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Real Estate Prices & Overview

Palm Island median real estate price is $505,663, which is more expensive than 67.1% of the neighborhoods in Florida and 69.8% of the neighborhoods in the U.S.

The average rental price in Palm Island is currently $3,902, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 88.1% of the neighborhoods in Florida.

Palm Island is an urban neighborhood (based on population density) located in Margate, Florida.

Palm Island real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and apartment complexes/high-rise apartments. Most of the residential real estate is owner occupied. Many of the residences in the Palm Island neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 2000 and the present.

In Palm Island, the current vacancy rate is 1.1%, which is a lower rate of vacancies than 91.0% of all neighborhoods in the U.S. This means that the housing supply in Palm Island is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Margate, the Palm Island neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

People

One of the really interesting characteristics about the Palm Island neighborhood is that, according to NeighborhoodScout's exclusive research, it is an excellent choice in which to reside for college students. Due to its popularity among college students who already choose to live here, its walkability, and its above average safety from crime, the neighborhood is ideal for prospective or already-enrolled college students. Between semesters and during school breaks, you'll notice that the excitement here fluctuates with the college seasons. Despite the excitement however, parents of college-age children can rest easy knowing that this neighborhood has an above average safety rating. For each of these reasons, the neighborhood is rated among the top 1.3% of college-friendly places to live in the state of Florida. In addition to being an excellent choice for college students, this neighborhood is also a very good choice for first-time home buyers.

Real Estate

Most neighborhoods are composed of a mixture of ages of homes, but the Palm Island stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 86.0% of the residential real estate here was built in this one time period.

Diversity

Did you know that the Palm Island neighborhood has more Jamaican and Brazilian ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 16.8% of this neighborhood's residents have Jamaican ancestry and 3.2% have Brazilian ancestry.

Palm Island is also pretty special linguistically. Significantly, 2.6% of its residents five years old and above primarily speak Portuguese at home. While this may seem like a small percentage, it is higher than 98.3% of the neighborhoods in America.

The Neighbors

How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.

The neighbors in the Palm Island neighborhood in Margate are upper-middle income, making it an above average income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 68.1% of the neighborhoods in America. In addition, 7.9% of the children seventeen and under living in this neighborhood are living below the federal poverty line, which is a lower rate of childhood poverty than is found in 56.2% of America's neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Palm Island neighborhood, 49.5% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 26.4% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (13.2%), and 10.9% in clerical, assistant, and tech support occupations.

Languages

The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Palm Island neighborhood is English, spoken by 77.2% of households. Other important languages spoken here include Spanish, French, Polish and Vietnamese.

Ethnicity / Ancestry

Culture is shared learned behavior. We learn it from our parents, their parents, our houses of worship, and much of our culture – our learned behavior – comes from our ancestors. That is why ancestry and ethnicity can be so interesting and important to understand: places with concentrations of people of one or more ancestries often express those shared learned behaviors and this gives each neighborhood its own culture. Even different neighborhoods in the same city can have drastically different cultures.

In the Palm Island neighborhood in Margate, FL, residents most commonly identify their ethnicity or ancestry as Jamaican (16.8%). There are also a number of people of Haitian ancestry (7.3%), and residents who report German roots (4.8%), and some of the residents are also of Cuban ancestry (4.4%), along with some Irish ancestry residents (3.5%), among others. In addition, 25.3% of the residents of this neighborhood were born in another country.

Getting to Work

How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Palm Island neighborhood spend between 30 and 45 minutes commuting one-way to work (29.2% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (86.5%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.0%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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Schools include:
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