Merritt Island, FL—32953
Real Estate Data & Market Trends
Key Metrics at a Glance
Other Zip Codes in Merritt Island, FL
Home Price Trends — Merritt Island, FL
As of Oct '25, the median home price in Merritt Island, FL is $422,000, with a year-over-year change of -3.9%. This indicates that home prices in Merritt Island, FL are decreasing. According to Zillow, the 1-year price projection is 0.5%, suggesting a relatively flat housing market in the next year.
Cost per Home Type
| Home Type | Median Home Value | YoY % Change |
|---|---|---|
All Homes | $422,000 | -3.9% |
| Single Family | $443,000 | -3.5% |
| Condos | $207,000 | -7.6% |
Cost per Home Size
| Home Size | Median Home Value | YoY % Change |
|---|---|---|
1 Bed | N/A | N/A |
2 Bed | $197,000 | -7.5% |
3 Bed | $389,000 | -4.0% |
4 Bed | $563,000 | -2.4% |
| 5 Bed | $730,000 | -2.5% |
% of Housing Stock
Rental Trends — Merritt Island, FL
As of July '25, Rentcast reports the average rent in Merritt Island, FL is $2,340, with a year-over-year rent change of -3.7%. Per bedroom, the median rent as of July '25 in Merritt Island, FL is studios: $975, 1-bedrooms: $1,170, 2-bedrooms: $1,640, 3-bedrooms: $2,630, 4-bedrooms: $2,910. The most common rental property sizes in Merritt Island, FL are 2-bedroom and 3-bedroom, accounting for 41.8% and 24.8% of the rental stock.
| Type | Median Rent | Average Rent |
|---|---|---|
| Average Rent | $2,150 | $2,340 |
| Studio Rent | $975 | $975 |
| 1 Bed Rent | $1,150 | $1,170 |
| 2 Bed Rent | $1,650 | $1,640 |
| 3 Bed Rent | $2,740 | $2,630 |
| 4 Bed Rent | $2,900 | $2,910 |
% of Rental Stock
Property Listings — Merritt Island, FL
As of Oct '25, Realtor.com reports that the median days on market for a home in Merritt Island, FL is 75. This is a increase of 18.0% from last year, suggesting that homes are sitting on the market longer than last year. The percentage of listed homes with a reduced price is 35.0%, representing a large inventory and a lot of supply pressure on home prices.
| Metric | Zip Code Average | Year over Year % Change |
|---|---|---|
Median Listing Price | $450,000 | -11.0% |
Listing Count | 193 | 21.0% |
| Listings as % of Homes | 0.9% | 21.0% |
Days on Market | 75 | 18.0% |
Demographics — Merritt Island, FL
As of the latest ACS Survey released in 2023, Merritt Island, FL has a population of 24,800, which has increased by 2.7% over the past 5 years. Merritt Island, FL is a moderately popular place for families, as children make up 19.8% of the population. The area has a moderately educated workforce, with 35.1% of adult residents holding a bachelor’s degree or higher. There are some residents working remotely, with 16.0% reporting working from home.
| Metric | Latest Census | YoY % Change |
|---|---|---|
Population | 24,800 | 2.7% |
% Under 18 | 19.8% | 10.6% |
% Seniors | 25.6% | 10.8% |
% WFH | 16.0% | 190.9% |
% w/ College Degree | 35.1% | 5.4% |
As of the latest ACS Survey released in 2023, Merritt Island, FL is a predominantly white area, with 76.5% of the population identifying as white. The white population has shrunk by 4.6% in the last 5 years. The second most common race or ethnicity in Merritt Island, FL is hispanic, making up 12.6% of the population. Foreign-born residents account for 8.6% of the population in Merritt Island, FL, and this percentage has increased by 43.3% as of the ACS Survey 5 years prior, suggesting more immigrants are calling the area home.
Race and Ethnicity
| Metric | Latest Census | 5-Year % Change |
|---|---|---|
% White | 76.5% | -4.6% |
% Black | 5.1% | -21.5% |
% Hispanic | 12.6% | 37.0% |
% Asian | 3.4% | 112.5% |
% Foreign Born | 8.6% | 43.3% |
Mortgage and Risk — Merritt Island, FL
According to HUD data as of 2023, there were 492 mortgage originations in Merritt Island, FL, of which 77.0% of loans were conventional mortgages. The average loan-to-value was 58.0%, with 26.0% above 90% LTV (very high). This implies large mortgage risk in Merritt Island, FL. Investor activity is low, as 3.0% of loans were by investors. 16.0% of loans were cash-out refinances, suggesting many homeowners are tapping equity.
Mortgages
| Metric | Zip Code Average |
|---|---|
Total Loan Originations | 492 |
% Conventional Loans | 77.0% |
% Government Loans | 23.0% |
% Investor Loans | 3.0% |
% Second Loans | 2.0% |
% Cash Out Refinance | 16.0% |
Loan Activity
Rentals and Section 8 — Merritt Island, FL
As of 2024, the percent of homes in Merritt Island, FL under the Section 8 program is 7.5%. This is considered low, suggesting that the neighborhood is sparsely composed of Section 8 homes. Section 8 opportunity is good when HUD pays more than market rent. 1-bedroom units appear to be good home sizes to consider for Section 8 housing in Merritt Island, FL, because HUD payments exceed market rent, while 2-bedroom and 3-bedroom and 4-bedroom units do not.
Section 8 Market Size
Total Units under HUD | 269 |
Total Units Section 8 | 201 |
% Rentals under Section 8 | 7.5% |
% Occupied Section 8 | 88.4% |
Section 8 Opportunity
| Home Size | HUD Premium | Market Rent | Max HUD Rent |
|---|---|---|---|
| 1 Bedroom | $150 | $1,150 | $1,300 |
| 2 Bedroom | -$140 | $1,650 | $1,510 |
| 3 Bedroom | -$690 | $2,740 | $2,050 |
| 4 Bedroom | -$550 | $2,900 | $2,350 |
Affordability — Merritt Island, FL
Home Price to Income Ratio
| Metric | Zip Code Average |
|---|---|
| Home Price to Income Ratio | 5.1 |
| Median Home Price | $422,000 |
| Median Household Income | $84,200 |