What to Know About Palm Bay, FL, Real Estate

There are not many cities across the US where you are a short drive from watching a rocket launch into space, but Palm Bay, Florida, is one of those places. As one of the many cities in Brevard County that make up the Space Coast, Palm Bay provides the perks of living in a city with quick access to the famous Kennedy Space Center and multiple beaches. Plus, it’s about an hour’s drive to Orlando’s theme parks and attractions.

Don’t cross Palm Bay from your real estate list. Its friendly people, tropical environment, and affordable real estate options are worth a look. Learn more about Palm Bay real estate for buying your Florida property.

About Palm Bay, FL

Full of things to do, Palm Bay is not a city to be missed. What started as a small settlement at the mouth of Turkey Creek has evolved into a city home to over 120,000 residents. Located on the central-eastern coast of Florida, the City of Palm Bay is perfectly situated to popular coastal destinations like Melbourne, Sebastian, and Merritt Island.

As the largest city on the Space Coast, Palm Bay attracts tourists, fishing enthusiasts, and other vacationers with abundant outdoor activities and local events. 

From celebrating holidays to multicultural festivals, 5K marathons, and more, the closeness to other municipalities and popular areas lets Palm Bay residents enjoy festivals and events just a short distance away. 

What neighborhoods are in Palm Bay?

The City prepared multiple plans to develop additional housing and commercial centers due to Palm Bay’s population growth. Some of the most popular subdivisions are:

• Rosemarie Pines
• Bridgewater at Bayside Lakes
• Melbourne Pines
• Fairway Crossings at Bayside Lakes
• Stillwater Lakes
• Sloneridge
• Emmaus Heights
• Wichita Acres

In recent years, the development of Palm Bay’s west side took off. These neighborhoods include subdivisions like Parkside West, Brentwood Lakes, and Malabar Lakes West. 

Most properties have easy access to stores convenient for daily essentials, like Publix Supermarkets, gas stations, and shopping centers. Some neighborhoods offer additional benefits like security, multiple swimming pools, and golf courses. 

What is the cost of living in Palm Bay?

The cost of living in Brevard County is more affordable than other Florida real estate markets. Palm Bay’s cost of living is 9.6% less than other Florida cities. Residents who are single with no children must make $34,238 per year to cover the basics. Households with two working adults and two children must earn about $100,000 to cover the family’s expenses.

Palm Bay is an affordable option for families whose average salaries exceed the minimum income required to make ends meet. With the additional income, families live more comfortably and use their extra revenue to spend on entertainment, vacations, and more.

Within the last decade, in addition to Melbourne and Titusville, Palm Bay became part of the three cities that major tech companies call home. The increase in large companies moving to the area brought in an influx of skilled workers who earn large salaries.

In addition, because Palm Bay became the tech corner in Florida in 2018, skilled workers for companies like L3Harris Technologies, OneWeb Satellites, and Eagle Lake Laboratories brought home salaries three times as much as in other parts of the state, with an average salary of $159,390. 

What is the average price of a home in Palm Bay, FL?

Finding a better home for your budget is possible here. Over the last couple of years, many have chosen to move to Palm Bay from other states and the more expensive South Florida market. The Palm Bay real estate market is affordable compared to other areas in Florida, with an average home costing about $335,000 and 277 homes for sale. 

September 2023, home listings ranged from $10,000 for a vacant lot of 0.23 acres to $900,000 for a lakefront 2,248 sq ft home in a private water skiing lake community.

Are there any condos or townhomes available in Palm Bay? 

No matter what you are looking for, there is something for you in Palm Bay. Their condos and townhomes can be in the middle of the suburbs or on the waterfront overlooking the Intracoastal. In September 2023, the four listings ranged from $139,990 to $228,000. Homes sell relatively close to their listing price, and the market is somewhat competitive.

Are there any waterfront properties found in Palm Bay?

One of the perks of living in Palm Bay is the access to water. The city is not only waterfront on the Indian River but has plenty of canals, lakes, and ponds throughout its municipal limits. August 2023 had seven properties from $45,000 to $900,000 for homebuyers looking for a home right on the water.

