The typical owner-occupied home in Palm City is worth about $563,400, 57% above the Florida median of $359,000 and 69% above the national median of $332,700. Owners pay a median $4,643 a year in property taxes, about 0.82% of their home's value, higher than the Florida rate of 0.76%. The median household earns $125,820 a year, so the median home costs 4.5 times the median income (4.8 times for Florida). 90% of occupied homes here are lived in by their owners, and 58% of those owners still have a mortgage.
Palm City at a glance
| Palm City | Florida | U.S. | |
|---|---|---|---|
| Median home value | $563,400 | $359,000 | $332,700 |
| Median property tax paid per year | $4,643 | $2,730 | $3,119 |
| Property tax as a share of value | 0.82% | 0.76% | 0.94% |
| Median household income | $125,820 | $74,568 | $80,734 |
| Homes lived in by their owners | 90% | 68% | 65% |
| Owner homes with a mortgage | 58% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $2,824 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 24.8% | 23.6% | 21.0% |
| Median rent | $2,013 | $1,669 | $1,413 |
| Rent as a share of renters' income | 29.5% | 35.2% | 30.6% |
| Median year homes were built | 1993 | 1988 | 1980 |
| Vacant homes | 10.8% | 14.7% | 10.1% |
| Population | 26,371 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Palm City
At this week's average 30-year rate of 7.11%, buying the median Palm City home of $563,400 with 20% down costs about $3,652 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $4,590, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $156,504 for the 20%-down payment. That payment is 35% of the median Palm City household income of $125,820; at that income and 20% down, the 28% guideline points to a home of about $453,000.
The median rent here is $2,013 a month, so owning the median home costs about $1,639 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $112,680 |
|---|---|
| Loan amount | $450,720 |
| Principal and interest | $3,032 |
| Property taxes (0.82% a year) | $385 |
| Homeowners insurance (our estimate, 0.5% a year) | $235 |
| PMI | $0 |
| Total per month | $3,652 |
Change the numbers in the calculator
| Down payment | $19,719 |
|---|---|
| Loan amount | $553,195 |
| Principal and interest | $3,721 |
| Property taxes (0.82% a year) | $385 |
| Homeowners insurance (our estimate, 0.5% a year) | $235 |
| FHA mortgage insurance | $249 |
| Total per month | $4,590 |
Change the numbers in the calculator
Questions about home buying in Palm City
What is the median home value in Palm City?
About $563,400 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palm City?
Homeowners pay a median $4,643 a year, which is about 0.82% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Palm City?
For the median home with 20% down at 7.11%, the payment is about $3,652 a month. Keeping that under 28% of gross income takes about $156,504 a year.
More about Palm City
- Mortgage Refinance in Palm City
- Debt Relief in Palm City
- Home Equity Loans in Palm City
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data