In Merritt Island, a typical home is worth $402,900 and typical rent is $1,441 a month. Compared with all of Brevard County, typical household income is 20% higher and the typical home value is 19% higher.
Typical home value from Zillow, September 2021 to September 2026: from $366,427 to $430,278.
Typical rent
$2,221a month
▲ 3.9% more than 12 months ago
Typical rent from Zillow, December 2021 to September 2026: from $1,761 to $2,221.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Merritt Island is in Brevard County. The FHA loan limit ($541,287 for a one-unit home), the fair market rents and the help on this page are those of all of Brevard County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Cocoa West, the typical home value is $158,700: 61% less than in Merritt Island ($402,900).
2
Nearby, in Cocoa West, the typical rent is $1,162: 19% less than in Merritt Island ($1,441).
3
The typical household income in Merritt Island is $94,012,20% more than in Brevard County as a whole ($78,476).
4
The typical home in Merritt Island is worth $402,900,19% more than in Brevard County as a whole ($339,600).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Merritt Island
What homes there are in Merritt Island, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Merritt Island
Brevard County
Florida
United States
Kind of home: Merritt Island and its comparisons
Measure
Merritt Island
Brevard County
Florida
United States
Detached house
78%
66%
55%
61%
Attached house
1%
5%
7%
6%
Building of 2 to 4
3%
5%
6%
8%
Apartments (5 or more)
15%
17%
25%
19%
Mobile home
3%
7%
8%
6%
Boat, RV and other
Unreliable estimate
0%
0%
0%
The detached house rules in Merritt Island: 78% of homes, more than in Brevard County (66%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Merritt Island
Brevard County
Florida
United States
Year built: Merritt Island and its comparisons
Measure
Merritt Island
Brevard County
Florida
United States
Before 1960
10%
8%
10%
26%
1960–1979
49%
24%
24%
24%
1980–1999
27%
38%
34%
25%
2000–2009
11%
19%
18%
14%
2010 or later
4%
11%
14%
11%
Homes in Merritt Island are older: the typical year built is 1973; in Brevard County, 1988.
In Merritt Island, 76% of homes have 3 bedrooms or more, more than in Brevard County (67%).
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Under the limitOver the limit
Under $100K5%
$100K–$200K10%
$200K–$300K16%
$300K–$500K39%
$500K–$750K16%
FHA limit: $541,287
$750K–$1M8%
$1M or more6%
Value of owner-occupied homes: Merritt Island and its comparisons
Measure
Merritt Island
Under $100K
5%
$100K–$200K
10%
$200K–$300K
16%
$300K–$500K
39%
$500K–$750K
16%
$750K–$1M
8%
$1M or more
6%
The FHA loan limit for Brevard County is $541,287, and about 72% of owner-occupied homes in Merritt Island are worth less than that.
Monthly rent with utilities
Unreliable estimate
Under $500Unreliable
$500–$99914%
$1,000–$1,49938%
$1,500–$1,99929%
$2,000–$2,49911%
$2,500–$2,999Unreliable
$3,000 or moreUnreliable
Monthly rent with utilities: Merritt Island and its comparisons
Measure
Merritt Island
Under $500
Unreliable estimate
$500–$999
14%
$1,000–$1,499
38%
$1,500–$1,999
29%
$2,000–$2,499
11%
$2,500–$2,999
Unreliable estimate
$3,000 or more
Unreliable estimate
With a mortgage
$2,070 a month
Brevard County: $1,805 a month
Without a mortgage
$698 a month
Brevard County: $608 a month
Owners with a mortgage
51%
Brevard County: 56%
The typical cost for an owner with a mortgage in Merritt Island is $2,070 a month, more than in Brevard County ($1,805); without one, $698.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Merritt Island+52%
Brevard County+73%
Florida+67%
United States+53%
Typical rent
Merritt Island+41%
Brevard County+46%
Florida+42%
United States+33%
Typical household income
Merritt Island+45%
Brevard County+38%
Florida+34%
United States+29%
Change since 2015–2019: Merritt Island and its comparisons
Measure
Merritt Island
Brevard County
Florida
United States
Typical home value
+52%
+73%
+67%
+53%
Typical rent
+41%
+46%
+42%
+33%
Typical household income
+45%
+38%
+34%
+29%
The typical home value in Merritt Island rose 52% since 2015–2019, less than in Brevard County (73%).
