Palm Bay Real Estate Market Overview
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Location and Weather
Palm Bay is 4.3 miles south of Melbourne, FL. It’s located in Turkey Creek at the mouth of Indian River. With over 29 parks to choose from, Palm Bay proves to be the perfect place for those seeking an active, out-door lifestyle with ecotourism. The nearby 6,500-acre Stick Marsh attracts anglers from around the world with world-class fishing, largemouth bass, and wildlife sightings.
In Palm Bay the summers are warm and long, while the winters are short and mild. Summer temperatures are in the high 80’s, with lows in the 70’s. The winter temperatures are in the 70’s, with lows in the 50’s.
Population, Job Market and Cost of Living
Palm Bay’s population in 2018 was 114,194, with a growth rate of 1.66%. The job growth has increased by 1.85% over the last year and in ten years, is predicted to have increased by 42.15%. The major industries are in healthcare, social assistance, retail trade and manufacturing. The largest employers are Harris Corporation, Intersil, DRS Optronics and MC Assembly. The cost of living is low, due to the Palm Bay real estate market and cost of available housing.
With a mild climate, proximity to Melbourne, large corporations for continued job growth and low cost of living, Palm Bay will continue to attract engineering and manufacturing workers or retirees who want the Florida lifestyle.