Key West, FL vs North Merritt Island, FL

The cost of living difference between Key West, FL and North Merritt Island, FL is dramatic. North Merritt Island is 42.4% cheaper than Key West, a gap that translates to thousands of dollars per year in household expenses. Key West has a cost index of 166 while North Merritt Island sits at 116, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Key West is $2,075/month compared to $1,328/month in North Merritt Island — a 56% difference. Home values follow the same pattern: North Merritt Island is more affordable at $495,400 median vs $816,300.

Median household income in Key West is $78,532 compared to $113,897 in North Merritt Island (-31%). North Merritt Island offers a double advantage: higher earnings combined with a lower cost of living, giving residents significantly more purchasing power. Looking at affordability, residents of Key West spend roughly 31.7% of their income on rent, more than the 14% in North Merritt Island. The North Merritt Island ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.

Climate-wise, Key West is notably warmer with an average of 78.9°F compared to 71.6°F in North Merritt Island. North Merritt Island receives more rainfall at 48.6" per year compared to 40.4" in Key West.