Cost of living in Palm Bay research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Palm Bay is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Palm Bay is 95, with 100 being the average.
The cost of living index in Palm Bay is 0.9x lower than the national average.
Palm Bay ranks as the #164 cheapest in Florida out of 459.
Palm Bay ranks as the #2,449 cheapest out of 6,412 in the US.
The median home value in Palm Bay is $186,100.
The median income in Palm Bay is $55,963.
According to the most recent data on the cost of living, Palm Bay has an overall cost of living index of 95, which is 0.9x lower than the national index of 100.
Compared to Florida, Palm Bay has a cost of living index that's 0.9x lower than Florida's index of 101.
The standard of living in Palm Bay ranks as #164 most affordable out of the 459 places we measured in Florida. By definition, that implies Palm Bay ranks as the #295 most expensive place in the Sunshine State.
For more reading on life in Palm Bay, check out:
Six factors go into calculating the cost of living index in Palm Bay. Here is how it fairs on each of the criteria:
The Services index in Palm Bay is 98.
The Groceries index in Palm Bay is 103.
The Health index in Palm Bay is 109.
The Housing index in Palm Bay is 73.
The Transportation index in Palm Bay is 100.
The Utilities index in Palm Bay is 114.
|Living Expense||Palm Bay||Florida||National Average|
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Palm Bay is $186,100.
The Median Rent in Palm Bay is $1,220.
The Median Income in Palm Bay is $55,963.
The Home Value To Income in Palm Bay is 3.3x.
The Rent To Monthly Income in Palm Bay is 0.26x.
|Statistic||Palm Bay||Florida||United States|
|Median Home Value||$186,100||$248,700||$244,900|
|Home Value To Income||3.3x||4.0x||3.5x|
|Rent To Monthly Income||0.26x||0.25x||0.2x|
The cost of living varies in the cities and towns around Palm Bay. Here's a quick look at the cost of living in the most populous nearby places:
Melbourne, FL has a cost of living index of 93, 1.0x Palm Bay.
West Melbourne, FL has a cost of living index of 105, 1.1x Palm Bay.
Sebastian, FL has a cost of living index of 97, 1.0x Palm Bay.