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The total population of Palmetto Bay is estimated to be 24,267 with 12,454 males (51.32%) and 11,813 females (48.68%). There are 641 less females than males in Palmetto Bay.
The median household income in Palmetto Bay was $142,253 in 2021, which marked an an increase of 2,610(1.87%) from $139,643 in 2020. This income is 190.67% of the U.S. median household income of $74,606 (all incomes in 2022 inflation-adjusted dollars).
Per the latest American Community Survey by the Census Bureau, Palmetto Bay sees its highest median household income among householders in the age group of 45 to 64 years old, at $166,137. Overall, the median household income for the village of Palmetto Bay stands at $142,253.
In Palmetto Bay, the median income for all workers aged 15 years and older, regardless of work hours, was $76,680 for males and $39,802 for females. However, when specifically considering full-time, year-round workers within the same age group, the median income was $113,231 for males and $66,855 for females.
In Palmetto Bay, the demographic landscape is diverse, spanning 5 distinct racial categories among households. Among these, Some Other Race households have the highest median household income at $209,427, while Black or African American households represent the opposite end with the lowest median household income of $83,344.
In 2022, the population of Palmetto Bay was 24,237, a 1.54% increase year-by-year from 2021. Previously, in 2021, Palmetto Bay's population was 23,869, a decline of 1.87% compared to a population of 24,324 in 2020.
The median age in Palmetto Bay, FL is 41.8, as per 2021 ACS 5-Year Estimates. Of the total population, 20.23% were under the age of 15, 16.59% aged 15 to 29, 49.48% aged 30 to 64, 12.47% aged 65 to 84, and 1.23% were 85 years of age and older.
Racial distribution of Palmetto Bay population: 72.08% are White, 2.96% are Black or African American, 0.49% are American Indian and Alaska Native, 4.46% are Asian, 2.52% are some other race and 17.49% are multiracial.