Penney Farms is in North Eastern Florida. It's population as recorded in the 2010 Census was 749. Penney Farms is approximately 26 miles from Jacksonville (population 821,784) and around 10 miles from Fleming Island (population 27,126).

The median age for residents of Penney Farms is 80.7. Around 3.9% of Penney Farms households include school aged children and 87.2% of households include individuals aged 65 years or over. Census records indicate 90.3% of the Penney Farms population are White, 6.5% are Black or African American, 0% American Indian, .9% Asian and 1.4% are Two or more Races.

There are 447 housing units in Penney Farms. 39 (8.7%) of these were reported as vacant in the 2010 Census. There are 335 residential rental units in Penney Farms. 322 of them were occupied in 2010 providing a residential rental vacancy rate of 3.3%.