Palm Coast Rent Affordability at Florida’s $15 Minimum Wage

Palm Coast is considerably more affordable than Deerfield Beach or Boca Raton for a full-time worker earning Florida’s new $15 minimum wage. Still, none of the six ZIP codes examined here meets the conventional 30% affordability benchmark on one minimum-wage income. Typical rent takes about 70% to 75% of gross pay in Palm Coast and roughly 98% to 120% in the tracked South Florida ZIP codes.

One $15-an-hour income does not cover a typical rental in any of these ZIPs under that benchmark. Two such incomes make the Palm Coast numbers more manageable, though the household must still account for utilities, transportation, insurance, and move-in costs.

Start with the $2,600 monthly wage benchmark

How the wage calculation works

Florida’s minimum wage became $15 per hour on September 30, 2026. A worker paid for 40 hours each week over 52 weeks earns $31,200 per year, or an average of $2,600 per month before taxes and payroll deductions.

That $2,600 is a comparison benchmark, not a recommended household budget. It assumes continuous full-time hours without unpaid leave, a reduced schedule, or a gap between jobs. Take-home pay will be lower after Social Security, Medicare, and any applicable federal income-tax withholding.

What the 30% rule means here

The customary affordability test limits housing costs to 30% of gross income. HUD explains that housing calculations commonly include rent and reasonable utility costs, while Zillow identifies spending above 30% as typically unaffordable in its housing-data definitions.

Thirty percent of $2,600 is $780 per month. The Zillow index measures rent rather than a renter’s complete housing bill, so every ZIP below exceeds the benchmark before electricity, water, internet, renters insurance, parking, or recurring fees are added.

The six-ZIP affordability table

The rent figures come from the August 2026 ZIP-level Zillow Observed Rent Index file. The income and wage-gap columns use each ZIP’s ZORI value, the $2,600 gross monthly wage benchmark, and the 30% target of $780.

Calculation note: Required annual income equals monthly rent divided by 0.30 and multiplied by 12. Percentages are rounded, so displayed values may not reproduce perfectly from the rounded table figures.

Palm Coast’s two ZIP codes tell different stories

32164 has the lowest rent and a small annual decline

ZIP 32164 had the lowest August ZORI in the comparison at $1,823.92. The index fell 1.03% from July and 0.44% from August 2025. It was the only tracked ZIP with a year-over-year decline.

This ZIP covers a broad inland part of Palm Coast associated with areas such as Lehigh Woods and Seminole Woods. Renters looking around Belle Terre Parkway, State Road 100, and U.S. 1 should price the actual commute too, since fuel and vehicle costs can partly offset a lower rent.

32137 costs more and moved upward

ZIP 32137 reached $1,956.34, up 2.16% for the month and 2.22% over the year. That was $132.42 more per month than 32164, or $1,589.04 over 12 months if the difference remained unchanged.

"Palm Coast rent" is not one uniform price. A renter who wants access to Palm Coast Parkway, the Hammock, or northern Flagler County may accept the higher 32137 benchmark. Someone concentrating on monthly cost may begin in 32164. Our Palm Coast renter guides can help narrow the search by section instead of relying on the city name alone.

South Florida changes the calculation

Deerfield Beach 33441 nearly consumes the entire paycheck

Deerfield Beach ZIP 33441 had an August ZORI of $2,566, up 0.45% from July and 3.23% from the prior August. That equals 98.7% of one worker’s $2,600 gross monthly income, leaving only $34 before taxes or any other expense.

Compared with Palm Coast 32164, the ZIP-level difference is $742.08 per month, or $8,904.96 over a year at the August rate. Compared with Palm Coast 32137, the difference is $609.66 monthly, or $7,315.92 annually.

Boca Raton has a wide but consistently expensive range

The three tracked Boca Raton ZIPs ranged from $2,541.70 in 33433 to $3,121.02 in 33432. ZIP 33486 sat between them at $2,894.79. Their annual changes were 3.18%, 4.57%, and 2.95%, respectively.

Using 32164 as the Palm Coast reference, the monthly difference was $717.78 for Boca’s 33433, $1,070.87 for 33486, and $1,297.10 for 33432. These are ZIP-to-ZIP comparisons, not claims about a citywide average. They are most useful when a renter’s search area is already shaped by a job, school, caregiving responsibility, or regular destination.

What one and two minimum-wage incomes can support

One income does not clear the rent test

On one $15-an-hour income, the rent-to-income ratios range from 70.2% in 32164 to 120.0% in 33432. A ratio above 100% means the indexed rent alone exceeds the worker’s entire gross monthly wage. That occurs in Boca Raton ZIPs 33486 and 33432.

