Total monthly cost of ownership
Cost to Own a Home in Palm Bay, Florida
A $248,000 home here costs
$1,964per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,275. The real number is $689 higher every month — 54% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Palm Bay against Brevard County and Florida
| Measure | Palm Bay | Brevard County |
|---|---|---|
| Median home value | $248,000 | $304,400 |
| Median property tax | $1,539 | $2,139 |
| Effective tax rate | 0.621% | 0.703% |
| Median gross rent | $1,487 | $1,456 |
| Population | 125,273 | 620,533 |
The weather behind that power bill
Palm Bay sits in Brevard County, which averages a high of 89.7°F in its hottest month and a low of 51.7°F in its coldest, with 50.79" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 3,446 cooling and 485 heating degree days, which is what sets the $136 electricity line above.
See the full climate breakdown for Brevard County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brevard County
Full Brevard County cost breakdown · Every county in Florida
Common questions
How much does it cost to own a home in Palm Bay?
A $248,000 home in Palm Bay, Florida costs approximately $1,964 per month with 20% down at 6.66%. That is $1,275 principal and interest, $128 property tax, $150 homeowners insurance, $204 utilities and $207 set aside for maintenance.
What is the property tax rate in Palm Bay?
Palm Bay has an effective property tax rate of 0.621%, based on a median home value of $248,000 and median real estate taxes of $1,539. That is lower than the Brevard County average of 0.703%.
What is the average home price in Palm Bay?
The median owner-occupied home value in Palm Bay, Florida is $248,000, against $304,400 across Brevard County.
Is it cheaper to rent or buy in Palm Bay?
Median gross rent in Palm Bay is $1,487 a month, against $1,964 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Palm Bay — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Florida.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.