Living in Palm Bay, Florida
Cost of living, income, home prices, rent and demographics of Palm Bay · Census data 2020–2024
Palm Bay has 130,132 residents with a median age of 41. The median household income is $72,614 (about the same as the Florida median), the median home value is $283,200, the median rent is $1,601/month.
Palm Bay at a glance
- Population
- 130,132
- Median age
- 41State: 42.6
- Median household income
- $72,614State: $74,568
- Median home value
- $283,200State: $359,000
- Median rent
- $1,601/moState: $1,669
- Homeowners
- 79.7%
- Bachelor's degree or higher
- 24%
- Average commute
- 28 min
Is Palm Bay a good place to live?
Pros: Home values 21% lower than the state median; an average commute of 28 minutes; a poverty rate of 11.7%.
Cons: Median household income about the same as the Florida median; unemployment of 6.1%.
The weather is best in February–March and November–December.
Cost of living in Palm Bay
Housing is the biggest part of the cost of living. In Palm Bay the median home value is $283,200, 15% lower than the U.S. median. Renters pay a median of $1,601 per month, which is 37.6% of household income. Homeowners with a mortgage pay $1,549 a month in housing costs.
Palm Bay median household income
The median household income in Palm Bay is $72,614 and the income per person is $34,813. 11.7% of residents live below the poverty line (Florida: 12.6%).
Housing in Palm Bay: homes for sale and rent
- Housing units
- 50,147
- Owner-occupied
- 79.7%
- Renter-occupied
- 20.3%
- Vacant
- 8.6%Includes seasonal homes
- Median year built
- 1993
- Average household size
- 2.82
Palm Bay demographics
- Population
- 130,132
- Median age
- 41
- Under 18
- 22.1%
- 65 and older
- 19%
- Households
- 45,850
- Foreign-born
- 16%
- Veterans
- 9.9%Adults 18+
Hispanic or Latino can be of any race. Population history of Palm Bay ›
Education in Palm Bay
24% of adults 25 and older in Palm Bay have a bachelor's degree or higher (Florida: 34.1%), and 9.3% have a graduate or professional degree.
Jobs and commute in Palm Bay
- Unemployment rate
- 6.1%State: 4.8%
- Average commute
- 28 minState: 28 min
- Work from home
- 11%
- Drive alone
- 74.5%
- Public transit
- 0.5%
- Walk to work
- 0.7%
- Homes with broadband
- 92.8%
Palm Bay vs nearby towns
| Town | Population | Median income | Home value | Rent |
|---|---|---|---|---|
| Palm Bay | 130,132 | $72,614 | $283,200 | $1,601 |
| Malabar | 3,066 | $128,698 | $451,100 | — |
| Grant-Valkaria | 4,921 | $119,583 | $550,400 | — |
| West Melbourne | 28,795 | $92,986 | $377,100 | $1,845 |
| June Park | 4,255 | $88,243 | $411,200 | $1,755 |
| Melbourne Village | 778 | $100,000 | $385,000 | $1,473 |
| Melbourne Beach | 3,250 | $102,857 | $708,400 | $1,307 |
| Melbourne | 86,576 | $66,991 | $306,400 | $1,525 |
| Indialantic | 3,065 | $104,184 | $604,200 | $1,554 |
More for people moving to Palm Bay
Palm Bay ZIP code ›Weather and climate ›Living in Palm Bay: FAQ
What is the median household income in Palm Bay, FL?
The median household income in Palm Bay is $72,614, about the same as the Florida median of $74,568 (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
What is the average home price in Palm Bay?
The median home value in Palm Bay is $283,200, compared with $359,000 in Florida.
How much is rent in Palm Bay?
The median gross rent in Palm Bay is $1,601 per month, about 37.6% of household income.
Is Palm Bay, FL a good place to live?
Pluses: home values 21% lower than the state median; an average commute of 28 minutes; a poverty rate of 11.7%. Minuses: median household income about the same as the Florida median; unemployment of 6.1%.
What is the median age in Palm Bay?
The median age in Palm Bay is 41 years (Florida: 42.6).
How long is the commute in Palm Bay?
The average commute to work in Palm Bay is 28 minutes; 11% of workers work from home.
What is the unemployment rate in Palm Bay?
The unemployment rate in Palm Bay is 6.1% (U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024).
How educated is Palm Bay?
24% of adults in Palm Bay have a bachelor's degree or higher.
Source: U.S. Census Bureau, American Community Survey 5-year estimates 2020–2024 (margins of error apply, especially in small towns). Figures are in 2024 dollars.
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