Palm Bay, Florida Income Statistics
Palm Bay Wealth Score
The wealth index reflects the overall economic prosperity and financial well-being of an area's residents based on income levels, employment rates, and income inequality metrics.
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D
Palm Bay Well below average
Source: Map AI Methodology
Income Statistics Overview
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $73,260 | $74,580 | $80,455 |
| Median Personal Income | $46,105 | $52,322 | $60,758 |
| Average Yearly Income Growth | 6.6% | 5.4% | 4.8% |
| Six-Figure Earners | 7.6% | 11.6% | 13.9% |
| $200k+ Households | 6.6% | 11.0% | 13.2% |
The median household income in Palm Bay is about 2% lower than in Florida. Income has been growing faster in Palm Bay (6.6%/yr) than in Florida (5.4%/yr).
About 8% of adults in Palm Bay earn six figures ($100,000 or more) a year, lower than the Florida average of 12%.
Median Household Income 2009–2024 Trend
Median Household Income Over Time
Median household income in Palm Bay, Florida grew by 62.6% from 2009 to 2024, reaching $73,260 in 2024. That's an average of about 6.6% per year.
Palm Bay has stayed well below the U.S. median household income in every year from 2009 to 2024 and has never reached it. The gap has narrowed from 12% in 2009 to 8.9% in 2024, the closest it has been.
Income Distribution in Palm Bay
How incomes are spread across brackets, compared with the U.S. Pick a range to count who falls in it.
Households by income, 2024
Income range calculator
About 14,396 households (32.5% of all households) have an income of $100,000 or more.
Across the U.S.: 40.2% of all households.
In 2024, 22.1% of households in Palm Bay had an income under $35,000 and 13.7% had $150,000 or more. Across the U.S., those shares were 21.6% and 22.8%.
Compared with the U.S., Palm Bay has a larger share of households earning $75,000 to $99,999 (16.4% vs 12.6%) and a smaller share earning $200,000 or more (6.6% vs 13.2%).
| Household income | Households | Share | U.S. share |
|---|---|---|---|
| Under $10,000 | 1,508 | 3.4% | 5.1% |
| $10,000 to $14,999 | 1,307 | 3.0% | 3.5% |
| $15,000 to $24,999 | 2,926 | 6.6% | 6.4% |
| $25,000 to $34,999 | 4,039 | 9.1% | 6.7% |
| $35,000 to $49,999 | 4,788 | 10.8% | 10.1% |
| $50,000 to $74,999 | 8,088 | 18.3% | 15.5% |
| $75,000 to $99,999 | 7,246 | 16.4% | 12.6% |
| $100,000 to $149,999 | 8,330 | 18.8% | 17.4% |
| $150,000 to $199,999 | 3,133 | 7.1% | 9.5% |
| $200,000 or more | 2,933 | 6.6% | 13.2% |
Shares are of all 44,298 households, one per occupied home whatever its size. Households with zero or negative income are counted in the lowest bracket. Source: ACS 5-year estimates ending 2024 (table B19001).
Residents 15+ by personal income, 2024
Income range calculator
About 7,847 residents (7.6% of residents aged 15 and over) have a personal income of $100,000 or more.
Across the U.S.: 13.9% of residents aged 15 and over.
That is 8.7% of residents who have any income.
In 2024, 12.8% of Palm Bay residents aged 15 and over reported no personal income, 32.4% had some income but less than $25,000, and 14.8% had $75,000 or more. Across the U.S., those shares were 12.8%, 28.7% and 22.0%.
Compared with the U.S., Palm Bay has a larger share of residents earning $25,000 to $34,999 (12.6% vs 9.5%) and a smaller share earning $100,000 or more (7.6% vs 13.9%).
| Personal income | Residents | Share | U.S. share |
|---|---|---|---|
| No income | 13,218 | 12.8% | 12.8% |
| $1 to $9,999 | 12,602 | 12.2% | 11.2% |
| $10,000 to $14,999 | 8,220 | 7.9% | 7.0% |
| $15,000 to $24,999 | 12,711 | 12.3% | 10.5% |
| $25,000 to $34,999 | 13,103 | 12.6% | 9.5% |
| $35,000 to $49,999 | 15,292 | 14.8% | 12.6% |
| $50,000 to $74,999 | 13,176 | 12.7% | 14.3% |
| $75,000 to $99,999 | 7,480 | 7.2% | 8.2% |
| $100,000 or more | 7,847 | 7.6% | 13.9% |
Shares are of the 103,649 residents aged 15 and over, the only people the Census Bureau asks about income, and include those who reported none. A share of the whole population would count children as people without income, while a share of earners alone would hide the 12.8% with no income; the calculator adds that second share whenever your range leaves out people with no income. Source: ACS 5-year estimates ending 2024 (table B19325).
