Mortgage payment estimates, closing cost breakdowns, and homebuying data for Palm Bay, Florida.
Pre-filled with Palm Bay median home price and Florida tax/insurance rates. Adjust for your property.
Estimated closing costs based on Florida rates and fees applied to Palm Bay prices.
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.