Cost of Living: Palm Bay, FL vs Elgin, IL (2026)

Palm Bay

Florida
91
VS

Elgin

Illinois
90

Palm Bay and Elgin have a similar cost of living.

$1,487/mo ↑ 18%
Median Rent
$1,260/mo ↓ 15%
$67,521/yr ↓ 24%
Median Income
$88,316/yr ↑ 31%
$248,000 ↓ 2%
Home Value
$252,400 ↑ 2%
$1,203/mo ↓ 20%
Owner Costs
$1,502/mo ↑ 25%
125,273
Population
114,106

Tax Comparison

0%
Income Tax
4.95%
6.0%
State Sales Tax
6.25%
0.86%
Property Tax
2.07%

Affordability

26.4%
rent-to-income
Affordability
17.1%
rent-to-income

Detailed Comparison

When comparing Palm Bay, FL and Elgin, IL, the overall cost of living indices are 91 and 90 respectively (national median = 100). Rent is $227/month cheaper in Elgin, saving renters about $2,724/year.

Median household income is $20,795/year higher in Elgin. Home values also differ significantly — the median in Palm Bay is $248,000 compared to $252,400 in Elgin.

Florida has no state income tax, giving Palm Bay residents a significant tax advantage over Illinois's 4.95% rate.

Frequently Asked Questions

Palm Bay vs Elgin — common questions

Is Palm Bay or Elgin cheaper to live in?
Based on our cost index, Elgin is cheaper to live in with an index of 90 compared to 91 (US average = 100).
What is the rent difference between Palm Bay and Elgin?
Median rent in Palm Bay is $1,487/month and in Elgin it's $1,260/month — a difference of $227/month.
Which city has higher income, Palm Bay or Elgin?
Median household income is $67,521 in Palm Bay and $88,316 in Elgin. Median household income is $20,795/year higher in Elgin.
How do taxes compare between Florida and Illinois?
Florida has 0% income tax, 6.0% sales tax, and 0.86% property tax. Illinois has 4.95% income tax, 6.25% sales tax, and 2.07% property tax.
Should I move to Palm Bay or Elgin?
It depends on your priorities. Palm Bay has a cost index of 91 with median rent of $1,487/mo, while Elgin has a cost index of 90 with rent of $1,260/mo. Consider income potential, tax burden, and lifestyle preferences alongside raw cost data.
View Palm Bay details → View Elgin details →

More Comparisons

Other cost of living comparisons for Palm Bay and Elgin

Palm Bay vs. Allentown Palm Bay vs. Meridian Palm Bay vs. Thousand Oaks Palm Bay vs. Vallejo Palm Bay vs. Simi Valley Palm Bay vs. Round Rock Elgin vs. Provo Elgin vs. Odessa Elgin vs. Waterbury Elgin vs. Springfield Elgin vs. Carlsbad Elgin vs. Beaumont