Palm Bay Named 2025’s Best City for First-Time Home Buyers by WalletHub Due to Affordability and Quality of Life

By Space Coast Daily // July 17, 2025

Report analyzed 300 cities, ranking them based on affordability, real estate market and quality of life

The City of Palm Bay has earned the top spot as the Best City in America for First-Time Home Buyers in a 2025 study released by personal finance outlet WalletHub.com. Palm Bay stood out in several key categories, including active home listings per capita, new building permits, and a high millennial homeownership rate.

BREVARD COUNTY • PALM BAY, FLORIDA — The City of Palm Bay has earned the top spot as the Best City in America for First-Time Home Buyers in a 2025 study released by personal finance outlet WalletHub.com.

The report analyzed 300 cities across the country, ranking them based on affordability, real estate market strength, and quality of life.

Palm Bay stood out in several key categories, including active home listings per capita, new building permits, and a high millennial homeownership rate.

According to the study, “Palm Bay residents can also look forward to their homes growing in value, as the city has the third-highest home appreciation rate in the country. Homes in the city were worth 108% more in 2023 than they were in 2017.”

The study also recognized Palm Bay’s balanced mix of older and new homes, favorable cost of living, and a solid public school system.

“We’re honored that Palm Bay has been recognized as the best city in the nation for first-time homebuyers,” said Mayor Rob Medina.

“This ranking reflects the dedication of our city leaders, planners, public safety personnel, and local businesses. Palm Bay offers a strong housing market and a high quality of life, making it a great place to live, raise a family, and build a future.”

Read the full study HERE.