Since 2015–2019, the typical rent in Merritt Island rose 41%, less than in Brevard County (46%).
The typical household income in Merritt Island rose 45% over that time; home values changed +52% and rent +41%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Merritt Island and its comparisons
Measure
Merritt Island
Brevard County
Florida
United States
Rental vacancy
18.3%
10.8%
7.6%
5.5%
Homeowner vacancy
Unreliable estimate
1.0%
1.4%
0.9%
More than one person per room
Unreliable estimate
1.5%
3.3%
3.4%
People per household
2.44
2.42
2.51
2.53
Drive alone
72%
75%
70%
69%
Carpool
6%
7%
9%
9%
Public transit
Unreliable estimate
1%
1%
3%
Walk or bike
Unreliable estimate
2%
2%
3%
Work from home
19%
15%
16%
15%
Other means
Unreliable estimate
1%
2%
2%
Typical commute
Unreliable estimate
20 to 29 minutes
20 to 29 minutes
20 to 29 minutes
The rental vacancy rate in Merritt Island is 18.3%, higher than in Brevard County (10.8%).
By size, households in Merritt Island look like those in Brevard County: 2.44 people on average.
Working from home is more common in Merritt Island: 19%, against 15% in Brevard County.
Do the math
What would you pay each month for a home in Merritt Island?
A typical home costs more than the typical income allows
We start with a typical home in Merritt Island, worth $402,900, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 41% of the typical household income in Merritt Island, which is $94,012 a year. For that payment to be 28% of income, a household would need to earn about $138,752 a year.
The calculator's FHA and conventional loan limits are those of all of Brevard County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Merritt Island. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $14,102 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$3,238
at 7.18% · 30 years
Loan amount
$395,602
Total interest
$569,178
Paid off in
November 2056
Includes $6,804 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $2,194 a month
Tight
$2,194 to $2,820 a month
Hard
more than $2,820 a month
Your payment · 41%
Compared with the typical household income in Merritt Island ($94,012 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$2,680
Property tax
$212
Home insurance
$168
FHA mortgage insurance (MIP)
$178
You need at least $14,102 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $3,238; principal and interest $2,680.
The city and its county
Merritt Island and Brevard County
Merritt Island is in Brevard County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Merritt Island
Map of Brevard County, Florida, with Merritt Island marked. Around it, the neighboring counties.
Merritt Island
Brevard County
Other cities with a page
Merritt Island's own numbers
Typical home value
$402,900
Typical monthly rent
$1,441
Typical yearly household income
$94,012
Households that own their home
80%
Effective property tax rate
0.63%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Brevard County
FHA limit, one-unit home
$541,287
Conventional limit, one unit
$832,750
HUD fair market rent, 2 bedrooms
$1,779
Price change over 5 years (FHFA)
+54%
Homes in a high flood-risk zone
6.9%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Brevard County.
A typical home in Merritt Island is worth $402,900: 19% above the county and 12% above Florida. With the typical household income in Merritt Island ($94,012 a year), a typical home costs 4.3 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Merritt Island4.3 years
Brevard4.3 years
Florida4.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Brevard County
According to FHFA’s house price index, home prices in Brevard County rose 135% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Brevard County.
Yearly change in FHFA’s price index in Brevard County, 2016 to 2025
2016: +13.4% +13.4% 2016
2017: +11.5% +11.5% 2017
2018: +8.3% +8.3% 2018
2019: +5.2% +5.2% 2019
2020: +5.7% +5.7% 2020
2021: +15.9% +15.9% 2021
2022: +24.1% +24.1% 2022
2023: +7.1% +7.1% 2023
2024: +0.9% +0.9% 2024
2025: −0.8% −0.8% 2025
Change in FHFA’s price index in Brevard County, Florida and the United States
Period
County
Florida
U.S.
Last year (2025)
−0.8%
−0.5%
+2.9%
5 years (2020–2025)
+54%
+60%
+47%
10 years (2015–2025)
+135%
+127%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Merritt Island next to Brevard County, Florida and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Merritt Island$402,900
Brevard$339,600
Florida$359,000
United States$332,700
Typical monthly rent
Merritt Island$1,441
Brevard$1,556
Florida$1,669
United States$1,413
Typical yearly household income
Merritt Island$94,012
Brevard$78,476
Florida$74,568
United States$80,734
See the full table
Merritt Island next to Brevard County and Florida
Measure
Merritt Island
Brevard County
Florida
U.S.
