Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,480 | $293,727 | $242,182 |
| Price Trend (Annual %) | 9.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,496 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.7% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Palm Bay is about 13% lower than in Florida. Rent is about 4% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Palm Bay, up about 9.1% and 6.7% a year respectively. Home prices are changing faster.
Median rent in Palm Bay rose about 60.4% between 2015 and 2023, from $933 to $1,496. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Palm Bay.
Buying the median-priced home in Palm Bay costs roughly 14.2 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Palm Bay. The price-to-rent ratio in Florida is about 15.7.
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $255,480 | $293,727 | $242,182 |
| Median Household Income | $69,336 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.7 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Palm Bay rose about 220.5%, while median household income rose about 53.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 72.3% | 57.1% | 58.2% |
| Rental Rate | 18.9% | 27.7% | 31.3% |
| Vacancy Rate | 8.8% | 15.2% | 10.6% |
| Median Tenure (years) | 13.0 | 13.0 | 15.0 |
| Median Year Moved In | 2013 | 2013 | 2011 |
Palm Bay has a homeownership rate of 72.3%, higher than the Florida average of 57.1%. Its housing vacancy rate is 8.8%, compared with 15.2% in Florida.
Housing Stock
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.81 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1993 | 1987 | 1978 |
| Median Number of Rooms | 5.7 | 5.2 | 5.5 |
The typical housing unit in Palm Bay was built around 1993. On average, 2.8 people live in a home with about 5.7 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Palm Bay, Florida.
What is the median home price in Palm Bay, Florida?
The median home price in Palm Bay, Florida is $255,480, lower than the Florida average of $293,727.
What is the average home price in Palm Bay, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Palm Bay, Florida?
The median gross rent in Palm Bay, Florida is $1,496 per month, lower than the Florida average of $1,564.
What was the median gross rent in Palm Bay in 2020?
In 2020, the median gross rent in Palm Bay, Florida was $1,098 per month.
What is the price-to-rent ratio in Palm Bay, Florida?
The price-to-rent ratio in Palm Bay, Florida is about 14.2, meaning it would take roughly 14.2 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Palm Bay.
Are home prices or rent rising faster in Palm Bay, Florida?
Both home prices and rent are rising in Palm Bay, up about 9.1% and 6.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Palm Bay, Florida?
72.3% of households in Palm Bay, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Palm Bay, Florida?
The housing vacancy rate in Palm Bay, Florida is 8.8%, lower than the Florida average of 15.2%.