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These days, finding an affordable place to live in the Palm Bay area can be challenging. Home prices in Palm Bay are now at a median cost of $286,586, lower than the Florida average of $396,783.
The average cost of rent is $1,741/mo in Palm Bay, primarily driven by the current value of real estate in the Palm Bay area. In Palm Bay, 19.37% of households rent, and 35.69% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Palm Bay is $6,259 per month. Households that rent pay about 27.81% of their income on rent here. Palm Bay’s most expensive areas are in the southern regions, while the cheapest areas are in the northeastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Malabar, FL: higher priced homes
- West Melbourne, FL: higher priced homes
- Melbourne Village, FL: higher priced homes
- Grant-Valkaria, FL: higher priced homes
- Melbourne Beach, FL: higher priced homes
- Micco, FL: less expensive homes
- Roseland, FL: higher priced homes
- Lake Marian Highlands, FL: equally priced homes
- Kenansville, FL: equally priced homes
- Fedhaven, FL: less expensive homes
Cities with Similar Populations
- Greenville, NC: less expensive homes
- Glendale, CA: higher priced homes
- Greeley, CO: higher priced homes
- Gary, IN: less expensive homes
- Goodyear, AZ: higher priced homes
- Grand Junction, CO: higher priced homes
- Dallas, TX: higher priced homes
- Denham Springs, LA: less expensive homes
- Corona, CA: higher priced homes
- Dale City, VA: higher priced homes
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