Merritt Island, FL housing market
Typical home value
$430K
▲ 0.8% 1 yr
Typical rent
$2,221/mo
▲ 3.9% 1 yr
Gross rent yield
6.2%
U.S. 6.3%
5-year home value change
+17%
U.S. +20%
Key takeaways
- 1The typical home in Merritt Island is worth $430,278, up 0.8% over the past year and up 17% over five years.
- 2Typical rent is $2,221 a month (+3.9% YoY), a gross rent yield of 6.2% (below the Palm Bay, FL metro's 6.6%).
- 3With 20% down at 7.32%, principal and interest on the typical home is about $2,365/mo, $144 more than typical rent.
- 4Zillow forecasts the Palm Bay, FL metro's home values to change −0.7% over the next 12 months.
Market temperature (Palm Bay, FL metro)
Buyer's market
Buyer'sNeutralSeller's
Zillow Market Heat Index: 35/100, #354 hottest of 546 metros. Below 44 favors buyers; above 55 favors sellers.
Home values and rent
Source: Zillow Research (ZHVI, ZORI and market activity data).
How Merritt Island compares
| Measure | Merritt Island | Palm Bay, FL metro | United States |
|---|---|---|---|
| Typical home value | $430,278 | $342,339 | $366,157 |
| Home value, 1-yr change | +0.8% | −0.5% | +1.2% |
| Typical rent | $2,221 | $1,887 | $1,932 |
| Rent, 1-yr change | +3.9% | +1.6% | +2.7% |
| Gross rent yield | 6.2% | 6.6% | 6.3% |
| Price-to-rent ratio | 16.1 | 15.1 | 15.8 |
| Mortgage P&I, typical home | $2,365 | $1,881 | $2,012 |
Run the numbers
Rental property calculator
Cash flow on a typical Merritt Island rental, pre-filled.
Rent vs buy in Merritt Island
Which costs less over the years you'll stay.
Mortgage calculator
Monthly payment on a $430K home.
Landlord in Florida? See Florida deposit, late fee and notice rules.
Other cities in the Palm Bay, FL metro
Melbourne, FL
$358K home$1,841 rent
▼ 0.5% 1 yr
Palm Bay, FL
$303K home$1,842 rent
▼ 1.2% 1 yr
Cocoa, FL
$297K home$1,778 rent
▲ 0.5% 1 yr
Titusville, FL
$272K home$1,585 rent
▼ 0.3% 1 yr
Rockledge, FL
$397K home$1,952 rent
▼ 0.3% 1 yr
West Melbourne, FL
$372K home$1,922 rent
▼ 0.8% 1 yr
Satellite Beach, FL
$516K home$2,726 rent
▲ 0.8% 1 yr
Cocoa Beach, FL
$456K home$2,496 rent
▲ 0.3% 1 yr
City figures are Zillow's typical home value (ZHVI) and observed rent (ZORI). Gross yield is before expenses. Data refreshed Oct 26, 2026.