Merritt Island, FL

Average · 103

Florida · Population 34,718 · Updated March 2026

$1,348
Median Rent / Month
$91,020
Median Income
$379,700
Median Home Value
$1,295
Owner Costs / Month

Affordability

How far your income goes in Merritt Island

17.8%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$16,176
Annual Rent
$0
State Income Tax
$3,265
Property Tax (est.)

Cost of Living Overview

Merritt Island has a cost of living close to the national average, offering a balanced mix of expenses and amenities. With a cost index of 103 (where 100 equals the national median), Merritt Island residents can expect to pay median rent of $1,348/month while earning a median household income of $91,020/year.

The median home value in Merritt Island, FL is $379,700, with typical monthly owner costs around $1,295 including mortgage, insurance, and taxes. The median rent-to-income ratio of 17.8% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Merritt Island.

Frequently Asked Questions

Common questions about living costs in Merritt Island

What is the cost of living in Merritt Island, FL?
The cost of living index in Merritt Island, FL is 103 (US average = 100). Median monthly rent is $1,348, median household income is $91,020/year, and the median home value is $379,700.
Is Merritt Island, FL affordable?
No, Merritt Island is more expensive than the national average with a cost index of 103. The rent-to-income ratio is 17.8%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Merritt Island, FL?
The median gross rent in Merritt Island, FL is $1,348 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,176.
What is the median household income in Merritt Island?
The median household income in Merritt Island, FL is $91,020 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.