Homes for Rent in Palm Bay, FL: What You Need to Know
Palm Bay, with a population of 115,552, is the largest city in Brevard County, Florida. Retirees love its idyllic location along the state’s east-central coast.
Palm Bay is the core city of a robust metropolitan area that includes Melbourne and Titusville. The area’s diverse economic base ranges from defense and information communication technology sectors to the aviation and aerospace industry. The area’s top employers include Raytheon Technologies, Renesas Electronics, and L3Harris. The Florida Institute of Technology’s Research and Development Center helps drive the region’s innovation efforts.
Things to Do in Palm Bay
The Indian River Lagoon, a biologically diverse estuary, covers about 156 miles of Florida’s east coast. There are over 4,300 species relying on the estuary for food and shelter. The Ted Moorhead Lagoon House in Palm Bay is a great starting point for exploring the Indian River Lagoon National Scenic Byway. The welcome center features exhibits on the history of the environment and a map showing different stops along the byway. Enjoy a day of canoeing and kayaking or just a leisurely walk at the Turkey Creek Sanctuary, known for its lush foliage that includes oaks, sand pines, and saw palmettos. Take in the scenic landscape from the 4,000-foot boardwalk.
The area was known as Tillman in the 1880s. By 1925, Tillman residents renamed it to Palm Bay to depict their town’s natural beauty, especially the abundant sabal palm trees in the area. In 1959, General Development Corp. bought and platted big tracts of land in Palm Bay for a residential project called Port Malabar. Palm Bay was incorporated as a city in 1960.
Cost of Living
As the locals like to say, you can live big in Palm Bay, thanks to a cost of living rate that’s 6.3% lower than the national average. Food and housing costs are 13.4% and 8.9% lower than the national average, respectively. The median gross rent is $1,059. On top of it all, Florida doesn’t levy any income tax. The Sunshine State collects a sales tax rate of 6% to 8.50%.
Know Your Neighborhoods
Retirees represent about 18% of the city’s population. Young and old residents alike love Palm Bay’s gorgeous weather, proximity to beaches, and excellent amenities. Palm Bay has superb schools, but if you prefer the suburbs, South Patrick Shores and Satellite Beach are smaller and quieter than Palm Bay, with equally top-notch schools.