Income Inequality and the Gender Pay Gap in Palm Bay
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.539 | 0.551 | 0.552 |
| Male Median Income | $55,491 | $60,595 | $69,667 |
| Female Median Income | $45,394 | $50,762 | $56,850 |
| Gender Pay Gap | 18.2% | 16.2% | 18.4% |
The Gini coefficient measures how evenly income is shared between richer and poorer households, from 0 (everyone earns the same) to 1 (one household earns nearly everything). The lower the number, the more equally income is distributed. In Palm Bay, it is 0.539, lower than Florida's 0.551, so income is more evenly distributed here than there, and lower than the US's 0.552, so income is more evenly distributed here than there.
Men's income is about 22% more than women's income in Palm Bay, Florida. Over a 35-year career, a 22% wage gap accumulates to roughly $353,395 in unearned income for female workers in the area.
Income by Sex Over Time
Since 2009, the income gap between men and women in Palm Bay, Florida has narrowed from about 23% to 18% in 2024. Over that period the gap was widest at 24% in 2021, and was narrowest at 18% in 2013. In dollar terms, the gap has widened by $1,144 since 2009.
Employment
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.9% | 4.8% | 5.2% |
| Working from Home | 11.1% | 15.7% | 15.0% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 3,637 people are unemployed in Palm Bay, Florida.
The average commute time in Palm Bay is 25 minutes, longer than the 23 minutes in Florida.
Unemployment Rate Over Time
Since 2011, the unemployment rate in Palm Bay, Florida has fallen from 12.2% to 5.9% in 2024. Over that period the rate peaked at 13.3% in 2012 and fell as low as 5.1% in 2021.
Palm Bay has been above the U.S. unemployment rate in most years since 2011, but briefly dipped below it in 2021 (0.4 points lower). In 2024 its rate was 0.7 points higher.
Palm Bay, FL Wealth Compared With Nearby Cities
How Palm Bay, FL compares with the 1 cities closest to it.
| Area | Population | Median household income | Income growthAverage yearly change in median household income since 2016. Each year is measured in its own dollars, so this is growth before inflation. | Unemployment | Income inequalityGini coefficient: 0 would mean every household earns the same, 1 that a single household earns everything. The lower the number, the more equally income is shared here. |
|---|---|---|---|---|---|
| Palm Bay, FL | 126,086 | $73,260 #2/2 | 6.6%/yr #1/2 | 5.9% #2/2 | 0.539 #2/2 |
| West Melbourne, FL | 23,344 | $86,907 | 5.6%/yr | 4.2% | 0.536 |
Conclusion
Considering all these factors, Palm Bay, Florida has an overall wealth index grade of D, making it about on par with Florida, and somewhat worse than the country as a whole.
Frequently Asked Questions
Common questions about income and wealth in Palm Bay, Florida.
How Rich Is Palm Bay, Florida?
Palm Bay has a wealth index grade of D. The wealth index grades areas from A+ (best) to F- by combining income levels, employment rates, and income inequality; a D grade means residents are somewhat worse off than the U.S. average. The median household income is $73,260, about 2% lower than the Florida average of $74,580.
How has median household income changed in Palm Bay, Florida?
Between 2009 and 2024, the median household income in Palm Bay, Florida rose 63%, from $45,044 to $73,260. Over the same years, income here outpaced Florida as a whole: +63% against +57%.
What was the median household income in Palm Bay in 2023?
In 2023, the median household income in Palm Bay, Florida was $69,340, up 8% from $64,015 in 2022. The Florida median that year was $71,864.
What was the median household income in Palm Bay in 2020?
In 2020, the median household income in Palm Bay, Florida was $52,715. By 2024 it had risen 39% to $73,260.
What is the Gini coefficient in Palm Bay, Florida?
The Gini coefficient in Palm Bay is 0.539. It measures income inequality on a scale from 0 (everyone earns the same) to 1 (one household earns everything). That is lower than the US average of 0.552, so income is distributed more equally than in the country overall.
How has the income gap between men and women changed in Palm Bay, Florida?
Since 2009, the income gap between men and women in Palm Bay, Florida has narrowed from about 23% to 18% in 2024. Over that period the gap was widest at 24% in 2021, and was narrowest at 18% in 2013. In dollar terms, the gap has widened by $1,144 since 2009.
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