Merritt Island, FL Cost Of Living

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Merritt Island cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
Index	Merritt Island	Florida	National
Cost of living index	97	99	100
Index	Merritt Island	Florida	National
Goods & Services index	93	99	100
Groceries index	97	105	100
Health care index	89	100	100
Housing index	103	96	100
Transportation index	91	98	100
Utilities index	98	102	100

A general summary of the cost of living index in Merritt Island, FL is shown above. Compared to the state average of Florida the cost of living index in Merritt Island, FL is 97, which is 2% lower than the average in Florida and compared to the national average it is 3% lower than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Merritt Island, FL goods and services come in at 5% lower than the average in Florida and are 7% lower than compared to the nationwide average.

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Did you know?

The cost of living in Merritt Island is 2% lower than the Florida average.
The cost of living in Merritt Island is 3% lower than the national average.
The cost of housing in Merritt Island is 3% higher than the national average.
Florida general sales tax is 18% higher than the national average.
Florida state income tax is 100% lower than the national average.

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Compare Merritt Island, FL Cost of living To Other Cities

Salary Calculator

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

The salary calculator is meant to help you compare your salary in Merritt Island, FL to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Merritt Island, FL, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Merritt Island, FL salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$65,354	$5,446	$1,525	$1,961
Renters	$31,920	$2,660	$745	$958

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Merritt Island, FL as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Merritt Island, FL homeowners, is $65,354. This would allow for a maximum of $1,525 per month to be spent on housing costs. For renters, the median monthly income is $31,920 which would result in a maximum of $745 to be spent on rental costs.

Florida Sales Tax

State	General Sales Tax	With Max Surtax
Florida	6%	7.5%

Florida Income Tax

State	Income Tax (Low)	Income Tax (High)
Florida	0%	0%

The Florida sales tax and Florida income tax rates should definitely be considered when determining the overall cost of living in Merritt Island, FL. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Florida sales tax is 6% and the maximum surtax is 7.5%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Florida income tax rates range from 0% to 0%.

Goods & Services

Item	Merritt Island	National avg.	Difference
Haircut	$20.20	$17.49	15.5%
Beauty Salon	$44.00	$38.17	15.3%
Toothpaste	$1.62	$2.32	30.2%
Shampoo	$0.84	$1.01	17.0%
Movie	$11.39	$10.72	6.2%
Bowling	$14.14	$13.86	2.0%

Groceries

Item	Merritt Island	National avg.	Difference
Ground Beef	$4.73	$3.90	21.3%
Fried Chicken	$1.28	$1.40	8.3%
Milk	$2.04	$1.96	4.0%
Potatoes	$3.15	$3.18	1.0%
Pizza	$9.99	$10.39	3.9%
Beer	$9.99	$9.23	8.2%

Health Care

Item	Merritt Island	National avg.	Difference
Optometrist	$86.33	$106.34	18.8%
Doctor	$76.20	$115.25	33.9%
Dentist	$97.50	$98.38	0.9%
Ibuprofen	$9.09	$9.26	1.8%
Lipitor	$474.20	$466.47	1.7%

Housing

Item	Merritt Island	National avg.	Difference
Home Price	$195,600.00	$184,700.00	5.9%
Avg. Mortgage Payment	$985.05	$1,273.32	22.6%
Apartment Rent	$928.00	$949.00	2.2%

Transportation

Item	Merritt Island	National avg.	Difference
Gasoline	$2.46	$2.59	5.0%
Tire Balancing	$42.50	$48.90	13.1%

Utilities

Item	Merritt Island	National avg.	Difference
All Electricity	$161.23	$167.60	3.8%
Phone	$183.84	$163.42	12.5%

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, State	Population	Cost of Living Index	National Avg.
Sharpes, FL	2,928	79	-21%
Cocoa West, FL	5,115	81	-19%
Cocoa, FL	17,558	83	-17%
Port St. John, FL	11,223	87	-13%
Rockledge, FL	26,144	93	-7%
Merritt Island, FL	35,916	97	-3%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Richfield, MN	35,912	105	5%
Goldsboro, NC	35,924	88	-12%
Bell, CA	35,927	126	26%
Pahrump, NV	35,899	90	-10%
Leavenworth, KS	35,948	93	-7%
Merritt Island, FL	35,916	97	-3%

Source: The Merritt Island, FL cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2019.

Merritt Island, FL Cost of Living