Typical home value
$402,900 ▲19% above the county
$339,600
$359,000
$332,700
Typical monthly rent
$1,441 ▼7% below the county
$1,556
$1,669
$1,413
Typical yearly household income
$94,012 ▲20% above the county
$78,476
$74,568
$80,734
Households that own their home
80% ▲3 points above the county
77%
68%
65%
Typical yearly property tax
$2,557 ▲11% above the county
$2,311
$2,730
$3,119
Effective property tax rate
0.63% ▼0.05 points below the county
0.68%
0.76%
0.94%
Renters with high rent for their income
53% ▼2 points below the county
56%
60%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Brevard County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Merritt Island
For a typical $402,900 home in Merritt Island, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Merritt Island's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$3,238a month
Least cash to close
Down payment
$14,102
Cash to close
$26,189
Rate
7.18%
Mortgage insurance
FHA MIP · $178
Conventional, 5% down$3,164a month
Down payment
$20,145
Cash to close
$32,232
Rate
7.18%
Mortgage insurance
PMI · $191
Conventional, 20% down, no PMI$2,563a month
Down payment
$80,580
Cash to close
$92,667
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$2,935a month
Down payment
$60,435
Cash to close
$72,522
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Merritt Island
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$3,238
$14,102
$395,602
7.18%
FHA MIP · $178
$26,189
580
Conventional, 5% down
$3,164
$20,145
$382,755
7.18%
PMI · $191
$32,232
620*
Conventional, 20% down, no PMI
$2,563
$80,580
$322,320
7.18%
None
$92,667
620*
ITIN, 15% down (example)
$2,935
$60,435
$342,465
8.18%
None
$72,522
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Merritt Island is $1,441 a month: 7% below the county. In Merritt Island, 53% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Brevard County, by unit size. To pay the 2-bedroom one ($1,779 a month) without spending more than 30% of your income, you would need to earn $34.21 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Brevard County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,327
$25.52
$53,080
1 bedroom
$1,525
$29.33
$61,000
2 bedrooms
$1,779
$34.21
$71,160
3 bedrooms
$2,382
$45.81
$95,280
4 bedrooms
$2,707
$52.06
$108,280
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Merritt Island
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Merritt Island has 2 ZIP codes with their own.
For 2 bedrooms it runs from $1,560 in 32953 to $1,730 in 32952.
None is above the fair market rent for Brevard County ($1,779).
Fair market rent by ZIP code and size in Merritt Island, fiscal year 2027.
32952
$1,290
$1,480
$1,730
$2,320
$2,630
32953
$1,160
$1,340
$1,560
$2,090
$2,370
ZIP code2 bd3 bd
32952 $1,730$2,320
32953 $1,560$2,090
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Merritt Island when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
There is 1 HUD-approved agency with an office in Brevard County; none says it serves in Spanish.
No down payment, repair or rent-help program on our list is for Merritt Island or Brevard County. The ones below are statewide in Florida: they work in Merritt Island the same as in the rest of the state.
Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance.Offered by Florida Housing Finance Corporation.
The HUD-approved agencies closest to the center of Merritt Island, in a straight line, nearest first. If one says it serves in Spanish, its card says so.
No legal help resource on our list is for Merritt Island or Brevard County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Merritt Island and all of Brevard County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Merritt Island?
The typical home value in Merritt Island is $402,900, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Brevard County it is $339,600.
How much does it cost to rent in Merritt Island?
Typical rent in Merritt Island is $1,441 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Brevard County is $1,779.
What is the FHA loan limit in Merritt Island?
Merritt Island uses the FHA limit for all of Brevard County (2026): $541,287 for a one-unit home and $1,041,125 for a four-unit home.
How much property tax do owners pay in Merritt Island?
The typical homeowner in Merritt Island pays $2,557 a year, according to the U.S. Census Bureau. That is 0.63% of the home’s value; in Brevard County, the rate is 0.68%.
Where can I find free help to buy or rent in Merritt Island?
There is 1 HUD-approved counseling agency with an office in Brevard County. They can help you get ready to buy, with your credit, or with rent.
