Cost of Living in Palm Springs, FL

With a cost of living index of 107, Palm Springs, FL is somewhat more expensive than average. Living here is 7% more expensive than the national average and 3% below the Florida state average of 110. With a population of 26,871, Palm Springs is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Palm Springs's cost of living. The median monthly rent is $1,597 (21% above the US median of $1,319), and the median home value sits at $234,500 (23% below the national median of $304,900). At current prices, the median home costs roughly 3.9x the median household income — a moderately affordable ratio by today's standards.

The median household income in Palm Springs is $59,602, which is 21% lower than the national median of $75,149. Residents spend roughly 32% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to Palm Springs. The area sees an average annual temperature of 75.8°F, with summers averaging 83°F and winters around 68°F. Annual rainfall totals 61.7 inches spread over roughly 137 days.

Everyday prices in the Miami-Fort Lauderdale-West Palm Beach, FL (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.