Palm Bay, FL is a great place to live with affordable rent and groceries. On average, a 2 bedroom apartment in Palm Bay goes for $1,420, which is lower than the US average of $1,430. Additionally the Grocery Cost Index is 99 in Palm Bay versus 100 in the US. There are numerous local businesses to enjoy such as the Brevard Zoo, Cocoa Beach Pier and several shops and restaurants along A1A. Notable local companies include Harris Corporation, DRS Technologies and Florida Tech Research Institute.
Palm Bay has an unemployment rate of 4.9%. The US average is 6.0%.
Palm Bay has seen the job market increase by 1.9% over the last year. Future job growth over the next ten years is predicted to be 42.2%, which is higher than the US average of 33.5%.
Tax Rates for Palm Bay
- The Sales Tax Rate for Palm Bay is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Palm Bay is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Palm Bay
- The average income of a Palm Bay resident is $20,458 a year. The US average is $28,555 a year.
- The Median household income of a Palm Bay resident is $55,963 a year. The US average is $69,021 a year.