Palm Bay, Florida.
Typical home $303,347 (-1.2% in a year), asking rent $1,842 (+2.0%). Palm Bay-Melbourne-Titusville, FL metro.
to buy the typical home at today's mortgage rate — +$847 (+114%) since Jan 2020.
- 1 year
- Down $3,649 -1%
- $306,996$303,347 since Sep 2025
- 5 years
- Up $39,758 +15%
- $263,589$303,347 since Sep 2021
Monthly payment to buy the typical home
Home value × that month's 30-year mortgage rate, 20% down, principal and interest. This is the line households feel: prices and rates compound each other.
- Palm Bay$1,592
- Florida$1,970
- United States$1,922
At the last five years' pace, a typical home here doubles in price every 25 years.
Typical home values in Palm Bay, FL fell 1.2% over the past year — slower than the nation's +1.2%.
Asking rents in Palm Bay, FL rose 2.0% over the past year — slower than the nation's +2.7%.
Owning the typical home in Palm Bay runs $247/mo more than renting one. The gap peaked at $550 in Oct 2023.
That is $2,089 a month against $1,842 rent: a $1,592 mortgage payment, plus $172 property tax and $325 insurance & upkeep.
Owning vs renting — Palm Bay
The owning line is the typical home's monthly payment at that month's rate, plus property tax and insurance & upkeep; the renting line is the typical asking rent; the grey line is the mortgage payment on its own. Same homes, same months, both ways of paying for a roof.
- Owning all in$2,089
- Renting$1,842
- Mortgage only$1,592
Property tax · $172/mo 0.68% of value a year — the ACS 2020-2024 median bill over the median home value for Brevard County, FL
Insurance & upkeep · $325/mo insurance, maintenance and repairs together, from the BLS Consumer Expenditure Survey — the national figure for mortgaged homeowners, scaled to this market's home value. BLS publishes the three bundled and they cannot be split.
Both are priced off the same month's home value, so they rise with the market. Neither is a quote — a specific home's bill depends on its assessment, its age and its insurer.
Living in Palm Bay, Brevard County, Florida
Palm Bay is a city of 119,760 people in Brevard County. Half its households earn more than $72,614 a year and half less, against $78,476 across Brevard County; 12% of its people live below the poverty line. 80% of its homes are lived in by their owners and 20% are rented. Unemployment in Palm Bay was 5.1% in August 2026, and Brevard County had 0.6% more jobs in 2025 than the year before. The most residents work in schools and health care, then shops.
Written by AI Claude Sonnet 5.5 wrote this on 23 October 2026 from the figures here, a list of nearby places and what it knows. It can be wrong or out of date.
What it’s like
The place. Palm Bay is the largest city in Brevard County, a place where most homes are lived in by their owners. Household incomes run a little below the county's, and fewer adults hold a four-year degree than you might expect in a city of this size. The typical resident is middle-aged, and winters are mild, with summers that turn hot and a good deal of rain through the year.
Work. Many residents work in schools, hospitals and social care, in shops, in professional and business services, and in manufacturing. Among the largest workplaces in Palm Bay are Palm BAY Hospital, Walmart and Renesas Electronics America, which makes semiconductors. Unemployment has edged up from a year ago, and the commute to work is a fairly long one.
Things to do. The St. Johns River and Crane Creek are both a short drive away for time on the water, and the Archie Carr National Wildlife Refuge, also close by, is a protected area for walking and watching wildlife. For a day out with more of a plan, Brevard Zoo is a longer drive away.
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- 45,850households
- 24%of adults have a degree
- 12%below the poverty line
- 28 mintypical commute
- 11%work from home
What residents work in
Employed residents by industry, from the Census survey. Brevard County had 243,568 jobs in 2025, 0.6% more than the year before (Bureau of Labor Statistics).
Weather through the year
Coldest in January, with highs near 73° and lows near 49°; warmest in August, with highs near 92° and lows near 73°. About 56 inches of rain and melted snow a year.
Average daily high and low, 1991–2020, at the Palm Bay weather station, 3 miles away (NOAA).
Largest employers in Palm Bay
- L3Harris4,300
- Brevard County School Board2,840
- City of Palm Bay981
- Publix (3 of 3 locations reported)651
- Palm Bay Hospital610
- Wal*Mart375
- Renesas (Formerly Intersil)338
- Eastern Florida State College176
From the City of Palm Bay’s annual financial report for 2024, its schedule of principal employers, as Florida’s Auditor General publishes it: the report. Employees as the report counts them.
Natural hazards
- HurricanesVery high
- LightningRelatively high
- WildfireRelatively moderate
- Coastal floodingRelatively moderate
- Strong windRelatively moderate
- TornadoesRelatively moderate
FEMA’s National Risk Index (December 2025) rates the risk each natural hazard poses to the people, buildings and farms in Palm Bay’s census tracts, against the rest of the country; all of them together, relatively high. It is meant for planning, not a substitute for a local risk assessment or a flood map: FEMA’s index.
From the U.S. Census Bureau’s 2020 census and its American Community Survey (2020–2024 five-year estimates), and the Bureau of Labor Statistics. A survey, so each figure has a margin of error, and figures it is not sure of are left out. More on Brevard County and the Palm Bay-Melbourne-Titusville, FL metro.
Palm Bay home values
Zillow measures a city over its municipal boundary. Against the state and national figures, mid-tier homes, smoothed and seasonally adjusted.
- Palm Bay$303,347
- Florida$375,361
- United States$366,157
Sellers are cutting prices on about 1 in 3 Palm Bay listings, and the typical home goes pending in 43 days — the market is roughly in balance.
When this market ran hot
Each cell is that month's year-on-year home-value growth. Read left to right, top row is the latest year — the 2021–22 band is the boom.
Market heat, inside the city limits
Share of listings with a price cut
The early-warning dial: sellers cut when buyers stop reaching. Rising cuts cool a market months before prices notice.
- Palm Bay31.87%
- United States26.90%
Days to pending
How long the typical listing takes to go under contract.
- Palm Bay43
- United States27
Homes for sale
Active for-sale inventory. More supply hands power to buyers.
- Palm Bay917
New listings per month
Sellers arriving at the market.
- Palm Bay204
Median sale price
What buyers actually paid — closed sales, not asking prices.
- Palm Bay$286,346
- United States$371,407
Sale-to-list ratio
Above 100%, homes sell over asking; below, buyers negotiate wins.
- Palm Bay97.03%
Zip codes with a Palm Bay address
A different geography, not a breakdown. The figure above covers the municipality; these zips cover everywhere the Post Office calls Palm Bay — often including townships beyond the city limits. Both come straight from Zillow, and they are not expected to average out.
Zip codes in Palm Bay
| Zip activate to sort by Zip | Place activate to sort by Place | Population sorted descending, activate to sort ascending | Rent activate to sort by Rent | Home value activate to sort by Home value |
|---|---|---|---|---|
| 32907 | Palm Bay | 49,080 | $2,102 | $301,874 |
| 32909 | Palm Bay | 41,804 | $1,935 | $317,526 |
| 32905 | Palm Bay | 24,792 | $1,591 | $232,440 |
| 32908 | Palm Bay | 16,535 | $2,072 | $317,837 |