Cost Of Living In Palm Bay, FL

Palm Bay cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Palm Bay	Florida	National
Cost of living index	94	99	100
Index	Palm Bay	Florida	National
Goods & Services index	99	99	100
Groceries index	103	102	100
Health care index	99	97	100
Housing index	71	95	100
Transportation index	99	100	100
Utilities index	128	103	100

Here we can see a simple outline of the cost of living in Palm Bay, FL. As you can see, with the average cost of living in Palm Bay, FL being 94, that puts it 5% lower than the average of Florida and 6% lower than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Palm Bay, FL, the price of goods and services are 1% lower than the average of Florida as well as 1% lower than the nation's average.

Did you know?

The cost of living in Palm Bay is 5% lower than the Florida average.
The cost of living in Palm Bay is 6% lower than the national average.
The cost of housing in Palm Bay is 29% lower than the national average.
Florida general sales tax is 18% higher than the national average.
Florida state income tax is 100% lower than the national average.

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Salary Calculator

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is meant to help you compare your salary in Palm Bay, FL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Palm Bay, FL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Palm Bay, FL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$50,620	$4,218	$1,181	$1,519
Renters	$27,941	$2,328	$652	$838

A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Palm Bay, FL, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Palm Bay, FL has a median income of about $50,620 for people who own homes. Based on that number, a person should spend a maximum of $1,181 on expenses related to housing. Renters have a slightly different median income, which is $27,941. Based on this average, renters should spend no more than $652 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Florida Sales Tax

State	General Sales Tax	With Max Surtax
Florida	6%	7.5%

Florida Income Tax

State	Income Tax (Low)	Income Tax (High)
Florida	0%	0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Palm Bay, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

Item	Palm Bay	National avg.	Difference
Haircut	$14.67	$15.56	5.7%
Beauty Salon	$43.89	$36.11	21.5%
Toothpaste	$2.86	$2.47	15.7%
Shampoo	$0.97	$0.96	0.9%
Movie	$6.21	$10.13	38.6%
Bowling	$4.42	$4.74	6.7%

Groceries

Item	Palm Bay	National avg.	Difference
Ground Beef	$3.48	$3.98	12.6%
Fried Chicken	$1.30	$1.41	7.6%
Milk	$2.38	$2.06	15.2%
Potatoes	$3.60	$2.98	20.7%
Pizza	$8.99	$9.47	5.1%
Beer	$9.49	$8.79	7.9%

Health Care

Item	Palm Bay	National avg.	Difference
Optometrist	$114.75	$101.04	13.6%
Doctor	$87.53	$107.44	18.5%
Dentist	$94.78	$90.42	4.8%
Ibuprofen	$10.69	$9.28	15.2%
Lipitor	$418.04	$426.50	2.0%

Housing

Item	Palm Bay	National avg.	Difference
Home Price	$101,800.00	$175,700.00	42.1%
Avg. Mortgage Payment	$907.44	$1,133.23	19.9%
Apartment Rent	$929.00	$920.00	1.0%

Transportation

Item	Palm Bay	National avg.	Difference
Gasoline	$2.00	$1.99	0.5%
Tire Balancing	$43.32	$45.76	5.3%

Utilities

Item	Palm Bay	National avg.	Difference
All Electricity	$208.89	$163.81	27.5%
Phone	$36.82	$28.39	29.7%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Micco, FL	8,555	89	-11%
Melbourne, FL	77,216	94	-6%
June Park, FL	4,059	96	-4%
Roseland, FL	1,694	101	1%
West Melbourne, FL	19,208	103	3%
Palm Bay, FL	104,342	94	-6%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Centennial, CO	104,213	120	20%
Burbank, CA	104,484	160	60%
Green Bay, WI	104,574	89	-11%
Everett, WA	104,708	112	12%
Wichita Falls, TX	104,771	81	-19%
Palm Bay, FL	104,342	94	-6%

Source: The Palm Bay, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.

Palm Bay, FL Cost of Living