| Index | Merritt Island | Florida | National |
| Cost of living | 117 | 102 | 100 |
| Groceries | 101 | 102 | 100 |
| Health care | 103 | 104 | 100 |
| Housing | 147 | 97 | 100 |
| Transportation | 103 | 103 | 100 |
| Utilities | 111 | 110 | 100 |
| Lifestyle & Entertainment | 107 | 104 | 100 |
| Household Items | 102 | 102 | 100 |
| Education & Childcare | 108 | 106 | 100 |
Are you thinking about relocating, but curious about the potential cost of living in Merritt Island? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Merritt Island stands at 117, making it 17% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.
Housing costs significantly influence the Merritt Island cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 47%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.
Is Merritt Island an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Merritt Island is 64.5% higher than the national average, while the average monthly rent prices are 6.2% higher than average. The affordability of any location can also be influenced by median income levels. Merritt Island has a median household income of $108,696, which is 33.6% higher than the national average.
Taxes: Areas with higher taxes, including sales taxes and income taxes, can contribute to a higher cost of living. Paying more tax for everyday household expenses like clothing and food will result in higher costs, as will paying a higher rate of income tax. The general sales tax rate in Merritt Island starts at 6% and the income tax rates start at 0%.
Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Merritt Island, the groceries index is 0.9% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Merritt Island, the housing index stands at 47% higher than the national average.
The Merritt Island cost of living data displayed above uses a U.S. average baseline of 100 to provide a practical way to compare living expenses across cities. Housing estimates incorporate U.S. Census home price and rental data, while all other values are generated using AI-assisted models based on everyday expense expectations, regional pricing trends, climate, transportation patterns, and local economic conditions. These values are designed for directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $124,570 | $10,381 | $2,906 | $3,737 |
| Renters | $66,302 | $5,525 | $1,547 | $1,989 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Cocoa West, FL | 6,136 | 94 | 5.9% |
| Cocoa, FL | 20,791 | 96 | 3.7% |
| Sharpes, FL | 2,807 | 100 | 0.5% |
| Port St. John, FL | 24,638 | 105 | 5.2% |
| Palm Shores, FL | 1,662 | 110 | 10.1% |
| Merritt Island, FL | 35,222 | 117 | 17.1% |
| City | Population | Cost of Living Index | National Avg. |
| Kennesaw, GA | 35,226 | 107 | 7.0% |
| North Ridgeville, OH | 35,235 | 99 | 1.0% |
| Fair Oaks, VA | 35,261 | 146 | 46.2% |
| Vestavia Hills, AL | 35,269 | 124 | 24.0% |
| Chillum, MD | 35,167 | 126 | 26.1% |
| Merritt Island, FL | 35,222 | 117 | 17.1% |
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