Palm Bay, FL
Population 125,273 · Florida
About Palm Bay, FL
Palm Bay is a major city located in Florida with a population of 125,273 residents according to the latest US Census Bureau American Community Survey data. The median household income is $67,521 per year, which is 10% below the national median of $75,149. The median age of 41.3 years is close to the US median age of 38.9 years.
Housing Market Overview
The housing market in Palm Bay features a median home value of $248,000, which is 1% above the national median of $244,900. This positions Palm Bay in a moderately priced market relative to the rest of the country. Median monthly rent is $1,487, 28% above the national average of $1,163/month. Of the 48,826 total housing units, 79% are owner-occupied (35,259 units) and 21% are renter-occupied (9,173 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in Palm Bay shows an unemployment rate of 5.9%, which is significantly above the national rate of 3.7%, suggesting economic challenges in the area. The poverty rate stands at 11.5%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Palm Bay have an average one-way commute time of 27.6 minutes.
Education & Demographics
22.6% of Palm Bay residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The lower educational attainment rate may reflect the area's industry mix, with more employment in trades, manufacturing, or agricultural sectors. The community's demographic composition includes 1.6% White, 1.4% Hispanic or Latino, 7.6% Black or African American, and 6.4% Asian residents, with 15.1% of the population being foreign-born.
How Palm Bay Ranks in Florida
Cost of Living in Palm Bay, FL
Compared to national averages, Palm Bay has a median household income of $67,521 (10% below the national median of $75,149). Home values average $248,000, which is 1% above the national median. Monthly rent at $1,487 is 28% above the US average of $1,163. Within Florida, Palm Bay's income is 11% below the state average of $75,893, and home values are 30% below the state median of $353,675.
Why Live in Palm Bay, FL?
Palm Bay offers a low poverty rate of 11.5%, better than the national average.
Potential considerations include median household income ($67,521) that falls below the national average. However, as a major city, Palm Bay provides access to a wide range of amenities and services.
Palm Bay has a population of 125,273 with a median age of 41.3 years. Compare Palm Bay with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Palm Bay
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Lehigh Acres | 127,391 | $62,330 | $263,200 | Compare |
| West Palm Beach | 119,508 | $69,261 | $369,800 | Compare |
| Spring Hill | 118,814 | $66,557 | $248,400 | Compare |
| Clearwater | 117,075 | $64,440 | $326,100 | Compare |
| Lakeland | 117,030 | $60,947 | $229,100 | Compare |
| Coral Springs | 133,962 | $90,643 | $502,700 | Compare |
| Brandon | 116,365 | $77,068 | $293,800 | Compare |
| Miramar | 135,986 | $86,109 | $420,300 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Palm Bay With Other Cities
Frequently Asked Questions about Palm Bay
What is the population of Palm Bay, FL?
The population of Palm Bay, FL is 125,273 according to the latest US Census Bureau American Community Survey estimates. This makes it a major city in Florida.
What is the median household income in Palm Bay?
The median household income in Palm Bay, FL is $67,521 per year, which is 10% below the national median of $75,149.
What is the median home value in Palm Bay?
The median home value in Palm Bay, FL is $248,000, which is 1% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in Palm Bay?
The median monthly rent in Palm Bay, FL is $1,487, which is 28% above the national average of $1,163/month.
What is the unemployment rate in Palm Bay?
The unemployment rate in Palm Bay, FL is 5.9%, compared to the national average of 3.7%. Job seekers may want to research the dominant industries in the area.
Is Palm Bay, FL a good place to live?
Palm Bay offers a moderate cost of living, a competitive housing market, and growing employment opportunities. With a population of 125,273 and a median age of 41.3, the city appeals to a broad range of residents.
How educated is Palm Bay, FL?
22.6% of residents in Palm Bay aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. The educational profile reflects the area's industry mix and employment landscape.
What is the cost of living in Palm Bay?
Key cost-of-living indicators for Palm Bay, FL: median home value is $248,000 (1% above national), median rent is $1,487/month, and median household income is $67,521. The home-value-to-income ratio is 3.7x, a moderate figure by national standards.
What is the poverty rate in Palm Bay?
The poverty rate in Palm Bay, FL is 11.5%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Palm Bay, FL?
Palm Bay's population is 1.6% White, 1.4% Hispanic or Latino, 7.6% Black or African American, 6.4% Asian, and 17.4% two or more races. 15.1% of residents are foreign-born.