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City Report · FL

Palm Bay

Pop. 130,132·218th most expensive in Florida·Rental market data updated monthly for Palm Bay, FL
Median rent (all units)
$1,881/mo
Year-over-Year
+1.4%
Month-over-Month
-0.2%
vs US Median
-$84
Stable (Monthly)
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Most AffordableMost Expensive
Palm Bay · $1,881
More expensive than 51% of US cities · National median $1,965/mo
Rent Reality Score
79/100
Good value
OverheatedFairGreat value

Rents are 15% below what Palm Bay's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,881/mo
Expected by trend
$2,202/mo
The Rent Reality Score compares today's median rent to where Palm Bay's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,258
1 BR
$1,470
2 BR
$1,708
3 BR
$2,323
4 BR+
$2,658
Research median
$1,708/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$22,572/yr
At $1,881/mo median
Rent Market Meter
Balanced Market
Renter's MarketBalancedLandlord's Market
Rents are roughly steady, with neither renters nor landlords holding a strong edge right now.
Based on rent-price momentum (+1.4% YoY, -0.2% MoM), not inventory.
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Demographics

Who lives here

Palm Bay, FL is majority owner-occupied, 24% of residents hold a bachelor's degree or higher.

Population
130,132
Median income
$72,614
Median age
41
Renters
20.3%
Age distribution
22.1%
20.2%
24.3%
14.3%
19%
Under 1822.1%
18–3420.2%
35–5424.3%
55–6414.3%
65+19%
Gender
48.1%
51.9%
Male48.1%
Female51.9%
Race & ethnicity
55.4%
20.4%
20.6%
White55.4%
Black20.4%
Hispanic20.6%
Asian2.3%
Other1.3%
Education (25+)
31.9%
35%
24%
No HS diploma9%
HS diploma31.9%
Some college35%
Bachelor's+24%
Housing tenure
79.7%
20.3%
Owner79.7%
Renter20.3%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Palm Bay, FL has changed in 5 years

Rent
$1,432 → $1,881
up 31.4%
Income
$55,963 → $72,614
up 29.8%
Population
118,709 → 130,132
up 9.6%
Renter share
21.7% → 20.3%
-1.4 pts
Bachelor's+
21.3% → 24%
+2.7 pts

Five years ago, renters in Palm Bay, FL paid around $1,432 a month. That figure now sits near $1,881, up 31.4% from the 2021 baseline. On the earnings side, the typical household in Palm Bay, FL now reports about $72,614, up from $55,963 in 2021. Census counts show Palm Bay, FL adding about 11,423 residents over the five-year window, up 9.6% on net. Bachelor's-degree-or-higher attainment moved from 21.3% to 24% across the same window. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Palm Bay, FL reflects that arc in its own way.

Community

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View Palm Bay rent history (2015–2026) →
Salary vs rent

Can you afford rent in Palm Bay on your salary?

At $1,881/mo, how Palm Bay rent compares to typical pay (30% rule).

By apartment size

Palm Bay rent by bedroom count

Median rent for each apartment size in Palm Bay. Click any size for full breakdown.

Local insights

Tips for renters in Palm Bay

About renting in Palm Bay, FL

Last updated: July 20, 2026

The median rent in Palm Bay is $1,881/mo as of July 2026. A studio apartment averages $1,258/mo while a 2-bedroom runs $1,708/mo. One-bedroom apartments average $1,470/mo and 3-bedroom units go for $2,323/mo.

At 31% of local median household income ($72,614/yr), Palm Bay ranks as moderate compared to the national benchmark of 30%. Rents have increased 1.4% over the past year.

FAQ

Frequently asked questions

Is Palm Bay an affordable city for renters?

Palm Bay is considered moderate for renters. At $1,881/mo, rent takes approximately 31% of the local median household income ($72,614/yr). The standard benchmark is 30%. Palm Bay slightly exceeds that threshold, so budgeting carefully matters here.

How much income do you need to rent in Palm Bay?

To keep rent at or below 30% of gross income, you would need to earn at least $75,000/year (~$36/hour full-time) to afford the median rent of $1,881/mo in Palm Bay. The local median household income is $72,614/yr, meaning the typical Palm Bay household falls short of that threshold.

Is rent going up or down in Palm Bay?

Rent in Palm Bay has increased 1.4% over the past year as of July 2026, putting upward pressure on renter budgets.

Which Palm Bay neighborhoods have the lowest rent?

The most affordable ZIP codes in Palm Bay are 32905 ($1,573/mo), 32909 ($2,007/mo), and 32907 ($2,085/mo). Citywide, the median rent in Palm Bay is $1,881/mo.

How does Palm Bay rent compare to other cities in Florida?

Palm Bay is one of the more affordable cities in Florida for rent, ranking #218 out of 288 tracked cities at $1,881/mo.

Which nearby cities are cheaper to rent in than Palm Bay?

Melbourne is nearby and more affordable at $1,862/mo, which is $19 less than Palm Bay.

What percentage of Palm Bay residents rent vs. own?

According to Census data, approximately 20.3% of Palm Bay households are renters, while 79.7% are owner-occupied. Palm Bay leans toward homeownership, which can mean a smaller rental inventory.

How does Palm Bay rent compare to the national average?

Palm Bay's median rent of $1,881/mo is $84 (4%) below the US national median of $1,965/mo. Within Florida, it ranks #218 out of 288 tracked cities.
Income Affordability
31%
MODERATE

At $1,881/mo, rent takes ~31% of Palm Bay's median household income ($72,614/yr). The standard benchmark is 30%.

Palm Bay 31%Benchmark 30%
State income taxNone
Run the Palm Bay affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Palm Bay, FL

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