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Real Estate Prices & Overview

Palmetto Bay West median real estate price is $923,300, which is more expensive than 92.6% of the neighborhoods in Florida and 91.1% of the neighborhoods in the U.S.

The average rental price in Palmetto Bay West is currently $3,590, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 74.6% of the neighborhoods in Florida.

Palmetto Bay West is a suburban neighborhood (based on population density) located in Palmetto Bay, Florida.

Palmetto Bay West 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 Palmetto Bay West neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.

In Palmetto Bay West, the current vacancy rate is 0.5%, which is a lower rate of vacancies than 93.3% of all neighborhoods in the U.S. This means that the housing supply in Palmetto Bay West is very tight compared to the demand for property here.

Notable & Unique Neighborhood Characteristics

The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.

People

A majority of the adults in the Palmetto Bay West neighborhood are wealthy and educated executives. They own stately homes that tend to maintain high real estate appreciation rates. Their upper-level careers keep them busy, but allow them to live comfortably. If you're an executive and want to keep similar company, consider settling in this neighborhood, rated as an executive lifestyle "best choice" neighborhood for Florida by NeighborhoodScout's analysis, which rated it as better for executive lifestyles than 97.2% of the neighborhoods in Florida. In addition to being an excellent choice for highly educated executives, this neighborhood is also a very good choice for families with school-aged children.

Diversity

Did you know that the Palmetto Bay West neighborhood has more Cuban and South American ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 30.9% of this neighborhood's residents have Cuban ancestry and 14.9% have South American ancestry.

The Neighbors

There are two complementary measures for understanding the income of a neighborhood's residents: the average and the extremes. While a neighborhood may be relatively wealthy overall, it is equally important to understand the rate of people - particularly children - who are living at or below the federal poverty line, which is extremely low income. Some neighborhoods with a lower average income may actually have a lower childhood poverty rate than another with a higher average income, and this helps us understand the conditions and character of a neighborhood.

The neighbors in the Palmetto Bay West neighborhood in Palmetto Bay are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 89.1% of the neighborhoods in America. With 11.8% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 52.6% of U.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 Palmetto Bay West neighborhood, 56.4% 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 15.8% of the residents employed. Other residents here are employed in manufacturing and laborer occupations (15.6%), and 12.2% in clerical, assistant, and tech support occupations.

Languages

The most common language spoken in the Palmetto Bay West neighborhood is Spanish, spoken by 46.4% of households. Some people also speak English (46.3%).

Ethnicity / Ancestry

Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.

In the Palmetto Bay West neighborhood in Palmetto Bay, FL, residents most commonly identify their ethnicity or ancestry as Cuban (30.9%). There are also a number of people of South American ancestry (14.9%), and residents who report German roots (7.8%), and some of the residents are also of English ancestry (6.8%), along with some Irish ancestry residents (6.5%), among others. In addition, 29.4% of the residents of this neighborhood were born in another country.

Getting to Work

Even if your neighborhood is walkable, you may still have to drive to your place of work. Some neighborhoods are located where many can get to work in just a few minutes, while others are located such that most residents have a long and arduous commute. The greatest number of commuters in Palmetto Bay West neighborhood spend between 30 and 45 minutes commuting one-way to work (36.1% of working residents), which is at or a bit above the average length of a commute across all U.S. neighborhoods.

Here most residents (78.8%) 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 (10.6%) . 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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