The typical owner-occupied home in Palatka is worth about $150,500, 58% below the Florida median of $359,000 and 55% below the national median of $332,700. Owners pay a median $1,431 a year in property taxes, about 0.95% of their home's value, higher than the Florida rate of 0.76%. The median household earns $32,021 a year, so the median home costs 4.7 times the median income (4.8 times for Florida). 51% of occupied homes here are lived in by their owners, and 46% of those owners still have a mortgage.
Palatka at a glance
| Palatka | Florida | U.S. | |
|---|---|---|---|
| Median home value | $150,500 | $359,000 | $332,700 |
| Median property tax paid per year | $1,431 | $2,730 | $3,119 |
| Property tax as a share of value | 0.95% | 0.76% | 0.94% |
| Median household income | $32,021 | $74,568 | $80,734 |
| Homes lived in by their owners | 51% | 68% | 65% |
| Owner homes with a mortgage | 46% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,180 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 25.2% | 23.6% | 21.0% |
| Median rent | $901 | $1,669 | $1,413 |
| Rent as a share of renters' income | 33.5% | 35.2% | 30.6% |
| Median year homes were built | 1974 | 1988 | 1980 |
| Vacant homes | 7.2% | 14.7% | 10.1% |
| Population | 10,650 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Palatka
At this week's average 30-year rate of 7.11%, buying the median Palatka home of $150,500 with 20% down costs about $992 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,242, 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 $42,505 for the 20%-down payment. That payment is 37% of the median Palatka household income of $32,021; at that income and 20% down, the 28% guideline points to a home of about $113,000.
The median rent here is $901 a month, so owning the median home costs about $91 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $30,100 |
|---|---|
| Loan amount | $120,400 |
| Principal and interest | $810 |
| Property taxes (0.95% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| PMI | $0 |
| Total per month | $992 |
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| Down payment | $5,268 |
|---|---|
| Loan amount | $147,774 |
| Principal and interest | $994 |
| Property taxes (0.95% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $63 |
| FHA mortgage insurance | $67 |
| Total per month | $1,242 |
Change the numbers in the calculator
Questions about home buying in Palatka
What is the median home value in Palatka?
About $150,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Palatka?
Homeowners pay a median $1,431 a year, which is about 0.95% 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 Palatka?
For the median home with 20% down at 7.11%, the payment is about $992 a month. Keeping that under 28% of gross income takes about $42,505 a year.
More about Palatka
- Mortgage Refinance in Palatka
- Debt Relief in Palatka
- Home Equity Loans in Palatka
- 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