$1,500 Per Month
- 3 Beds
- 2 Baths
- 953 Sq Ft
- House for Rent
360 Schoolhouse Ln, Merritt Island, FL 32953
360 Schoolhouse Ln, Merritt Island, FL 32953
Frequently Asked Questions
How much does it cost to rent a home in Merritt Island, FL?
The median rent for a home in Merritt Island, FL is $2,957 per month, though prices vary by neighborhood, size, and property type. As of May 2026, condos tend to be the most affordable option while townhouses and single-family homes are currently more expensive.
How much do you need to make to afford rent in Merritt Island, FL?
To comfortably afford the median rent in Merritt Island, FL, a household needs to earn roughly $118,280 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $2,957 per month in Merritt Island, FL, renters typically need to show $8,871 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Merritt Island, FL?
In Merritt Island, FL, the price-to-rent ratio is 13.0, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.
What neighborhoods in Merritt Island, FL are best for renting a home?
The best neighborhood for renting in Merritt Island, FL depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Suntree, Pineda, Baytree, Paradise Beach and June Park, each with its own character and price range.
