Rent to own Homes in Palm Bay, FL
A part of Brevard County Florida, Palm Bay was listed in Forbes Magazine as the 11th most innovative city in the country in 2010. This could be because the city's employment base has become highly technological over the last few years. NASDAQ and the American Electronics Association have ranked the county as 8th in the nation in regards to the percentage of high tech professionals that can be found there. Satellite and space launch engineers, as well as health care providers, make up a large percentage of the city's employment base.
Palm Bay, FL is a great place for affordable rent-to-own homes! With a median household income of over $52,435 and a median rent of $1,101, the Palm Bay, FL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Palm Bay, FL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
More Palm Bay, FL Property Resources
Rent to own Homes in Cities Near Palm Bay, FL
- Cape Canaveral
- Christmas
- Cocoa
- Cocoa Beach
- Cocoa West
- Indialantic
- Indian Harbour Beach
- June Park
- Malabar
- Melbourne
- Melbourne Beach
- Melbourne Village
- Merritt Island
- Mims
- North Merritt Island
- Palm Bay
- Palm Shores
- Patrick AFB
- Port St. John
- Rockledge
- Satellite Beach
- Sharpes
- South Patrick Shores
- Titusville
- Tropical Park
- Viera East
- Viera West
- West Canaveral Groves
- West Melbourne
Neighborhoods in Palm Bay, FL
Bay Mare Farms rent to own homes Breezewood rent to own homes Emmaus Heights rent to own homes Master Heights rent to own homes Parkside West rent to own homes Seabury Point Trust rent to own homes Sheriana Point rent to own homes South Cove rent to own homes Kirby rent to own homes Riverview rent to own homesBuying a Home in Palm Bay, FL
Palm Bay, FL is seeing rapid growth and Palm Bay, FL's' housing market remains optimal with an average home price that is -21% below the 2024 national average. Palm Bay, FL is part of Brevard county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2024 for county Brevard is 0.87% which is below the national average, which is 0.99%.
Median Home Price in Palm Bay, FL
Median Rent in Palm Bay, FL
Top Reasons to Live in Palm Bay FL
Housing Statistics If looking for a rent to own home in Palm Bay, here are some statistics to keep in mind. Over the last few years the average sale price for a home or condo in the city is $125,490, whilst the median home sale price has been $145,800. Palm Bay's housing inventory reads as follows: 5% of the homes in the city are rented. 30% of all homes are vacant and 65% of the homes that are occupied are owned. The city's annual residential turnover presently stands at 10%.
Arts and Culture Palm Bay is full of great cultural experiences. The ever popular Brevard Symphony Orchestra can usually be found playing at the Maxwell King Performing Arts Center. In addition, the Performing Arts Center also acts as main stage for comedians, pop stars and plays. Another popular hangout is Lou's Blues in Indialantic. It is often referred to as a home away from home by several jazz and blues musicians. The city's smaller venues like the Henegar Center and Melbourne Auditorium offer a cozy, up close and personal feeling with their shows.
Outdoor Activities Palm Bay, also known as the Space Coast, offers an abundance of outdoor activities for its residents. With the temperature averaging about 72 degrees, most entertainment takes place outside where one can enjoy the sunshine. Palm Bay is home to 37 golf courses. Boating, water sports and tennis are other outdoor activities that visitors are welcome to take part in. Largemouth bass are quite common in the Palm Bay Marsh and St. Johns River, and sports fishermen love to see how many they can catch.
School Systems Palm Bay is home to a large amount of quality elementary and secondary schools. The city boasts fourteen public elementary schools in all. There are also five religious based private schools. Southwest Middle School, a public school, stands alone as the only middle school in the city, but there are three public high schools. However, Palm Bay High School can actually be found within the city limits of Melbourne. Five institutions of higher education to be found within Palm Bay as well.
Transportation and Commutes Palm Bay is divided and surrounded by a network of major roads, allowing easy access for drivers who want to travel around or in and out of the city. In a push to become greener and to reduce air pollution, there is a program in operation which works to offer commuters other transportation alternatives than simply driving to work by themselves. Space Coast Consumer Assistance, also known as the SCCA, has worked to develop park and ride locations, a Vanpool leasing Program, fixed bus route information, telecommuting options, and bicycle and pedestrian commuting.