Palm Bay, FL (zip code 32907) is an affordable place to live. According to RentCafe, the average monthly rent for a 2 bedroom apartment in Palm Bay is $1,490 which is lower than the national average of $1,430. The Grocery Cost Index in Palm Bay is 99 compared to the national average of 100. This means that groceries are slightly more expensive than the US average. \nIf you're looking for employment in Palm Bay, Florida there are several large companies such as Harris Corp., Siemens, Lockheed Martin, IBI Group and many more. These companies provide plenty of job opportunities for local residents. Additionally, small businesses such as restaurants and retail stores also contribute to the job market in Palm Bay. Sources: Rent Café (https://www.rentcafe.com/average-rent-market-trends/us/fl/brevard/palm-bay/) & Investopedia (https://www.investopedia.com/articles/personal-finance/091714/cost-of-livingindexes-major-us-cities.asp).
Palm Bay (zip 32907) has an unemployment rate of 4.9%. The US average is 6.0%.
Palm Bay (zip 32907) 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 (zip 32907)
- The Sales Tax Rate for Palm Bay (zip 32907) is 7.0%. The US average is 7.3%.
- The Income Tax Rate for Palm Bay (zip 32907) 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 (zip 32907)
- The average income of a Palm Bay (zip 32907) resident is $22,075 a year. The US average is $28,555 a year.
- The Median household income of a Palm Bay (zip 32907) resident is $59,364 a year. The US average is $69,021 a year.