Palmetto Bay is a medium-sized coastal village (i.e. on the ocean, a bay, or inlet) located in the state of Florida. With a population of 24,523 people and six constituent neighborhoods, Palmetto Bay is the 113th largest community in Florida.
Palmetto Bay home prices are not only among the most expensive in Florida, but Palmetto Bay real estate also consistently ranks among the most expensive in America.
Palmetto Bay is a decidedly white-collar village, with fully 92.07% of the workforce employed in white-collar jobs, well above the national average. Overall, Palmetto Bay is a village of professionals, managers, and sales and office workers. There are especially a lot of people living in Palmetto Bay who work in management occupations (17.07%), sales jobs (12.87%), and office and administrative support (10.64%).
Also of interest is that Palmetto Bay has more people living here who work in computers and math than 95% of the places in the US.
One interesting thing about the economy is that relatively large numbers of people worked from their home: 7.83% of the workforce. While this number may seem small overall, as a fraction of the total workforce this is high compared to the rest of the county. These workers are often telecommuters who work in knowledge-based, white-collar professions. For example, Silicon Valley has large numbers of people who telecommute. Other at-home workers may be self-employed people who operate small businesses out of their homes.
Palmetto Bay is a good choice for families with children because of several factors. Many other families with children live here, making it a place where both parents and children are more likely to develop social ties with other families. The village’s good public school district and large population of college-educated adults provide an environment conducive to academic success. Many people own their own single-family homes, providing areas for children to play and stability in the community. Finally, Palmetto Bay’s overall crime rate is lower than average for the country.
Palmetto Bay is also nautical, which means that parts of it are somewhat historic and touch the ocean or tidal bodies of water, such as inlets and bays. Quite often, nautical areas such as these attract visitors and locals who come to enjoy the scenery and various waterfront activities.
One downside of living in Palmetto Bay is that it can take a long time to commute to work. In Palmetto Bay, the average commute to work is 37.26 minutes, which is quite a bit higher than the national average.
If knowledge is power, Palmetto Bay is a pretty powerful place. 58.51% of the adults in Palmetto Bay have earned a 4-year college degree, masters degree, MD, law degree, or even PhD. Compare that to the national average of 21.84% for all cities and towns.
The per capita income in Palmetto Bay in 2018 was $52,910, which is wealthy relative to Florida and the nation. This equates to an annual income of $211,640 for a family of four.
Palmetto Bay is an extremely ethnically-diverse village. The people who call Palmetto Bay home describe themselves as belonging to a variety of racial and ethnic groups. People of Hispanic or Latino origin are the most prevalent group in Palmetto Bay, accounting for 46.63% of the village’s residents (people of Hispanic or Latino origin can be of any race). The greatest number of Palmetto Bay residents report their race to be White, followed by Asian. Important ancestries of people in Palmetto Bay include German, Irish, English, Italian, and French.
Foreign born people are also an important part of Palmetto Bay's cultural character, accounting for 31.95% of the village’s population.
The most common language spoken in Palmetto Bay is English. Other important languages spoken here include Spanish and Portuguese.