Cost of Living in Palm Shores, FL

With a cost of living index of 95, Palm Shores, FL is slightly more affordable than average. Living here is 5% cheaper than the national average and 15% below the Florida state average of 110. Palm Shores is a small community of 1,479 residents.

Housing costs are the biggest factor in Palm Shores's cost of living. The median monthly rent is $1,050 (20% below the US median of $1,319), and the median home value sits at $341,800 (12% above the national median of $304,900). At current prices, the median home costs roughly 3.9x the median household income — a moderately affordable ratio by today's standards.

The median household income in Palm Shores is $86,563, which is 15% higher than the national median of $75,149. Residents spend roughly 15% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Palm Shores. 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.