Cost of Living in Palm Bay, FL

With a cost of living index of 101, Palm Bay, FL is right around the national average in cost. Living here is 1% more expensive than the national average and 9% below the Florida state average of 110. As a major city with a population of 125,273, Palm Bay offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Palm Bay's cost of living. The median monthly rent is $1,487 (13% above the US median of $1,319), and the median home value sits at $248,000 (19% below the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Palm Bay is $67,521, which is 10% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Palm Bay. The area sees an average annual temperature of 73.1°F, with summers averaging 81°F and winters around 63°F. Annual rainfall totals 50.8 inches spread over roughly 120 days.

Everyday prices in the Palm Bay-Melbourne-Titusville, FL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.