Cost of Living in Merritt Island, FL

With a cost of living index of 107, Merritt Island, FL is somewhat more expensive than average. Living here is 7% more expensive than the national average and 3% below the Florida state average of 110. With a population of 34,718, Merritt Island is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Merritt Island's cost of living. The median monthly rent is $1,348 (2% above the US median of $1,319), and the median home value sits at $379,700 (25% above the national median of $304,900). At current prices, the median home costs roughly 4.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Merritt Island is $91,020, which is 21% higher than the national median of $75,149. Residents spend roughly 18% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Merritt Island. The area sees an average annual temperature of 73.1°F, with summers averaging 81°F and winters around 63°F. Annual rainfall totals 50.8 inches spread over roughly 120 days.

Everyday prices in the Palm Bay-Melbourne-Titusville, FL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.