Even at the lowest figure, Palm Coast 32164 leaves just $776.08 of gross monthly income after indexed rent. That remainder must cover payroll deductions, food, transportation, utilities, health expenses, debt payments, and everything else.

Two full-time incomes change Palm Coast most

Two workers earning $15 per hour generate $62,400 in combined annual gross income, or $5,200 in an average month. The indexed rent would equal 35.1% of gross income in 32164 and 37.6% in 32137. Both remain above the 30% benchmark, though they are much closer to it.

The South Florida ratios remain higher on two such incomes: 49.3% in Deerfield Beach 33441, 48.9% in Boca Raton 33433, 55.7% in 33486, and 60.0% in 33432. Utilities would raise the household’s complete housing share.

The approximate hourly wage needed

For one worker to keep the indexed rent at 30% while working 2,080 hours annually, the approximate hourly wage would be $35.08 in 32164, $37.62 in 32137, $49.35 in 33441, $48.88 in 33433, $55.67 in 33486, and $60.02 in 33432. These figures come from the August Zillow rents and do not include utilities.

Turn the comparison into a working rental budget

Use actual household income instead of an advertised wage

Start with dependable gross income. If hours vary, use several recent pay statements instead of multiplying the highest week by 52. Then compare the household’s monthly gross income with the property’s full recurring cost.

1. Write down base rent and every mandatory monthly fee.
2. Add realistic electricity, water, internet, parking, lawn, pool, and renters-insurance costs.
3. Calculate total housing cost as a percentage of gross income.
4. Calculate the cash remaining after taxes and fixed debts.
5. Keep a separate line for application charges, deposits, moving expenses, and utility activation.

Check the landlord’s qualification standard separately

The 30% rule is a budgeting benchmark, not a guarantee of approval. A property manager may consider a gross-income multiple, credit review, rental history, occupancy rules, or association approval. Ask for the written qualification criteria before paying a nonrefundable application charge.

To compare the index with current choices, review the full rental inventory and confirm the advertised rent and fees for the specific home. For example, a renter evaluating a three-bedroom in 32164 could compare the index with a current home page in the same ZIP, without assuming that one listing represents the whole market.

What Zillow’s index can and cannot tell you

ZORI is a market measure, not a list of available homes

Zillow defines ZORI as a smoothed measure of typical observed market-rate rent. It uses listed rents in the 35th-to-65th-percentile range and weights them to reflect the rental housing stock instead of simply averaging properties currently advertised.

This dataset combines single-family residences and condos for the supplied series. It helps compare direction and scale, but it does not show what a particular three-bedroom house, studio, waterfront condo, or newly built duplex should cost.

Coverage is not equal across the cities

The supplied August file contains two Palm Coast ZIPs, one Deerfield Beach ZIP, and three Boca Raton ZIPs for this comparison. A ZIP with no reported value should not be assumed cheaper, more expensive, or unchanged. The observed range for Boca Raton covers the three tracked ZIPs and does not set a boundary for every rental in the city.

Utilities and individual circumstances still matter

ZORI represents rent, while HUD’s housing-cost concept includes utilities. Actual listings can differ materially because of bedrooms, square footage, condition, furnishing, waterfront access, garage space, pet terms, included services, lease length, or HOA requirements.

The wage example also excludes overtime, tips, commissions, benefits, child support, and income from other household members. Use the calculation as a first filter. Before signing, replace every benchmark with the household’s real numbers and the lease’s actual charges.

A practical decision rule for Palm Coast renters

If the household relies on one $15-an-hour income, the $1,823.92 ZIP benchmark is not affordable under the 30% rule simply because it is lower than South Florida. Look for a lower-priced individual unit, a qualified roommate arrangement, an income-restricted option, or another plan that leaves room for utilities and essential expenses.

With two full-time $15 incomes, Palm Coast’s 35.1% to 37.6% rent shares may work for some households. They are still above the conventional target before utilities. Set a firm all-in housing ceiling, confirm qualification rules, and reject any lease that depends on perfect attendance or overtime every week.

If the budget balances only before taxes, utilities, transportation, and emergencies, the rent does not fit yet.

Sources

• Zillow Research, ZIP-Level Zillow Observed Rent Index CSV
• Zillow Research, Housing Data and ZORI Definitions
• Florida Department of Commerce, Florida Minimum Wage
• U.S. Department of Housing and Urban Development, Utility Allowances and Affordability

Talk through the Palm Coast math

If you are comparing a real Palm Coast paycheck with a real lease, Oasis Rentals can help identify the rent, recurring charges, and qualification terms before you apply. Contact Tyler at 386-516-5774 or Tyler@386rent.com with your preferred ZIP, household income range, and maximum all-in monthly housing budget.