Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With 13,614 people, 4,957 houses or apartments, and a median cost of homes of $425,532, Palmetto real estate prices are well above average cost compared to national prices.
Single-family detached homes are the single most common housing type in Palmetto, accounting for 32.84% of the city's housing units. Other types of housing that are prevalent in Palmetto include mobile homes or trailers ( 28.83%), large apartment complexes or high rise apartments ( 26.01%), and a few row houses and other attached homes ( 6.49%).
People in Palmetto primarily live in small (one, two or no bedroom) single-family detached homes. Palmetto has a mixture of owner-occupied and renter-occupied housing.
There is a lot of housing in Palmetto built from 1970 to 1999 so parts of town may have that "Brady Bunch" look of homes popular in the '70s and early '80s, although some of these houses were built up through the early '90s as well. There is also a lot of housing in Palmetto built between 2000 and later ( 25.15%). A lesser amount of the housing stock also hails from between 1940-1969 ( 24.89%). There's also some housing in Palmetto built before 1939 ( 3.71%).
Vacant housing appears to be an issue in Palmetto. Fully 28.22% of the housing stock is classified as vacant. Left unchecked, vacant Palmetto homes and apartments can be a drag on the real estate market, holding Palmetto real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Palmetto has experienced some of the highest home appreciation rates of any community in the nation. Palmetto real estate appreciated 189.32% over the last ten years, which is an average annual home appreciation rate of 11.21%, putting Palmetto in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Palmetto definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
NeighborhoodScout's data show that during the latest twelve months, Palmetto's appreciation rate, at 7.20%, has been at or slightly above the national average. In the latest quarter, Palmetto's appreciation rate has been -1.60%, which annualizes to a rate of -6.26%.
Notably, Palmetto's appreciation rate in the latest quarter is one of the lowest in America.
Relative to Florida, our data show that Palmetto's latest annual appreciation rate is higher than 60% of the other cities and towns in Florida.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Palmetto differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Palmetto - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Palmetto real estate investment or home purchase decisions.
$425,532
for Florida
for nation
4,957
$1,976 / per month