Located in the state of Florida, Palm Bay is a medium-sized city with a population of 106,573 inhabitants. According to the most recent Census, 75% of Palm Bay residents are White, 19% Black and 2% Asian. 70% of the people in Palm Bay (over the age of 15) are married and 65% have kids under the age of eighteen. Knowing that, it’s safe to say that this area could be a great place for other families to lay down roots.
Without the right tools, relocating to any new city can be very stressful and challenging. Living in Palm Bay, Florida could be a positive experience for anyone who puts in the effort to do the research required. Using the livability score which includes data from categories like weather, education, employment, you can easily compare the best places to live in Palm Bay and also determine if there are any nearby cities that might be a better match for your lifestyle. You can also compare Palm Bay to Florida and the national average.
Palm Bay has a livability score of 77 out of 100 and is ranked #286 in Florida and #3,426 in the USA. Compared to the United States average, Palm Bay ranks among some of the best places to live in the country! For each of the livability categories, we see that Palm Bay ranks very well for amenities (A), cost of living (B-), weather (A) and housing (B+). Palm Bay does not score well for the following: employment (D-). It might be wise to take a closer look at each category to find out why.
Location, location, location - possibly the three most important words in your search for a new place to live. Fortunately, in Palm Bay, there is no shortage of amazing local amenities and interesting things to do.
For buyers, real estate will be the largest purchase they ever make and it will also be their most valuable asset. For renters, the monthly rent paid on their Palm Bay apartments will most likely be their largest expense. Based on tangible metrics like home and rental affordability and appreciation rates, housing in this area has received a score that is well above the average of every other US city.
Assuming that Palm Bay meets all of your requirements, the next most important item to examine is the affordability of real estate in Palm Bay. Everything else becomes a lot less important if it turns out that home prices in Palm Bay are simply unattainable. The median home price for Palm Bay homes is $110,000, which is 34.1% lower than the Florida average. If we take a closer look at the affordability of homes in Palm Bay, we’ll see that the home price to income ratio is 2.5, which is 26.5% lower than the Florida average. Knowing if your home will appreciate on a long term or even a short term basis should be factored into your decision making. An increase in your home’s value can be a good way to generate tax-free equity that can create long term financial security. In the past year, appreciation rates for homes in the Palm Bay area were 10.2% and 5 year appreciation rates were 15.5%.