Palm Bay, Florida has an overall cost of living index of 114.4, which is 14.4 points above the US average of 100 — making it pricier than most American cities. Renters pay a median of $1,487 per month, while the typical home is valued around $248,000. Households earn a median of $67,521 per year, leaving rent at a manageable share of income for many residents. The figures below cover housing, local wages by occupation, demographics, and air quality, all drawn from the US Census Bureau, BEA, HUD, and EPA.
Median Household Income
$67,521
Annual · Census ACS
Median Gross Rent
$1,487
Per month · Census ACS
Median Home Value
$248,000
Census ACS
Cost of Living Index
114.4
BEA RPP · US avg = 100
Studio FMR
$1,266
HUD Fair Market Rent
1BR Fair Market Rent
$1,478
HUD FMR
2BR Fair Market Rent
$1,709
HUD FMR
3BR Fair Market Rent
$2,330
HUD FMR
HUD Fair Market Rent = 40th percentile gross rent · FY2024
Each category is indexed to the US average of 100. Below 100 = cheaper than average.
Overall
114.4
Goods
109.0
Rents / Housing
174.8
Services
142.4
Source: BEA Regional Price Parities (metro-level)
State Income Tax
None
No state income tax on wages
State Sales Tax
6.00%
Statewide base rate (local add-ons may apply)
Source: Tax Foundation (2024)
| Occupation | Median Annual Wage |
|---|---|
| 💻Software Developer | $139,920 |
| 🏥Registered Nurse | $127,210 |
| 📚Elementary Teacher | $102,960 |
| ⚡Electrician | $76,040 |
| 📊Accountant | $93,970 |
Source: BLS OEWS 2023 (metro-level data)
Population
125,273
Latest estimate
Median Age
41.3 yrs
Census ACS
🌬️
AQI data not available
Source: EPA AirNow
What is the cost of living index for Palm Bay?
Palm Bay has a Regional Price Parity (RPP) index of 114.4. The US national average is 100, so Palm Bay is 14.4 points above the national average.
What is the median rent in Palm Bay?
The median gross rent in Palm Bay is $1,487 per month according to US Census ACS data.
What is the median household income in Palm Bay?
The median household income in Palm Bay is $67,521 per year.
What is the median home value in Palm Bay?
The median home value in Palm Bay is $248,000 based on the latest Census ACS survey.
How is the air quality in Palm Bay?
Air quality data for Palm Bay is not yet available.
What are the taxes like in Palm Bay?
Florida has no state income tax on wages and a statewide sales tax of 6.00% (local rates may add to this). Source: Tax Foundation, 2024.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology