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City · 130,132 residents · Brevard County, Florida

Palm Bay , Florida

In Palm Bay, a typical home is worth $283,200 and typical rent is $1,601 a month. Compared with all of Brevard County, the typical home value is 17% lower and typical household income is 7% lower.

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  • Typical home value

    $283,200

    17% below the county

    21% below Florida

    • Palm Bay
    • Brevard
    • Florida

  • Typical rent

    $1,601a month

    3% above the county

    4% below Florida

    • Palm Bay
    • Brevard
    • Florida

  • Typical household income

    $72,614a year

    7% below the county

    3% below Florida

    • Palm Bay
    • Brevard
    • Florida

  • Households that own their home

    80%

    3 points above the county

    12 points above Florida

    • Palm Bay
    • Brevard
    • Florida

Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$303,347
1.2% less than 12 months ago
Typical rent
$1,842 a month
2% more than 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Palm Bay is in Brevard County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Brevard County. See the county

Data updated: October 1, 2026 11 official sources

Only here

What sets Palm Bay apart

What this place has that others do not, from public data, most unusual first.

  1. Nearby, in Micco, the typical home value is $172,600: 39% less than in Palm Bay ($283,200).

  2. The typical home in Palm Bay is worth $283,200, 17% less than in Brevard County as a whole ($339,600).

Sources: U.S. Census Bureau (Average 2020–2024).

The homes here

Housing in Palm Bay

What homes there are in Palm Bay, what they cost, how that changed and how people live, from Census figures (2020–2024).

What homes there are

U.S. Census Bureau, ACS 5-year, 2020–2024

Kind of home

The detached house rules in Palm Bay: 84% of homes, more than in Brevard County (66%).

Year built

The typical home in Palm Bay was built in 1993, 5 years after the typical one in Brevard County.

There is more room for a big family here: 80% of homes have 3 bedrooms or more, against 67% in Brevard County.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for Brevard County is $541,287, and about 96% of owner-occupied homes in Palm Bay are worth less than that.

Monthly rent with utilities

With a mortgage

$1,549 a month

Brevard County: $1,805 a month

Without a mortgage

$519 a month

Brevard County: $608 a month

Owners with a mortgage

65%

Brevard County: 56%

In Palm Bay, 65% of owners have a mortgage, and their typical cost is $1,549 a month, against $1,805 in Brevard County. Without one it drops to $519.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Palm Bay rose 83%; in Brevard County, it rose 73%.

Since 2015–2019, the typical rent in Palm Bay rose 51%, more than in Brevard County (46%).

The typical household income in Palm Bay rose 41%: less than home values (+83%) and rent (+51%).

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasurePalm BayBrevard CountyFloridaUnited States
Rental vacancy 6.3%10.8%7.6%5.5%
Homeowner vacancy 1.2%1.0%1.4%0.9%
More than one person per room 3.0%1.5%3.3%3.4%
People per household 2.822.422.512.53
Drive alone 75%75%70%69%
Carpool 11%7%9%9%
Public transit Unreliable estimate1%1%3%
Walk or bike 1%2%2%3%
Work from home 11%15%16%15%
Other means 2%1%2%2%
Typical commute 20 to 29 minutes20 to 29 minutes20 to 29 minutes20 to 29 minutes

There is little rental housing open in Palm Bay: only 6.3% is empty and offered for rent, against 10.8% in Brevard County.

More than one person per room: that is how 3.0% of households in Palm Bay live, more than in Brevard County (1.5%).

Households in Palm Bay are bigger: 2.82 people on average; in Brevard County, 2.42.

More people carpool to work in Palm Bay than in Brevard County: 11% against 7%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month for a home in Palm Bay?

A typical home costs more than the typical income allows

We start with a typical home in Palm Bay, worth $283,200, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 38% of the typical household income in Palm Bay, which is $72,614 a year. For that payment to be 28% of income, a household would need to earn about $97,327 a year.

The calculator's FHA and conventional loan limits are those of all of Brevard County.

Your numbers

Local data
$

Starts at the typical home value in Palm Bay. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $9,912 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$2,271

at 7.18% · 30 years

Loan amount
$278,071
Total interest
$400,078
Paid off in
November 2056

Includes $4,783 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $1,694 a month

  • Tight

    $1,694 to $2,178 a month

  • Hard

    more than $2,178 a month

    Your payment · 38%

Compared with the typical household income in Palm Bay ($72,614 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$2,271
Principal & interest$1,884
Property tax$144
Home insurance$118
FHA mortgage insurance (MIP)$125

You need at least $9,912 for the down payment, plus closing costs.

Next step

This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.

The city and its county

Palm Bay and Brevard County

Palm Bay is in Brevard County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).

Palm Bay's own numbers

Typical home value
$283,200
Typical monthly rent
$1,601
Typical yearly household income
$72,614
Households that own their home
80%
Effective property tax rate
0.61%

U.S. Census Bureau, American Community Survey (average 2020–2024).

Numbers for all of Brevard County

FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,779
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
6.9%

HUD, FHFA and FEMA don't publish these numbers by city.

Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Brevard County.

Everything about Brevard County

Buying

Buying a home in Palm Bay

A typical home in Palm Bay is worth $283,200: 17% below the county and 21% below Florida. With the typical household income in Palm Bay ($72,614 a year), a typical home costs 3.9 times what the household earns in a year.

Years of income to pay for a typical home

The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.

  • Palm Bay 3.9 years
  • Brevard 4.3 years
  • Florida 4.8 years
  • United States 4.1 years
Source: U.S. Census Bureau, Average 2020–2024

How prices have changed in Brevard County

According to FHFA’s house price index, home prices in Brevard County rose 135% in the 10 years through 2025.

FHFA does not publish this index by city: these are the numbers for all of Brevard County.

Period County Florida U.S.
Last year (2025) −0.8% −0.5% +2.9%
5 years (2020–2025) +54% +60% +47%
10 years (2015–2025) +135% +127% +85%

The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Palm Bay next to Brevard County, Florida and the U.S.

Three numbers side by side. “Typical” means the median: half are above it and half below.

Typical home value
  • Palm Bay $283,200
  • Brevard $339,600
  • Florida $359,000
  • United States $332,700
Typical monthly rent
  • Palm Bay $1,601
  • Brevard $1,556
  • Florida $1,669
  • United States $1,413
Typical yearly household income
  • Palm Bay $72,614
  • Brevard $78,476
  • Florida $74,568
  • United States $80,734
See the full table
Palm Bay next to Brevard County and Florida
Measure Palm Bay Brevard County Florida U.S.
Typical home value $283,200 $339,600 $359,000 $332,700
Typical monthly rent $1,601 $1,556 $1,669 $1,413
Typical yearly household income $72,614 $78,476 $74,568 $80,734
Households that own their home 80% 77% 68% 65%
Typical yearly property tax $1,726 $2,311 $2,730 $3,119
Effective property tax rate 0.61% 0.68% 0.76% 0.94%
Renters with high rent for their income 59% 56% 60% 51%

“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Brevard County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.

Four ways to pay for a typical home in Palm Bay

For a typical $283,200 home in Palm Bay, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Palm Bay's typical property tax, an example home insurance and mortgage insurance when it applies.

  • FHA, 3.5% down $2,271a month

    Least cash to close
    Down payment
    $9,912
    Cash to close
    $18,408
    Rate
    7.18%
    Mortgage insurance
    FHA MIP · $125

  • Conventional, 5% down $2,219a month

    Down payment
    $14,160
    Cash to close
    $22,656
    Rate
    7.18%
    Mortgage insurance
    PMI · $135

  • Conventional, 20% down, no PMI $1,797a month

    Down payment
    $56,640
    Cash to close
    $65,136
    Rate
    7.18%
    Mortgage insurance
    None

  • ITIN, 15% down (example) $2,059a month

    Down payment
    $42,480
    Cash to close
    $50,976
    Rate
    8.18%
    Mortgage insurance
    None

The option that asks for the least cash to close is FHA, 3.5% down.

  • Cash to close = down payment plus 3% of the price in closing costs (example).
  • Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
  • The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.

How much house can I afford? Estimate closing costs

Taxes and floods

Two costs that change from place to place

Property tax and flood insurance raise or lower what you pay each month. Here are the numbers for Palm Bay and for Brevard County.

Property tax

Effective rate in Palm Bay

0.61%of the home’s value each year

$1,726 a year for the typical owner in Palm Bay.

  • Palm Bay 0.61%
  • Brevard 0.68%
  • Florida 0.76%

What Florida publishes Homestead exemption (Florida Department of Revenue)

Exemptions and deadlines in Florida

Flood risk in Brevard County

FEMA does not publish these numbers by city: they are for all of Brevard County.

Homes in the high-risk zone
6.9%
17,068
Of those, with NFIP insurance
47%
County Florida U.S.
Homes in the high-risk zone 6.9% 13% 3.5%
Of those, with NFIP insurance 47% 67% 48%

Most homeowners insurance policies do not cover flood damage.

Look up your address on FEMA’s map

Renting

Renting in Palm Bay

Typical rent in Palm Bay is $1,601 a month: 3% above the county. In Palm Bay, 59% of renter households pay 30% or more of their income in rent.

HUD publishes a fair market rent for all of Brevard County, by unit size. To pay the 2-bedroom one ($1,779 a month) without spending more than 30% of your income, you would need to earn $34.21 an hour working full time.

HUD fair market rent for all of Brevard County

What you need to earn to pay it without spending more than 30% of income, working full time.

Size Fair rent a month Hourly wage Yearly income
Studio $1,327 $25.52 $53,080
1 bedroom $1,525 $29.33 $61,000
2 bedrooms $1,779 $34.21 $71,160
3 bedrooms $2,382 $45.81 $95,280
4 bedrooms $2,707 $52.06 $108,280

Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027

By ZIP code

Fair market rent by ZIP code in Palm Bay

HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Palm Bay has 4 ZIP codes with their own.

For 2 bedrooms it runs from $1,670 in 32905 to $2,150 in 32908.

3 of the 4 are above the fair market rent for Brevard County ($1,779).

  • 32905 $1,670$2,240
  • 32907 $2,060$2,760
  • 32908 $2,150$2,880
  • 32909 $1,800$2,410

1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Palm Bay when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD) Fiscal year 2027 Small Area Fair Market Rents (HUD) Source: Census Bureau ZCTA-to-place relationship file Data from 2020 data Census Bureau ZCTA-to-place relationship file

Is your rent high for your ZIP?

Low-income apartments

Low-income apartments in Palm Bay

HUD lists 4 buildings with rents for lower incomes in Palm Bay. These are the largest.

  • Park at Palm Bay 90 San Filippo Dr SE, Palm Bay 32909 234 low-income homes · 1 bd: 64 · 2 bd: 96 · 3 bd: 74 · In service since 2002
  • Southlake Towers 5501 Pinewood Dr NE, Palm Bay 32905 85 low-income homes · For older adults (321) 725-2386
  • Malabar Cove I 154 Daffodil Dr SW, Palm Bay 32908 76 low-income homes · 3 bd: 76 · In service since 2009 · For families
  • Malabar Cove II 125 Hawthorne Ln NE, Palm Bay 32907 72 homes, 50 low-income · 2 bd: 32 · 3 bd: 8 · 4 bd: 32 · In service since 2009 · For families

See all 54 buildings in Brevard County Source: HUD, Retrieved November 6, 2026

Free help

Help to buy or rent in Palm Bay

You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.

There is 1 HUD-approved agency with an office in Brevard County; none says it serves in Spanish.

A pregnant woman reads paperwork on the sofa while the grandmother plays with the girl on the floor.

HUD counseling is free or low-cost

Assistance programs in Palm Bay

No down payment, repair or rent-help program on our list is for Palm Bay or Brevard County. The ones below are statewide in Florida: they work in Palm Bay the same as in the rest of the state.

Which programs do I qualify for? All programs in Florida

Housing counselors near Palm Bay

The HUD-approved agencies closest to the center of Palm Bay, in a straight line, nearest first. If one says it serves in Spanish, its card says so.

  • Community Housing Initiative, Inc

    3033 College Wood Dr, Melbourne · 15 miles away

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (321) 253-0053

  • University of Florida/Florida Cooperative Extension - Osceola County Cooperative Extension Service

    1921 Kissimmee Valley Ln, Kissimmee · 49 miles away · Spanish

    • Mortgage delinquency and default
    • Budget and financial counseling
    • and 5 more
    (321) 697-3000

  • Community Legal Services of Mid-Florida, Inc. - Kissimmee Office

    800 N Main St, Kissimmee · 51 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 6 more
    (386) 255-6573

Every agency in Brevard County All counseling agencies in Florida

Help in Spanish near Palm Bay

2 of the 3 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Housing authorities of Palm Bay

HUD’s record names them for Palm Bay or Brevard County. They run public housing or Section 8 vouchers. Ask whether their waiting list is open.

  • Housing Authority of Brevard County Public housing and Section 8 vouchers (321) 775-1578

3 other authorities have an office in Brevard County: see the list Source: HUD

Cities

Other cities in Brevard County

These cities are also in Brevard County. They share its loan limits and fair market rents, but home values and rent change from one to the next.

Everything about Brevard County Housing in Florida
See 6 more cities in Brevard County, with prices and rents

Every city has its own page with prices, rents and help.

Nearby cities

The cities closest to Palm Bay, with the typical home value.

Neighboring counties

If Brevard County is out of reach, look next door. Each number is that county's own.

Keep going

Guides for your next step

Short explanations, in plain language and with official sources, for buying or renting in Palm Bay.

All guides
A family roasts marshmallows over a campfire at a forest campsite.

Questions

Housing questions about Palm Bay

Short answers with the numbers for Palm Bay and all of Brevard County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.

How much does a typical home cost in Palm Bay?

The typical home value in Palm Bay is $283,200, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Brevard County it is $339,600.

How much does it cost to rent in Palm Bay?

Typical rent in Palm Bay is $1,601 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Brevard County is $1,779.

What is the FHA loan limit in Palm Bay?

Palm Bay uses the FHA limit for all of Brevard County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.

How much property tax do owners pay in Palm Bay?

The typical homeowner in Palm Bay pays $1,726 a year, according to the U.S. Census Bureau. That is 0.61% of the home’s value; in Brevard County, the rate is 0.68%.

Where can I find free help to buy or rent in Palm Bay?

There is 1 HUD-approved counseling agency with an office in Brevard County. They can help you get ready to buy, with your credit, or with rent.

Sources: American Community Survey (ACS) 5-year estimates (Average 2020–2024); FHA mortgage limits (HUD) (2026 data); Conforming loan limits (FHFA) (2026 data); Fair Market Rents (HUD) (Fiscal year 2027); Small Area Fair Market Rents (HUD) (Fiscal year 2027); Census Bureau ZCTA-to-place relationship file (2020 data); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (HUD) (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (PMMS) (As of November 5, 2026); FHFA House Price Index (HPI) (2025 data); Homes with flood insurance (NFIP, FEMA) (As of August 3, 2026).