Wealth Index
The wealth index reflects the overall economic prosperity and financial well-being of a county's residents based on income levels, employment rates, and income inequality metrics.
Income Statistics Overview
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Median Household Income | $69,336 | $71,865 | $78,145 |
| Median Personal Income | $47,944 | $53,537 | $61,726 |
| Average income growth | 6.7% | 5.7% | 5.1% |
| Six-Figure Earners | 7.2% | 10.9% | 13.2% |
The median household income in Palm Bay is about 4% lower than in Florida. Income has been growing faster in Palm Bay (6.7%/yr) than in Florida (5.7%/yr).
About 7% of adults in Palm Bay earn six figures ($100,000 or more) a year, lower than the Florida average of 11%.
Median Household Income 2009–2023 Trend
Median Household Income Over Time
Median household income in Palm Bay, Florida grew by 53.9% from 2009 to 2023, reaching $69,336 in 2023. That's an average of about 6.7% per year.
Economic Inequality in Palm Bay | Gender Pay Gap | Gini Coefficient
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Gini Coefficient | 0.544 | 0.566 | 0.570 |
| Male Median Income | $52,080 | $58,426 | $67,746 |
| Female Median Income | $42,490 | $48,893 | $54,793 |
| Gender Pay Gap | 18.4% | 16.3% | 19.1% |
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 0.544, lower than Florida's 0.566, so income is more evenly distributed here than there, and lower than the US's 0.570, so income is more evenly distributed here than there.
Men's income is about 23% more than women's income in Palm Bay, Florida. Over a 35-year career, a 23% wage gap accumulates to roughly $335,650 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 2023. In dollar terms, the gap has widened by $625 since 2009.
Employment
| Metric | Palm Bay | Florida Avg | US Average |
|---|---|---|---|
| Unemployment Rate | 5.8% | 4.8% | 5.2% |
| Working from Home | 9.6% | 13.9% | 13.4% |
| Commute time (minutes) | 25 | 23 | 22 |
Approximately 3,443 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 5.8% in 2023.
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 $69,336, about 4% lower than the Florida average of $71,865.
What is the current median household income in Palm Bay, Florida?
As of 2023, the median household income in Palm Bay, Florida is $69,336.
What was the median household income in Palm Bay in 2023?
In 2023, the median household income in Palm Bay, Florida was $69,336.
What was the median household income in Palm Bay in 2020?
In 2020, the median household income in Palm Bay, Florida was $52,712.
What is the Gini coefficient in Palm Bay, Florida?
The Gini coefficient in Palm Bay is 0.544. 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 0.570, 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 2023. In dollar terms, the gap has widened by $625 since 2009.