Mortgage payment estimates, closing cost breakdowns, and homebuying data for Palm Bay, Florida.
Median Home Price
$305K
Population
120K
Avg Monthly Rent
$1,380
Property Tax Rate
0.86% *
* Property tax shown is the Florida state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Palm Bay.
Palm Bay vs Florida Median
The median home price in Palm Bay is $305,000, which is 23% below the Florida state median of $395,000.
Mortgage Calculator — Palm Bay, FL
Pre-filled with Palm Bay median home price and Florida tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $305K home using Florida's 0.86% tax rate and $4,200/yr insurance.
5% Down
$2,569/mo
Down: $15,250
Loan: $290K
P&I: $1,831
Tax: $219
Insurance: $350
PMI: $169
10% Down
$2,464/mo
Down: $30,500
Loan: $275K
P&I: $1,735
Tax: $219
Insurance: $350
PMI: $160
20% Down (No PMI)
$2,111/mo
Down: $61,000
Loan: $244K
P&I: $1,542
Tax: $219
Insurance: $350
Income needed (28% rule): $90K/year with 20% down, $106K/year with 10% down.
Rent vs Buy in Palm Bay
Rent
$1,380/mo
vs
Buy (10% down)
$2,464/mo
Price-to-rent ratio: 18.4 — A ratio between 15-20 means the rent vs buy decision in Palm Bay depends heavily on your timeline. If you plan to stay 5+ years, buying likely wins. For shorter stays, renting preserves flexibility.
The median home price in Palm Bay is $305,000, 23% below the Florida state median of $395,000. With a population of 119,760, Palm Bay is a mid-size city where home prices tend to be more accessible than in many parts of Florida.
Property taxes in Florida average 0.86% annually. This moderate property tax rate means a $305,000 home in Palm Bay would carry roughly $219/month in property taxes. Homeowners insurance in Florida runs approximately $4,200 per year. Insurance costs are notably high — factor this into your monthly budget.
Average rent in Palm Bay is $1,380/month. The price-to-rent ratio in Palm Bay is moderate, meaning the buy-vs-rent decision depends heavily on how long you plan to stay.
Palm Bay presents moderate affordability. The $305K median puts homeownership within reach for median-income households, though down payment savings and closing costs require planning.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Palm Bay.