Total monthly cost of ownership
Cost to Own a Home in North Merritt Island, Florida
A $495,000 home here costs
$3,909per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $167,500 a year.
A standard mortgage calculator would have told you $2,699. The real number is $1,210 higher every month, 45% more than the payment most buyers budget for.
Compare Brevard County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
North Merritt Island against Brevard County and Florida
| Measure | North Merritt Island | Brevard County |
|---|---|---|
| Median home value | $495,400 | $304,400 |
| Median property tax | $3,179 | $2,139 |
| Effective tax rate | 0.642% | 0.703% |
| Median gross rent | $1,328 | $1,456 |
| Population | 8,903 | 620,533 |
The weather behind that power bill
North Merritt Island sits in Brevard County, which averages a high of 89.7°F in its hottest month and a low of 51.7°F in its coldest, with 50.79" of precipitation a year and 41% of it in a single three-month stretch. That climate drives 3,446 cooling and 485 heating degree days, which is what sets the $165 electricity line above.
See the full climate breakdown for Brevard County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Brevard County
Full Brevard County cost breakdown · Every county in Florida
Talk to someone who works this market
These are North Merritt Island averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works North Merritt Island every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in North Merritt Island I already own here and may sell
Common questions
How much does it cost to own a home in North Merritt Island?
A $495,000 home in North Merritt Island, Florida costs approximately $3,909 per month with 20% down at 7.24%. That is $2,699 principal and interest, $265 property tax, $299 homeowners insurance, $233 utilities and $413 set aside for maintenance.
What is the property tax rate in North Merritt Island?
North Merritt Island has an effective property tax rate of 0.642%, based on a median home value of $495,400 and median real estate taxes of $3,179. That is lower than the Brevard County average of 0.703%.
What is the average home price in North Merritt Island?
The median owner-occupied home value in North Merritt Island, Florida is $495,400, against $304,400 across Brevard County.
Is it cheaper to rent or buy in North Merritt Island?
Median gross rent in North Merritt Island is $1,328 a month, against $3,909 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in North Merritt Island?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in North Merritt Island, Florida at today's rate takes a household income of roughly $167,500 a year. That covers the full $3,909 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for North Merritt Island, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Florida.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.