Rent vs buy in Palm Bay, FL
In Palm Bay, Florida, typical rent runs $1,842 /mo and a typical home costs $303,347.
Buying comes out ahead by $45k over 7 years
Based on Palm Bay's typical home value and typical rent, with 20% down and the mortgage rate today. You'll break even in year 4.
Clearly labelled opinion, with the math shown. These are estimates, not quotes. Change one number and the stamp updates.
- Owning leads by
- $45k after 7 years
- Break-even point
- Year 4 when owning catches up
- Real cost of owning
- $2,638 per month year 1, against $1,842 rent
Change my numbers
The stamp draws on Palm Bay's figures for typical rent and home value. Swap in your own rent, price and years and the result can flip.
Don't match the city's numbers?
Enter the rent, price and down payment you want to use. Those figures change the stamp.
Is it cheaper to rent or buy in Palm Bay?
Over 7 years, buying costs $45,322 less, including the money returned when you sell. In year 4 the net cost of owning drops below renting and stays there.
Renting Owning Net cost to date, year by year
Palm Bay average rent and mortgage payment comparison
Rent and the mortgage don't tell the whole story; here are all the monthly costs in year 1 for Palm Bay's typical price.
| Each month, year 1 | Amount | What it is |
|---|---|---|
| Rent | $1,842 | All of it, every month |
| Mortgage payment | $1,654 | $1,458 of it is interest in year 1 |
| Property tax | $154 | 0.61% of the value a year |
| Insurance | $154 | Census median for the city |
| Upkeep | $253 | 1% of the value a year |
| Owning, cash out | $2,215 | $196 of it builds equity |
| Lost return on the down payment | $493 | The yearly return on cash at 8.3% |
| Buying costs, spread out | $126 | 3.5% of the price over 7 years |
| True cost of owning | $2,638 | Subtract the equity portion from cash paid, then add both figures listed above. |
Palm Bay verdict numbers
- Typical home priceZillow ZHVI, September 2026
- $303,347
- Zillow ZORI, September 2026 for typical rent
- $1,842 per month
- Down payment: A 20% down payment prevents private mortgage insurance, which the calculation doesn't include.
- 20%
- Mortgage rate from Freddie Mac Primary Mortgage Market Survey (FRED MORTGAGE30US)
- 7.24%
- Growth in home prices: FHFA house price index for Florida, 1995 to 2025
- 5.4% each year
- How rents grow: CPI primary residence rent, yearly growth, 2006 to 2026
- Each year: 3.5%
- Return on savings60% in the S&P 500 (dividends included), plus 40% in 10-year Treasuries, rebalanced each year, 1928 to 2025
- Each year: 8.3%
- Property tax data from Census ACS 2020-2024, Palm Bay
- Value times 0.61%
- Home insurance data from Census ACS 2020-2024, Palm Bay
- $154 per month
- Maintenance: Fannie Mae, low end of the 1% to 4% range
- Each year, 1% of value
- Buying costs from Freddie Mac, middle of 2% to 5%
- Price times 3.5%
- Selling costsAgent commission and closing costs
- 6% of the price
What would flip this in Palm Bay?
Each line shows where the verdict for Palm Bay over 7 years changes, while everything else stays as it is.
Renting comes out ahead when
- Home price growth under 3.6% a year (5.4%, Florida's long-run rate, is what we use).
- The mortgage rate remains above 9.87%.
- A comparable home rents for under $1,360 a month, while the typical rent here is $1,842.
- Your move happens before year 4.
Buying comes out ahead when
- Home prices grow at more than 3.6% a year.
- A mortgage rate under 9.87% gets locked in; today's rate is 7.24%.
- More than $1,360 monthly would be required to rent that same home.
- At least 4 years in the home.
Palm Bay compared with the other 812 cities
| Measure | Palm Bay | Median city |
|---|---|---|
| Typical home value | $303,347 | $422,451 |
| Typical rent | $1,842 /mo | $1,837 /mo |
| Price-to-rent ratio | 13.7 (#692 of 813) | 18.5 |
| Home prices, last 10 years | 6.9% a year | 6.2% a year |
| Rents, last 5 years | 3.1% a year | 4% a year |
| Property tax | 0.61% | 0.87% |
| Households that rent | 20% | 42% |
Data from: Zillow ZHVI and ZORI, Census ACS 2020-2024.
Cities elsewhere in Florida
- Buy. In Jacksonville, FL, buying wins by $27k.
- Buy. In Miami, FL, buying wins by $27k.
- Buy. In Tampa, FL, buying wins by $19k.
- Buy. In Orlando, FL, buying wins by $17k.
- Buy. In St. Petersburg, FL, buying wins by $41k.
- Choose buying in Port St. Lucie, FL, where it wins by $48k.
- Buy. In Hialeah, FL, buying wins by $37k.
- Go with buying. Cape Coral, FL. Buying comes out ahead by $36k.
- Recommendation: Buy. Tallahassee, FL. Buying wins by $11k.
- Go with buying. Fort Lauderdale, FL. Buying comes out ahead by $25k.
- Buy. Pembroke Pines, FL. Buying has a $22k advantage.
- Go with buying. Hollywood, FL. Buying comes out ahead by $17k.