of 100.
Compared to Florida, Palmetto Bay has a cost of living index that's 1.6x higher than Florida's index of 97.
The standard of living in Palmetto Bay ranks as #442 most affordable out of the 459 places we measured in Florida. By definition, that implies Palmetto Bay ranks as the #17 most expensive place in the Sunshine State.
For more reading on life in Palmetto Bay, check out:
In Florida
In America
Palmetto Bay Cost Of Living Vs. Florida
Six factors go into calculating the cost of living index in Palmetto Bay. Here is how it fairs on each of the criteria:
The Services index in Palmetto Bay is 107.
The Groceries index in Palmetto Bay is 104.
The Health index in Palmetto Bay is 97.
The Housing index in Palmetto Bay is 268.
The Transportation index in Palmetto Bay is 105.
The Utilities index in Palmetto Bay is 104.
| Living Expense | Palmetto Bay | Florida | National Average | |
|---|---|---|---|---|
| Overall | 151 | 97 | 100 | |
| Services | 107 | 96 | 100 | |
| Groceries | 104 | 99 | 100 | |
| Health | 97 | 98 | 100 | |
| Housing | 268 | 96 | 100 | |
| Transportation | 105 | 97 | 100 | |
| Utilities | 104 | 95 | 100 | |
Palmetto Bay, FL Housing Cost Breakdown
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2019-2023. The key points are:
The Median Home Value in Palmetto Bay is $913,080.
The Median Rent in Palmetto Bay is $1,862.
The Median Income in Palmetto Bay is $143,368.
The Home Value To Income in Palmetto Bay is 6.4x.
The Rent To Monthly Income in Palmetto Bay is 0.16x.
| Statistic | Palmetto Bay | Florida | United States |
|---|---|---|---|
| Median Home Value | $913,080 | $377,066 | $303,400 |
| Median Rent | $1,862 | $1,564 | $1,348 |
| Median Income | $143,368 | $71,711 | $78,538 |
| Home Value To Income | 6.4x | 5.3x | 3.9x |
| Rent To Monthly Income | 0.16x | 0.26x | 0.21x |
Median Home Value
Median Rent
Median Income
Palmetto Bay, FL Costs By Category
Detailed Palmetto Bay Services Costs Vs. Florida
| Item | Palmetto Bay | Florida |
|---|---|---|
| Shampoo | $1.53 | $1.28 |
| Movie | $14.35 | $12.13 |
| Bowling | $23.67 | $18 |
| Haircut | $20.53 | $24.26 |
| Beauty Salon | $88.07 | $45.56 |
Detailed Palmetto Bay Groceries Costs Vs. Florida
| Item | Palmetto Bay | Florida |
|---|---|---|
| Ground Beef | $6.11 | $5.84 |
| Fried Chicken | $1.4 | $1.57 |
| Milk | $4.6 | $4.67 |
| Potatoes | $5.24 | $4.93 |
| Pizza | $14.13 | $12.09 |
| Beer | $11.44 | $10.41 |
| Toothpaste | $3.51 | $3.7 |
Detailed Palmetto Bay Health Costs Vs. Florida
| Item | Palmetto Bay | Florida |
|---|---|---|
| Optometrist | $98.49 | $125.68 |
| Doctor | $127.08 | $135.78 |
| Dentist | $107.83 | $113.29 |
Detailed Palmetto Bay Transportation Costs Vs. Florida
| Item | Palmetto Bay | Florida |
|---|---|---|
| Gasoline | $3.49 | $3.46 |
| Tire Balancing | $64.09 | $59.92 |
Detailed Palmetto Bay Utilities Costs Vs. Florida
| Item | Palmetto Bay | Florida |
|---|---|---|
| All Electricity | $200.94 | $193.99 |
| Phone | $194.37 | $192.25 |
Palmetto Bay SnackAbility
/10
Cost Of Living In Cities Around Palmetto Bay
The cost of living varies in the cities and towns around Palmetto Bay. Here's a quick look at the cost of living in the most populous nearby places:
Kendall, FL has a cost of living index of 134, 0.9x Palmetto Bay.
Kendale Lakes, FL has a cost of living index of 118, 0.8x Palmetto Bay.
Tamiami, FL has a cost of living index of 124, 0.8x Palmetto Bay.
| City | Population | Cost Of Living | Vs. Palmetto Bay |
|---|---|---|---|
| Kendall, FL | 78,527 | 134 | 0.9x |
| Kendale Lakes, FL | 52,141 | 118 | 0.8x |
| Tamiami, FL | 51,201 | 124 | 0.8x |
| Coral Gables, FL | 49,243 | 188 | 1.2x |
| Cutler Bay, FL | 44,483 | 124 | 0.8x |
| South Miami Heights, FL | 37,525 | 112 | 0.7x |
| Richmond West, FL | 35,988 | 132 | 0.9x |
| Coral Terrace, FL | 24,051 | 128 | 0.8x |
| The Crossings, FL | 22,359 | 125 | 0.8x |
| Country Walk, FL | 18,693 | 133 | 0.9x |
