Palmetto Bay, Miami, FL—33157
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palmetto Bay, Miami, FL
As of Oct '25, the median home price in Palmetto Bay, Miami, FL is $621,000, with a year-over-year change of -1.7%. This indicates that home prices in Palmetto Bay, Miami, FL are decreasing. According to Zillow, the 1-year price projection is 1.9%, suggesting an increase housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $621,000 | -1.7% |
| Single Family | $643,000 | -2.4% |
| Condos | $221,000 | -3.1% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $198,000 | -3.4% |
2 Bed | $267,000 | -3.6% |
3 Bed | $589,000 | -2.0% |
4 Bed | $783,000 | -3.0% |
| 5 Bed | $1,213,000 | -3.1% |
% of Housing Stock
Rental Trends — Palmetto Bay, Miami, FL
As of July '25, Rentcast reports the average rent in Palmetto Bay, Miami, FL is $3,680, with a year-over-year rent change of -4.9%. Per bedroom, the median rent as of July '25 in Palmetto Bay, Miami, FL is studios: $1,570, 1-bedrooms: $1,660, 2-bedrooms: $2,360, 3-bedrooms: $3,650, 4-bedrooms: $5,540. The most common rental property sizes in Palmetto Bay, Miami, FL are 2-bedroom and 3-bedroom, accounting for 38.1% and 24.3% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,900 | $3,680 |
| Studio Rent | $1,100 | $1,570 |
| 1 Bed Rent | $1,680 | $1,660 |
| 2 Bed Rent | $2,120 | $2,360 |
| 3 Bed Rent | $3,200 | $3,650 |
| 4 Bed Rent | $5,000 | $5,540 |
% of Rental Stock
Property Listings — Palmetto Bay, Miami, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Palmetto Bay, Miami, FL is 77. This is a increase of 49.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 24.0%, representing a small inventory and little supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $736,000 | -18.0% |
Listing Count | 359 | 23.0% |
| Listings as % of Homes | 1.0% | 23.0% |
Days on Market | 77 | 49.0% |
Demographics — Palmetto Bay, Miami, FL
As of the latest ACS Survey released in 2023, Palmetto Bay, Miami, FL has a population of 69,600, which has increased by 1.8% over the past 5 years. Palmetto Bay, Miami, FL is a moderately popular place for families, as children make up 22.7% of the population. The area has a moderately educated workforce, with 33.4% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 10.4% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 69,600 | 1.8% |
% Under 18 | 22.7% | -9.2% |
% Seniors | 15.8% | 9.7% |
% WFH | 10.4% | 141.9% |
% w/ College Degree | 33.4% | 9.5% |
As of the latest ACS Survey released in 2023, Palmetto Bay, Miami, FL is a predominantly hispanic area, with 56.1% of the population identifying as hispanic. The hispanic population has grown by 9.1% in the last 5 years. The second most common race or ethnicity in Palmetto Bay, Miami, FL is black, making up 20.2% of the population. Foreign-born residents account for 41.8% of the population in Palmetto Bay, Miami, FL, and this percentage has increased by 6.1% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 18.6% | -18.4% |
% Black | 20.2% | -7.8% |
% Hispanic | 56.1% | 9.1% |
% Asian | 2.5% | -7.4% |
% Foreign Born | 41.8% | 6.1% |
Mortgage and Risk — Palmetto Bay, Miami, FL
According to HUD data as of 2023, there were 730 mortgage originations in Palmetto Bay, Miami, FL, of which 84.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 25.0% above 90% LTV (very high). This implies large mortgage risk in Palmetto Bay, Miami, FL. Investor activity is low, as 2.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 730 |
% Conventional Loans | 84.0% |
% Government Loans | 16.0% |
% Investor Loans | 2.0% |
% Second Loans | 1.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Palmetto Bay, Miami, FL
As of 2024, the percent of homes in Palmetto Bay, Miami, FL under the Section 8 program is 21.3%. This is considered high, suggesting that the neighborhood is heavily composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Palmetto Bay, Miami, FL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 1,978 |
Total Units Section 8 | 1,627 |
% Rentals under Section 8 | 21.3% |
% Occupied Section 8 | 92.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $20 | $1,680 | $1,700 |
| 2 Bedroom | -$20 | $2,120 | $2,100 |
| 3 Bedroom | -$470 | $3,200 | $2,730 |
| 4 Bedroom | -$1,760 | $5,000 | $3,240 |
Affordability — Palmetto Bay, Miami, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 6.7 |
| Median Home Price | $621,000 |
| Median Household Income | $80,400 |