Salary & Cost of Living in Palm Bay, FL
Palm Bay, FL: $58,000 median salary, cost of living index 95, $14.00/hr minimum wage. Calculate your take-home pay with our free paycheck calculator.
Median Salary
$58,000
$28/hr
Cost of Living
95
US avg = 100
Minimum Wage
$14.00
per hour
Unemployment
3.5%
rate
Palm Bay, FL Overview
Population
120,612
Median Salary
$58,000
Average Salary
$64,000
Avg Commute
25 min
Median Home Price
$275,000
Median Rent
$1,250/mo
Job Growth
+2.5%
Sales Tax
6.5%
Palm Bay is located in Florida with a population of 120,612. The median household salary is $58,000 per year ($28/hour), which is $1,384 below the national median of $59,384. The average commute time is 25 minutes, and the city has a job growth rate of +2.5%.
Palm Bay Paycheck Calculator
Enter your annual salary to see your estimated take-home pay in Palm Bay, FL, after federal, state, and local taxes.
Estimated Annual Take-Home Pay
$48,642
$4,053.46/month · $1,870.83/biweekly · Effective Rate: 16.1%
Gross Pay
$58,000
Federal Tax
-$4,922
State Tax
$0
Local Tax
$0
FICA
-$4,437
Net Pay
$48,642
Pay Breakdown
| Item | Monthly | Annual |
|---|---|---|
| Gross Salary | $4,833.33 | $58,000.00 |
| Federal Income Tax | -$410.13 | -$4,921.50 |
| Florida State Tax (0%) | $0.00 | $0.00 |
| Social Security (6.2%) | -$299.67 | -$3,596.00 |
| Medicare (1.45%) | -$70.08 | -$841.00 |
| Net Take-Home Pay | $4,053.46 | $48,641.50 |
Salary Comparison: Palm Bay vs Other Cities
See how Palm Bay's median salary and cost of living compare to the national average and similar cities.
| City | Median Salary | COL Index | Adj. Salary |
|---|---|---|---|
| Palm Bay, FL | $58,000 | 95 | $61,053 |
| National Average | $59,384 | 100 | $59,384 |
| Escondido, CA | $58,000 | 135 | $42,963 |
| Newark, DE | $58,000 | 102 | $56,863 |
| Jacksonville, FL | $58,000 | 96 | $60,417 |
| Indianapolis, IN | $58,000 | 91 | $63,736 |
Adjusted salary reflects purchasing power when cost of living is factored in. A higher adjusted salary means your money goes further.
Cost of Living in Palm Bay
Palm Bay's cost of living index is 95 (national average = 100). Living in Palm Bay is 5% less expensive than the national average.
Median Home Price
$275,000
Median Monthly Rent
$1,250
Annual Rent Cost
$15,000
Your Salary's Purchasing Power
Your $48,642 annual take-home pay in Palm Bay has the purchasing power of approximately $51,202 in an average-cost US area. Your $58,000 salary stretches further here than in most US cities.
Top Industries in Palm Bay
Palm Bay's economy is driven by these key industries. Workers in top industries often earn significantly above the median salary of $58,000.
Salary Tips for Palm Bay Workers
- No state income tax advantage. Florida has no state income tax, which means more of your paycheck stays in your pocket. Invest the savings in a Roth IRA or 401(k) for long-term growth.
- Research top industries. Palm Bay's top industries include Aerospace, Technology, Healthcare. Targeting roles in these sectors can help you earn above the $58,000 median salary.
- Review your W-4 withholding. If you regularly receive large tax refunds, adjust your W-4 to increase your per-paycheck take-home pay instead of giving the government an interest-free loan.
Explore Salaries Across the US
Compare salary data and cost of living for hundreds of US cities. Find out where your paycheck goes the furthest.
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Frequently Asked Questions
What is the median salary in Palm Bay, FL?
The median salary in Palm Bay, FL is $58,000 per year, or $28 per hour. The average salary is $64,000. This is $1,384 below the national median of $59,384.
What is the cost of living in Palm Bay, FL?
Palm Bay's cost of living index is 95 (national average = 100), meaning it is 5% less expensive compared to the national average. The median home price is $275,000 and the median monthly rent is $1,250.
What are the best industries in Palm Bay?
The top industries in Palm Bay, FL include Aerospace, Technology, Healthcare. The city has a job growth rate of 2.5% and an unemployment rate of 3.5%. Workers in these industries often earn above the city's median salary of $58,000.
How does Palm Bay's salary compare to other cities?
Palm Bay's median salary of $58,000 is 2.3% below the national median of $59,384. However, when adjusted for cost of living (index: 95), the real purchasing power is approximately $61,053.
What is the minimum wage in Palm Bay, FL?
The minimum wage in Palm Bay, FL is $14.00 per hour. This equals approximately $29,120 per year for a full-time worker (40 hours/week). This is $6.75 above the federal minimum wage of $7.25/hour.