About the Palm Bay Housing Market
The Palm Bay-Melbourne-Titusville metro area, located in Florida, has one of the fastest growing high-tech sectors in the country. High-tech industries in the region added 10,356 jobs between 2015 and 2020, a 41.6% increase compared to 8.9% nationwide. The city is home to high-tech companies such as Lockheed Martin and IBM.
Palm Bay’s economic success has been built on a diversified, high-tech industrial base that includes aerospace and defense industries. The growth of these industries has been stimulated by the development of the nearby John F. Kennedy Space Center and Cape Canaveral Space Force Station.
Palm Bay has been investing in infrastructure improvements to accommodate its growing population, including road improvements, the expansion of the Palm Bay Parkway, and the construction of a new Interstate 95 interchange.
Palm Bay has a track record of being one of the best long term real estate investments over the course of the last ten years. In the last eight years, home values have increased by 139% in Palm Bay, while rents have increased by 82%.
Median Household Income: $65,333
Metro Population: 616,628
11-Year Population Growth: 13.36%
Median Home Price: $349,525
Median Rent Per Month: $1,984 (0.57% rent-to-value ratio)
1-Year Equity Growth: 26.6%
8-Year Equity Growth (January 2014 – December 2022): 139%
1-Year Rent Growth: 18%
8-Year Rent Growth (January 2014 – December 2022): 82%
Job Growth: +8,500 CES jobs created over the last year
1-Year Job Growth Rate: 3.57% (6.9% lower than the national average)
Unemployment Rate: 2.5% (32% lower than the national average)
Tenant Laws: Landlord-Friendly
What to Like
Fast job growth
Growing economy & job market
Lower cost of living
Quality of life
What to Watch Out For
Traffic congestion
Higher crime rate in some areas
Lack of activities
– The city of Palm Bay has seen a construction boom in recent years, with thousands of new single-family homes being built and many more in various stages of review.
– Palm Bay has been working to attract new businesses and industries to the area in recent years, with a focus on high-tech manufacturing, aerospace, and defense. The city is home to several large employers, including Harris Corporation and Intersil Corporation.
– Palm Bay has a strong housing market, with a median home value of around $205,000 as of 2021. This is slightly lower than the national median home value, which is around $295,000. In the last eight years, Palm Bay has seen an 82% increase in rent prices. The average rent has increased by 8.93% per year since 2014.
– Palm Bay, Florida, is drawing new residents thanks to strong wage and job growth, access to broadband services (key for remote workers), and a young population.
– Palm Bay, Florida was one of the fastest appreciating markets in the United States between July 2021 and July 2022, with home prices increasing by 26.6%. On average, home prices have been appreciating at a rate of 13.25% per year since 2014 and have appreciated by 138.96% since that time.
Quality of life
Palm Bay is known for its high quality of life, with access to beaches, parks, and nature preserves. The city also offers a range of cultural and recreational activities, including the Palm Bay Fair, the Turkey Creek Sanctuary, and the Space Coast Birding and Wildlife Festival.
High home appreciation
Home prices in Palm Bay appreciated by over 26% last year. Rent prices appreciated by almost 18%. The average home price in Palm Bay has been appreciating at the rate of 13.25% per year since 2014.
Strong job growth
With a thriving tech economy and growing job market, Palm Bay is one of the fastest-growing cities in Florida. In fact, according to a report from Center Square, Palm Bay has a thriving tech economy that employs approximately 16% of the city’s workforce. In the period from October 2021 to October 2022, Palm Bay added 8,500 new jobs, a growth rate of 3.57%. This is only 6.6% lower than the average job growth rate for the US during that period (3.84%).
Purchasing Property in Palm Bay
The Palm Bay metropolitan area, with a population of 616,628 as of 2021, is growing at an 83% faster rate than the rest of the United States. In the past eleven years (between 2010 and 2021), its population has increased by 13.36%, which is an annual growth rate of 1.26%.
Palm Bay’s central location makes it a prime spot for businesses. The city is located in the east of Central Florida between Jacksonville and Miami in Northeastern Florida and Southeastern Florida respectively. It’s also southeast of Orlando in Central Florida.
In 2022, the city of Palm Bay was one of the fastest growing cities in Florida. The Palm Bay neighborhoods that have seen the greatest increase in home values since 2000 are Port Malabar Country Club, Tropicana, Bayside Lakes, Americana Blvd NW, Port Malabar Country Club West, Jupiter Blvd SE, Fred Lee Park, Treasure Coast Northwest, Liberty Park and West Oaks Park.
Palm Bay, Florida
No warranty, expressed or implied, is made regarding the accuracy, adequacy, completeness, reliability or usefulness of any data provided. These data are provided “as is.” All warranties of any kind, expressed or implied, including but not limited to fitness for a particular use, freedom from computer viruses, and non-infringement of proprietary rights, are disclaimed. By visiting this website, the user agrees that the data presented here is added and changed periodically, and data may become out-of-date quickly. This data is provided for informational use only, and the user is encouraged to perform his/her own research.