States › Florida › North Merritt Island

Is North Merritt Island, FL expensive to live in?

CheapRent takes 14 cents of every $1 people earn here.
🏠 Rent per month (2026)$1,34124% lower than U.S. average
💵 Families earn per year (2026)$113,111about $9,426/month · 30% higher than U.S. average
🔑 House price$525,40058% higher than U.S. average

Rent is lower than in 67% of U.S. cities. That makes it a rare mix of above-average pay and below-average rent. A typical house costs about 4.6 years of household income. Most homes (86.6%) are owned, so rentals can be hard to find.

How much money do I need?

To rent here comfortably, you should earn about $53,640 a year. That is $26 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 55 of 479 cities from cheapest to most expensive.

North Merritt Island
$1,341
Indian Harbour Beach
$1,922
Orange Park
$1,453
Williamsburg
$2,394
North Weeki Wachee
$1,837
Lake Park
$1,684
Miramar Beach
$2,367

How much do households earn in North Merritt Island?

Under $25k
7.4%
$25k–50k
22.4%
$50k–100k
22.4%
$100k–150k
21.5%
$150k+
24.0%

Share of households by yearly income. 45.5% of households earn $100,000 or more.

How expensive is North Merritt Island overall?

Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).

Housing
122
Goods (food, clothes…)
98
Utilities
90
Other services
101
U.S. average
100

Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for North Merritt Island, so the Florida figure is shown.

Taxes and bills in North Merritt Island

🏛️ Property tax$3,150a year · 0.60% of home value · U.S. $3,119
⚡ Electric bill$202a month (typical) · U.S. $156

Life in North Merritt Island

Commute to work28.5 minU.S.: 26.4 min
College degree37.5%U.S.: 35.7%
Own their home86.6%U.S.: 65.2%
Below poverty line6.9%U.S.: 12.5%
Unemployment7%U.S.: 5.2%

Is it cheaper to rent or buy in North Merritt Island?

Renting is cheaper right now: about $2,305 a month less.

Renting
$1,341
Owning
$3,646

Owning assumes a typical $525,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $52,540 for the down payment.

Frequently asked questions

What is the average rent in North Merritt Island, FL?

Renting in North Merritt Island costs a median of about $1,341 a month in 2026, including utilities. The Florida median is $1,963.

How much do I need to make to live in North Merritt Island?

To keep rent under 30% of income, you need about $53,640 a year, or $26 an hour at a full-time job.

Is North Merritt Island cheap or expensive?

North Merritt Island is rated Cheap: rent takes 14.2% of the typical household income of $113,111. It ranks 55th cheapest of 479 Florida cities we track.

How much are property taxes in North Merritt Island?

The median homeowner in North Merritt Island pays $3,150 a year in property taxes, about 0.60% of the median home value.

Is North 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 North Merritt Island?

The median home value in North Merritt Island is $525,400, about 4.6 times the typical yearly household income.

9,025 people live in North Merritt Island. Numbers are typical (middle) values.