Quick facts: Palm bay, FL

Quick Facts

107.5
Cost of Living
above US average
129,234
Population
16.23
Crime Rate per 1000
below US average
$62,538
Median Income
below US average
$245,900
Median House Price
above US average
$1831.15
Average Rent
above US average
10%
Poverty Rate
below US average
4.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $62,538.

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Income Needed to Buy

βœ— Stretch
$77k/year
Based on $245,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $77k vs median $62,538
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Income Needed to Rent

⚠ Stretch
$78k/year
Based on $1831.15/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $78k vs median $62,538
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Palm bay, FL

Palm Bay is a vibrant city located in Brevard County, Florida, situated along the beautiful Indian River Lagoon. As one of the fastest-growing cities in Florida, Palm Bay has a population of over 115,000 residents, offering a mix of suburban tranquility and urban amenities. The city's geographical location provides easy access to the stunning beaches of the Atlantic Ocean, just a short drive away. Palm Bay boasts a diverse range of parks, recreational facilities, and natural reserves, making it an ideal destination for outdoor enthusiasts. The city features numerous bike trails, walking paths, and sports complexes, as well as close proximity to the Space Coast. Local attractions include the Palm Bay Regional Park and the picturesque Turkey Creek Sanctuary, known for its wildlife and scenic trails. The economy in Palm Bay is bolstered by various sectors, including aerospace, technology, and manufacturing, with notable companies operating within the area. The city also has a growing arts and culture scene, with events, galleries, and community festivals that reflect the spirit of its residents. Overall, Palm Bay offers a welcoming community with a blend of natural beauty and modern conveniences.

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