Palmetto, FL—34221
Real Estate Data & Market Trends
Key Metrics at a Glance
Home Price Trends — Palmetto, FL
As of Oct '25, the median home price in Palmetto, FL is $354,000, with a year-over-year change of -7.2%. This indicates that home prices in Palmetto, FL are decreasing. According to Zillow, the 1-year price projection is -0.6%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $354,000 | -7.2% |
| Single Family | $356,000 | -7.3% |
| Condos | $302,000 | -7.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | $187,000 | -2.6% |
2 Bed | $261,000 | -10.3% |
3 Bed | $341,000 | -7.6% |
4 Bed | $404,000 | -7.3% |
| 5 Bed | $438,000 | -7.8% |
% of Housing Stock
Rental Trends — Palmetto, FL
As of July '25, Rentcast reports the average rent in Palmetto, FL is $2,490, with a year-over-year rent change of -2.0%. Per bedroom, the median rent as of July '25 in Palmetto, FL is 1-bedrooms: $1,730, 2-bedrooms: $2,150, 3-bedrooms: $2,560, 4-bedrooms: $2,630. The most common rental property sizes in Palmetto, FL are 3-bedroom and 2-bedroom, accounting for 46.9% and 30.4% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,420 | $2,490 |
| Studio Rent | N/A | N/A |
| 1 Bed Rent | $1,580 | $1,730 |
| 2 Bed Rent | $1,950 | $2,150 |
| 3 Bed Rent | $2,340 | $2,560 |
| 4 Bed Rent | $2,600 | $2,630 |
% of Rental Stock
Property Listings — Palmetto, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Palmetto, FL is 82. This is a increase of 9.0% 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 27.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $416,000 | -3.0% |
Listing Count | 425 | 4.0% |
| Listings as % of Homes | 1.3% | 4.0% |
Days on Market | 82 | 9.0% |
Demographics — Palmetto, FL
As of the latest ACS Survey released in 2023, Palmetto, FL has a population of 54,900, which has increased by 24.0% over the past 5 years. Palmetto, FL is a moderately popular place for families, as children make up 18.5% of the population. The area has a moderately educated workforce, with 27.8% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 12.8% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 54,900 | 24.0% |
% Under 18 | 18.5% | -5.6% |
% Seniors | 24.5% | 0.8% |
% WFH | 12.8% | 132.7% |
% w/ College Degree | 27.8% | 29.9% |
As of the latest ACS Survey released in 2023, Palmetto, FL is a predominantly white area, with 59.0% of the population identifying as white. The white population has shrunk by 8.5% in the last 5 years. The second most common race or ethnicity in Palmetto, FL is hispanic, making up 22.1% of the population. Foreign-born residents account for 9.9% of the population in Palmetto, FL, and this percentage has decreased by 2.9% as of the ACS Survey 5 years prior, suggesting fewer immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 59.0% | -8.5% |
% Black | 14.5% | -3.3% |
% Hispanic | 22.1% | 25.6% |
% Asian | 1.0% | -23.1% |
% Foreign Born | 9.9% | -2.9% |
Mortgage and Risk — Palmetto, FL
According to HUD data as of 2023, there were 2489 mortgage originations in Palmetto, FL, of which 64.0% of loans were conventional mortgages. The average loan-to-value was 72.0%, with 39.0% above 90% LTV (very high). This implies large mortgage risk in Palmetto, FL. Investor activity is low, as 1.0% of loans were by investors. 6.0% of loans were cash-out refinances, suggesting few homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 2,489 |
% Conventional Loans | 64.0% |
% Government Loans | 36.0% |
% Investor Loans | 1.0% |
% Second Loans | 3.0% |
% Cash Out Refinance | 6.0% |
Loan Activity
Rentals and Section 8 — Palmetto, FL
As of 2024, the percent of homes in Palmetto, FL under the Section 8 program is 6.7%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 4-bedroom units appear to be good home sizes to consider for Section 8 housing in Palmetto, FL, because HUD payments exceed market rent, while 1-bedroom and 2-bedroom and 3-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 384 |
Total Units Section 8 | 248 |
% Rentals under Section 8 | 6.7% |
% Occupied Section 8 | 84.1% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | -$100 | $1,580 | $1,480 |
| 2 Bedroom | -$220 | $1,950 | $1,730 |
| 3 Bedroom | -$70 | $2,340 | $2,270 |
| 4 Bedroom | $120 | $2,600 | $2,720 |
Affordability — Palmetto, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.4 |
| Median Home Price | $354,000 |
| Median Household Income | $74,300 |