salaryRent is higher than in 57% of U.S. cities. A typical house costs about 4.0 years of household income. Most homes (80%) are owned, so rentals can be hard to find.
How much money do I need?
To rent here comfortably, you should earn about $71,480 a year. That is $34 an hour at a full-time job.
Is rent cheaper than other Florida cities?
Yes. Rent here is cheaper than in most of Florida. It is number 155 of 479 cities from cheapest to most expensive.
How much do households earn in Merritt Island?
Share of households by yearly income. 35.5% of households earn $100,000 or more.
Rent by apartment size in Merritt Island
| Size | Merritt Island | U.S. average |
|---|---|---|
| Studio | $1,070 | $1,338 |
| 1 bedroom | $1,102 | $1,324 |
| 2 bedrooms | $1,470 | $1,509 |
| 3 bedrooms | $1,765 | $1,698 |
| 4 bedrooms | $2,381 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Merritt Island overall?
Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Merritt Island, so the Florida figure is shown.
Taxes and bills in Merritt Island
Life in Merritt Island
Is it cheaper to rent or buy in Merritt Island?
Renting is cheaper right now: about $1,009 a month less.
Owning assumes a typical $402,900 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $40,290 for the down payment.
Frequently asked questions
What is the average rent in Merritt Island, FL?
Renting in Merritt Island costs a median of about $1,787 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Merritt Island?
To keep rent under 30% of income, you need about $71,480 a year, or $34 an hour at a full-time job.
Is Merritt Island cheap or expensive?
Merritt Island is rated OK: rent takes 21.1% of the typical household income of $101,392. It ranks 155th cheapest of 479 Florida cities we track.
How much are property taxes in Merritt Island?
The median homeowner in Merritt Island pays $2,557 a year in property taxes, about 0.63% of the median home value.
Is Merritt Island more expensive than the national average?
Overall prices in Florida are 3% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Merritt Island?
The median home value in Merritt Island is $402,900, about 4.0 times the typical yearly household income.
34,992 people live in Merritt Island. Numbers are typical (middle) values.