At $2,285/mo, rent takes about 29% of the local median household income, comfortably within the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $2,285 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Merritt Island, FL is majority owner-occupied, has a large retiree population, has a median income above the national average, 41% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Merritt Island, FL has changed in 5 years
Compared with 2022, rent in Merritt Island, FL has climbed by $597 per month, settling near $2,285 after starting the period at $1,688. Household income in the area moved from $78,022 to $94,012 across the same window, up 20.5% versus 2021. Rent outpaced income growth by roughly 14.9 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 34,013 to 34,992 between 2021 and 2024, a 2.9% change. Reading these numbers side by side helps frame whether current listings in Merritt Island, FL look reasonable against where the market sat half a decade ago.
Discussions about Merritt Island
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Can you afford rent in Merritt Island on your salary?
At $2,285/mo, how Merritt Island rent compares to typical pay (30% rule).
Merritt Island rent by bedroom count
Median rent for each apartment size in Merritt Island. Click any size for full breakdown.
Tips for renters in Merritt Island
Last updated: August 17, 2026
The median rent in Merritt Island is $2,285/mo as of August 2026. A studio apartment averages $1,120/mo while a 2-bedroom runs $1,525/mo. One-bedroom apartments average $1,315/mo and 3-bedroom units go for $2,070/mo.
At 29% of local median household income ($94,012/yr), Merritt Island ranks as affordable compared to the national benchmark of 30%. Rents have increased 33.6% over the past year.
Frequently asked questions
Is Merritt Island an affordable city for renters?
How much income do you need to rent in Merritt Island?
Is rent going up or down in Merritt Island?
Which Merritt Island neighborhoods have the lowest rent?
How does Merritt Island rent compare to other cities in Florida?
Which nearby cities are cheaper to rent in than Merritt Island?
What percentage of Merritt Island residents rent vs. own?
How does Merritt Island rent compare to the national average?
At $2,285/mo, rent takes ~29% of Merritt Island's median household income ($94,012/yr). The standard benchmark is 30%.
How does this area stack up?
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Estimated from ZIP-level data
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