Florida · 90th largest metro area

Buying a home in Palm Bay, Florida

In Palm Bay, the median value of owner-occupied homes is $283,200, Brevard County's effective property tax rate is 0.68%, a purchase mortgage carried a median $7,446 in total loan costs in 2025, and median gross rent is $1,601 a month.

Data as of : Census ACS 2020-2024, Census Vintage 2024, HMDA 2025, HUD FY 2027. Sources

Palm Bay home costs, fact by fact

About Palm Bay

In Palm Bay, Florida, owners occupy 79.7% of homes. Median gross rent is $1,601 per month, and HUD's Fair Market Rent is $1,779.

Reading the Palm Bay figures

Palm Bay is among the lower-priced places on the Florida list. Owners estimate $283,200, well under the state's $396,700. Deltona's $285,400 and Jacksonville's $293,700 bracket it closely, while Miami's $518,100 is far higher. Ownership is the other feature that stands out. Households that own make up 79.7% here, close to Spring Hill's 80.3%, and far above Gainesville's 37.7% or Tallahassee's 40.6%, where renters are the larger group. Palm Bay is therefore a market of owner-occupants, and its price level matches that profile: lower values, lower rent than Sunrise, and a mild county tax rate.

Monthly rent runs $1,601, higher than Lakeland's $1,395 but below Sunrise's $2,140. Brevard County's HUD benchmark rent is $1,779, so a landlord quoting the federal figure would be asking more than the city's median. The county tax bill is modest: $2,311 a year at 0.68%, with county homes valued at $339,600 in the middle. On loan costs, lenders reported 8,451 loans in 2025 and a typical charge of $7,446; the central group of borrowers paid between $4,662 and $11,240, lower than in the larger South Florida counties.

Calculate for Florida

If you buy

Florida state transfer tax

Documentary stamp tax on deeds: $0.70 per $100 of consideration, or fraction of $100 (Miami-Dade: $0.60 per $100). Change the price: the amount is recalculated instantly.

Price$396,700
State transfer tax$2,776.90
Share of the price0.7% of the price
Who paysSet by the purchase contract

Default price: the Florida median value of owner-occupied homes, $396,700 (Census ACS 2025). Rule: Divide the consideration by $100, round up to the next whole unit, multiply by $0.70. Consideration includes any mortgage balance on the property, whether or not assumed. Miami-Dade uses $0.60. Who pays: The law makes all parties liable regardless of which agrees to pay; the purchase contract allocates the cost. Not included: county and city transfer taxes, the tax on the mortgage, recording fees, title insurance and lender charges. Florida transfer tax guide · all 50 states.

If you sell

Capital gain and the federal tax on it

Same federal rule in every state: Section 121 of the Internal Revenue Code excludes up to $250,000 of gain on a main home ($500,000 for a married couple filing jointly).

Capital gain$350,000
Section 121 exclusion$250,000 (limit $250,000)
Taxable gain$100,000
Type of gainLong-term (owned over 1 year), 15% chosen
Federal tax on the gain$15,000

Section 121 excludes $250,000; the rest is taxable.

Gain = sale price minus your adjusted basis (purchase price, buying costs and improvements); selling expenses reduce it (IRS Publication 523). Long-term rates for sales in 2026, by taxable income including the gain (IRS Rev. Proc. 2025-32, section 4.03): 0% up to $49,450 single or $98,900 married filing jointly, 15% up to $545,500 single or $613,700 jointly, 20% above. Not included: Florida state income tax on the gain (not computed), the net investment income tax, depreciation recapture on a rental or home office, and the reduced exclusion for an early sale. Agent commissions are negotiated and never set by law. Capital gains on a home sale.

Questions about buying a home in Palm Bay

How much is property tax in Palm Bay?

Homeowners in Brevard County pay a median $2,311 a year in property tax, 0.68% of the county median home value of $339,600 (Census ACS 2020-2024). Your bill depends on your assessed value and local rates.

What are closing costs on a mortgage in Palm Bay?

Home-purchase mortgages in Brevard County carried median total loan costs of $7,446 in 2025; half of the 8,451 loans fell between $4,662 and $11,240 (HMDA). Total loan costs are the lender and settlement-service charges of the Closing Disclosure; transfer taxes and prepaid items come on top.

Is there a transfer tax when you buy a home in Palm Bay?

Florida's transfer tax is the documentary stamp tax on deeds, 70 cents per $100 of price in every county except Miami-Dade, where it is 60 cents per $100. A mortgage adds 35 cents per $100 and a 0.2% intangible tax.

Is it cheaper to rent or buy in Palm Bay?

It depends on your mortgage rate, down payment and how long you stay. As a benchmark, the median value of owner-occupied homes in Palm Bay ($283,200) equals 14.7 years of the median gross rent ($1,601 a month), both from Census ACS 2020-2024.

What natural hazards affect home insurance in Palm Bay?

Across Florida, the main hazards for home insurance are hurricane wind, flood and storm surge, and the insurer of last resort is Citizens Property Insurance Corporation. A Florida homeowners policy must offer hurricane deductibles of 2%, 5% and 10% of the dwelling limit (s. 627.701), and Citizens requires flood coverage on all its homeowners policies with wind coverage by January 1, 2027.

Run your own numbers: rent vs buy calculator · closing costs calculator.

Florida rules that apply in Palm Bay

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Sources

Florida · All states · Federal guides