Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,559 | $293,727 | $242,182 |
| Price Trend (Annual %) | 30.7% | 12.0% | 8.2% |
| Median Gross Rent | $1,328 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.3% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Merritt Island is about 2% higher than in Florida. Rent is about 15% lower than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Merritt Island, up about 30.7% and 5.3% a year respectively. Home prices are changing faster.
Median rent in Merritt Island rose about 42.4% between 2015 and 2023, from $933 to $1,328. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 3.3 yearly household incomes in Merritt Island.
Buying the median-priced home in Merritt Island costs roughly 18.7 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Merritt Island. The price-to-rent ratio in Florida is about 15.7.
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $298,559 | $293,727 | $242,182 |
| Median Household Income | $91,834 | $71,865 | $78,145 |
| Price-to-Income Ratio | 3.3 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Merritt Island rose about 233.3%, while median household income rose about 63.8% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 66.4% | 57.1% | 58.2% |
| Rental Rate | 16.2% | 27.7% | 31.3% |
| Vacancy Rate | 17.4% | 15.2% | 10.6% |
| Median Tenure (years) | 16.0 | 13.0 | 15.0 |
| Median Year Moved In | 2010 | 2013 | 2011 |
Merritt Island has a homeownership rate of 66.4%, higher than the Florida average of 57.1%. Its housing vacancy rate is 17.4%, compared with 15.2% in Florida.
Housing Stock
| Metric | Merritt Island | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.48 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1977 | 1987 | 1978 |
| Median Number of Rooms | 5.7 | 5.2 | 5.5 |
The typical housing unit in Merritt Island was built around 1977. On average, 2.5 people live in a home with about 5.7 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Merritt Island, Florida.
What is the median home price in Merritt Island, Florida?
The median home price in Merritt Island, Florida is $298,559, higher than the Florida average of $293,727.
What is the average home price in Merritt Island, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Merritt Island, Florida?
The median gross rent in Merritt Island, Florida is $1,328 per month, lower than the Florida average of $1,564.
What was the median gross rent in Merritt Island in 2020?
In 2020, the median gross rent in Merritt Island, Florida was $1,031 per month.
What is the price-to-rent ratio in Merritt Island, Florida?
The price-to-rent ratio in Merritt Island, Florida is about 18.7, meaning it would take roughly 18.7 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Merritt Island.
Are home prices or rent rising faster in Merritt Island, Florida?
Both home prices and rent are rising in Merritt Island, up about 30.7% and 5.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Merritt Island, Florida?
66.4% of households in Merritt Island, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Merritt Island, Florida?
The housing vacancy rate in Merritt Island, Florida is 17.4%, higher than the Florida average of 15.2%.