Palm Bay today
What this means
Palm Bay home values slipped 1.2% in 12 months, now 8.7% below the Sep 2022 peak.
Rents are area estimates; check comps for the exact house. Sources and method: how these figures are built.
Quick facts
| Palm Bay | vs Brevard County | vs Florida | |
|---|---|---|---|
| Population | 148,092 (2025 estimate) | ||
| Growth since 2020 | 23.7% | +14.2 pts | +14.8 pts |
| Median home value | $283,200 | 17% lower | 21% lower |
| Median gross rent | $1,601 | 3% higher | 4% lower |
| Median household income | $72,614 | 7% lower | 3% lower |
| Owner occupied homes | 79.7% | +3.0 pts | +12.1 pts |
| Residents 65 and older | 19% | -5.5 pts | -2.3 pts |
| Average commute (minutes) | 28 | 9% higher | 1% lower |
| Homes built 2010 or later | 12.3% | +1.4 pts | -1.9 pts |
| Median property tax paid | $1,726 | 25% lower | 37% lower |
Census survey figures are 2020 to 2024 averages; methods.
Living in Palm Bay
Brevard County city on the Indian River at Turkey Creek, settled in the 1870s and incorporated in 1960.
Palm Bay is a city with its own government, located in Brevard County.
Known for: L3Harris campus; Turkey Creek Sanctuary; Fred Poppe Regional Park
Getting around and growth: The St. Johns Heritage Parkway is opening up the west side with links to Interstate 95.
Compared with Brevard County as a whole, it grew faster than the county since 2020 (23.7% vs 9.5%); households are larger (2.82 vs 2.42 people); less of the housing is in apartment and condo buildings (8.1% vs 17.5%) and the median value of $283,200 is below the county's $339,600.
Closest matches on price and rent: Pinellas Park ($278,900, $1,631), Hallandale Beach ($279,100, $1,653), Lehigh Acres ($292,400, $1,657).
Growth and housing
Population went from 119,755 in 2020 to 148,092 in 2025 (23.7%), versus 9.5% for Brevard County.
| 2025 building permits | Palm Bay |
|---|---|
| Single family | 1,908 |
| 5 or more units | 547 |
| Total units | 2,455 |
| Per 1,000 residents | 16.6 |
Half the homes are older than 1993. Most housing is single family (83.5%). Households average 2.82 people.
3.1% of residents moved in from another state in the past year (county 3.7%).
Risks to price in
| Risk item | Detail |
|---|---|
| County average homeowners insurance with wind | $3,532 a year |
| Coastal county | check flood zone and elevation per address |
Flood, storms and jobs
The city earned Community Rating System class 7; federal flood policies in its high risk zones cost 15% less. Insured homes in the city filed 292 flood claims since 2000, with $3,826,711 paid. The Brevard County guide covers storms, flood claims and employers; 6.8% of county homes are in high risk flood zones.
Buying a home in Palm Bay
| 2026 loan limits (county) | Amount |
|---|---|
| FHA, one unit | $541,287 |
| Conforming, one unit | $832,750 |
| Median home value here | $283,200 |
Homes cost 3.9 times median household income here (Brevard County 4.3, Florida 4.8).
- Conventional: the default for buyers with solid credit and 5% or more down.
- FHA: $258,087 of room between the median home and the FHA limit.
- VA: veterans are 9.9% of adults.
Investing in Palm Bay
Long term rentals
| Palm Bay | vs Brevard County | |
|---|---|---|
| Renter occupied homes | 20.3% | -3.0 pts |
| Rental vacancy | 6.3% | -4.5 pts |
| Rent as share of renter income | 37.6% | +4.3 pts |
Short term rentals
3.7% of homes are held for seasonal or vacation use (Brevard County 7.1%).
| Short term rental taxes | Rate |
|---|---|
| County tourist development tax | 5% |
| State sales tax | 6% plus any county surtax |
Confirm zoning, registration and HOA rules for the exact address. State rules
Property types
| Housing stock | Share |
|---|---|
| Single family detached | 83.5% |
| Buildings with 5+ units | 8.1% |
| Manufactured homes | 3.2% |
Nearby
Other Florida markets
Sources
- U.S. Census Bureau, American Community Survey 2020 to 2024 5 year estimates. 2020 to 2024.
- U.S. Census Bureau, Population Estimates, Vintage 2025. July 1, 2025.
- U.S. Census Bureau, Building Permits Survey, 2025 annual. 2025.
- FFIEC HMDA Data Browser, originated loans. 2025 and 2024.
- LendingTree: 2026 FHA loan limits in Florida by county (HUD figures). 2026.
- Florida Realtors: FHFA sets 2026 conforming loan limits. 2026.
- Florida Office of Economic and Demographic Research: 2026 local option tourist tax rates. 2026.
- Florida Office of Insurance Regulation, July 2026 Insurance Stability Unit report (average homeowners premium with wind, as of March 31, 2026). March 31, 2026.
- Freddie Mac Primary Mortgage Market Survey. week of October 22, 2026.
- Wikipedia: List of counties in Florida. checked October 2026.
- U.S. Census Bureau county adjacency file. 2024.
- Wikipedia county article and statewide lists (colleges, teams, airports); Florida Defense Support Task Force installation map. checked October 2026.
- Wikipedia article for this place (history, setting, roads). checked October 2026.
- Zillow Home Value Index (ZHVI), all homes, middle tier, smoothed and seasonally adjusted. September 2026.
- Federal Housing Finance Agency House Price Index (county annual, metro and state quarterly, all transactions). through Q2 2026.
- U.S. Census Bureau, Building Permits Survey, January to September 2026 and 2025. September 2026.
- FEMA OpenFEMA, NFIP Residential Penetration Rates. as of August 2026.
- FEMA OpenFEMA, FIMA NFIP Redacted Claims (2000 to 2026). as of September 2026.
- FEMA OpenFEMA, NFIP Community Status Book (Community Rating System class). August 2026.
- FEMA OpenFEMA, Disaster Declarations Summaries (2000 to 2026). October 2026.
- U.S. Census Bureau, County Business Patterns 2023. 2023.
- U.S. Census Bureau, ACS 2020 to 2024, median gross rent by bedrooms (B25031). 2020 to 2024.
- Hurricane landfalls: Wikipedia, List of Florida hurricanes (2000 to present). checked October 2026.
Estimates from public data; they change over time. General information, not investment, tax or legal advice, and not a loan offer. Methods and assumptions.