Located in the state of Florida, Palm Bay is a mid-sized city with a population of 106,573 residents. At 75%, the majority of the Palm Bay population is White; this is followed by 19% Black and 2% Asian. Palm Bay has a high percentage of people who are married with children when compared to the rest of the country. In total, more than 70% of the population are classified as married and 65% have kids.
Whether you’re moving to a new town to be closer to family, friends or for a new job, living in Palm Bay could be a positive experience compared to other cities in Florida if you know where to search. The best areas in Palm Bay and in surrounding cities are easier to find when you are able to make informed decisions. Using data from amenities, cost of living, housing, you will see a detailed breakdown of the most important information as well as comparisons to the Florida and national averages.
With a livability score of 77/100, Palm Bay is ranked #3,426 in the United States and #286 in Florida. Compared to the national average, Palm Bay ranks among some of the best places to live in the country! For each of the livability categories, we know that Palm Bay ranks very well for amenities (A), cost of living (B-), weather (A) and housing (B+). There is at least one category that you should be aware of in Palm Bay. The following was graded with a less than perfect score: employment (D-).
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. Purchasing your new home can come with many financial benefits, some of which are more lucrative than others. Perhaps the most notable benefit could be the appreciation of your new home. Home appreciation rates are a good way to generate tax-free equity on a long term basis. The year over year appreciation rates in Palm Bay were 10.2%, and the 5 year appreciation rates came in at 15.5%.
|Satellite Beach, FL||87||10||10,495|
|Melbourne Beach, FL||85||2.9||3,189|
|Melbourne Village, FL||85||5.9||769|