What is the property tax rate for Palm Bay, FL?

Like other cities, Palm Bay homeowners are responsible for paying their portion of property tax dues yearly. Ad valorem taxes are divided between Brevard County and the City of Palm Bay. They are typically due in March of each year.

As of 2022, the millage rate for Palm Bay, FL properties was 18.6659. This millage rate covers funding for local government units, libraries, schools, the fire department, and more. 

Identifying the amount a property owner will pay at the end of the year can be subject to different exemptions unique to the property owner’s circumstances. To learn more about the exemptions allowed in Brevard County and whether you qualify, please visit the Brevard Property Appraiser’s website here. Florida also offers discounts for paying property taxes early, which varies by the month taxes are paid.

What county is Palm Bay, FL?

Palm Bay is in Brevard County, encompassing a large section of the Florida coastline east of Orlando. The county is split into four districts: North Central, South Central, South Brevard, and Beachside, and includes 17 different municipalities, the Kennedy Space Center, and the Patrick Space Force Base.

The City of Palm Bay is part of the South Brevard section shared with the Towns of Malabar and Grant-Valkaria.

Living in Brevard County comes with its benefits. Residents are not just living in a tropical paradise, but are in an area with easy access to I-95 and other county and arterial roads. 

Brevard County also gives governmental services to residents living in unincorporated areas, like when they need utilities or emergency services.

Is Palm Bay growing?

Palm Bay is one of the fastest-growing cities in the entire state of Florida. Florida Today ranked it third compared to other cities. As recorded by the US Census in 2020, Palm Bay grew from 103,190 to 119,752 residents. The population is estimated to continue to rise in the coming years.

This substantial growth within the last few years affects a 50-mile stretch of Florida land, affecting three cities in central Florida. These three cities are St. Cloud, Kissimmee, and Palm Bay.

In response to this substantial population growth, the City of Palm Bay has approved multiple commercial developments and construction of new subdivisions to accommodate its population boom. 

How is golf in Palm Bay, FL?

You’re in luck if you love golf, as it is pretty popular in Palm Bay. As a popular sport in the area, residents can enjoy a game of golf at the Habitat Golf Course.

In Brevard County, there are over 20 different golf courses that residents can play. Two golf courses are par 72 championship golf courses and one par 67 golf course. Residents can explore these courses and attempt their unique obstacles in slopes, water views, and spaces.

Are there golf course communities in Palm Bay? 

While there are plenty of golf courses in Palm Bay, few private golfing communities exist. Most golf courses are open to the public but require registration, appropriate clothing, and a reservation made in advance. Visitors can purchase a membership that gives additional benefits outside of normal admission.

What areas are near Palm Bay, FL?

Palm Bay is perfectly placed for residents to travel to attractions in other Florida cities. With I-95 running across the city, residents of Palm Bay can quickly access Orlando and visit the theme parks of Walt Disney World or Universal Orlando Resorts. The drive to Orlando is just over an hour and works ideally for a day trip that the whole family will enjoy.

Tourism thrives in Palm Bay and the surrounding cities. About an hour’s drive from Palm Bay is the Kennedy Space Center. Visitors can learn about how the United States has succeeded in its efforts to explore outer space. The Kennedy Space Center is also where NASA and now private companies like Space X launch rockets, which can be seen by the public. Watching launches has become popular with many locals and tourists, bringing many to the Palm Bay area to watch.

If being one with nature is more of what you are looking for, the cities that make up the Space Coast offer a ton of parks and waterways that you can explore through fishing, airboat rides, outdoor sports, and beaches. Tourists and residents enjoy kayaking, canoeing, and paddle boarding along the Florida waters.

What to know about living in Palm Bay

Embrace the Florida sun year-round in Palm Bay. This tropical Florida city has everything you need, with abundant, affordable real estate and ways to entertain the entire family. Living in paradise can become a reality when considering moving to Palm Bay. See what real estate is available in Palm Bay, or contact us to connect with a local agent.