Palm Bay Real Estate Market Overview
Average Monthly Rent:
$1,331
Percentage Change in Home Price/Value:
33%
Median Home Value:
$309,900
Best Time To Sell Home:
November
Affordability Index:
152
Days To Sell House:
51
Job Market:
Fair
Public School Ranking:
18
Location and Weather
Palm Bay sits between Jacksonville and Miami in the central region of Florida, along a scenic highway on the Indian River Lagoon. It is the second largest city in central Florida, and has a myriad of amenities to offer its residents. This city is full of diverse parks, nature preserves, such as the Turkey Creek Sanctuary, and plenty of waterfront views.
The climate here is hot and has a fair share of rain; up to 54 inches per year. It feels like summer year-round in Palm Bay, due to the consistent sunshine and warm weather.
Population, Job Market and Cost of Living
Palm Bay has a population of 120,646, with a growth rate of 1.43% annually. The job market has increased by 1.9% over the last year. In ten years, job growth is predicted to be 42.2%. Engineering and defense contracting are the forefront of Palm Bay’s economy. Major employers within these industries are L3 Harris, Renesas Electronics, and Raytheon Technologies.
Palm Bay is an inexpensive place to live in Florida. Despite all the waterfront residential opportunities here, housing is one of the most affordable expenses within its cost of living.