Total monthly cost of ownership
Cost to Own a Home in Palm City, Florida
A $532,000 home here costs
$4,075per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,735. The real number is $1,340 higher every month — 49% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Palm City against Martin County and Florida
| Measure | Palm City | Martin County |
|---|---|---|
| Median home value | $532,100 | $386,500 |
| Median property tax | $4,451 | $3,120 |
| Effective tax rate | 0.836% | 0.807% |
| Median gross rent | $1,965 | $1,499 |
| Population | 25,699 | 160,464 |
The weather behind that power bill
Palm City sits in Martin County, which averages a high of 90.8°F in its hottest month and a low of 53.6°F in its coldest, with 64.16" of precipitation a year and 40% of it in a single three-month stretch. That climate drives 3,528 cooling and 337 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Martin County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Martin County
Common questions
How much does it cost to own a home in Palm City?
A $532,000 home in Palm City, Florida costs approximately $4,075 per month with 20% down at 6.66%. That is $2,735 principal and interest, $371 property tax, $321 homeowners insurance, $204 utilities and $443 set aside for maintenance.
What is the property tax rate in Palm City?
Palm City has an effective property tax rate of 0.836%, based on a median home value of $532,100 and median real estate taxes of $4,451. That is higher than the Martin County average of 0.807%.
What is the average home price in Palm City?
The median owner-occupied home value in Palm City, Florida is $532,100, against $386,500 across Martin County.
Is it cheaper to rent or buy in Palm City?
Median gross rent in Palm City is $1,965 a month, against $4,075 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Palm City — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Florida.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.