Detroit, MI vs Palm Bay, FL Cost of Living
Data: BEA Regional Price Parities · Census ACS · 2024
Detroit and Palm Bay have nearly identical costs of living.
Category Breakdown
Index values: 100 = U.S. national average. Higher = more expensive.
Salary Equivalency Calculator
Enter your current salary in Detroit to see what you'd need to earn in Palm Bay to maintain the same purchasing power.
Formula: salary × (100 ÷ 100.3) = salary × 0.9970. Based on BEA Regional Price Parities.
Housing Market
Detroit, MI
- Median Home Price
- $254,000
- Median Monthly Rent
- $1,450
- Housing Index
- 94.7
- Price-to-Rent Ratio
- 14.6×
Palm Bay, FL
- Median Home Price
- $336,000
- Median Monthly Rent
- $1,875
- Housing Index
- 111.7
- Price-to-Rent Ratio
- 14.9×
Palm Bay has 18.0% higher housing costs compared to Detroit.
Income & Job Market
Detroit, MI
- Median Household Income
- $72,600
- Per Capita Income
- $41,400
- Unemployment Rate
- 5%
- Population
- 672,795
Palm Bay, FL
- Median Household Income
- $78,600
- Per Capita Income
- $44,800
- Unemployment Rate
- 5.1%
- Population
- 119,760
Affordability at a Glance
Income-to-rent ratio: higher is better (more income relative to housing costs).
76% of income left after rent (median)
71% of income left after rent (median)
Related Comparisons
Detroit vs other cities
Data Sources: Bureau of Economic Analysis (BEA) Regional Price Parities 2024; U.S. Census Bureau American Community Survey (ACS); Bureau of Labor Statistics (BLS) Local Area Unemployment Statistics; Zillow Research.
Cost indices use 100 as the U.S. national average. Values above 100 indicate costs above the national average. Data is updated annually.
This data is for informational purposes only and should not be used as the sole basis for relocation or financial decisions.