Merritt Island's housing stock reflects its mid-century growth and its waterfront setting. The island holds a broad mix of ranch-style and split-level homes built from the 1950s through the 1980s, alongside newer construction and, particularly along the Indian River, Banana River, and the island's network of canals, larger waterfront properties with private docks and boat lifts. Many established neighborhoods offer deep lots with mature live oaks and palms, while inland sections of the island tend toward more modest single-family homes. Because the island is surrounded by lagoon rather than open ocean, a significant share of residences are oriented toward the water, supporting a boating-oriented lifestyle. Newer infill construction has added contemporary homes, but the overall character remains suburban and low-rise rather than high-density.

Merritt Island is made up of a string of named communities, many of them former small settlements that predate the space program. Courtenay, one of the island's best-known areas, sits along the western shore near the Indian River and holds some of the island's established riverfront neighborhoods. Tropic, in the north, is close to the approach to the space center and offers a mix of older and newer homes. Allenhurst, Audubon, and Merritt City lie in the central and southern reaches, while Indianola and Shiloh, along the southern Indian River shoreline, are among the island's quieter, more secluded residential pockets. Georgiana, Heath, and Wilson are additional small communities that give different parts of the island distinct identities, generally blending residential streets with access to the lagoons.

Life on Merritt Island is defined by the water and the space program. Boating, kayaking, and fishing on the Indian River and Banana River lagoons are everyday pastimes, and the island's canals make waterfront living accessible across much of the peninsula. The nearby Kennedy Space Center Visitor Complex draws visitors from around the world, and rocket launches from Cape Canaveral are a routine part of local life. For dining and shopping, residents cross the causeways to Cocoa Village's historic downtown or head north to Titusville or south toward Melbourne. The island's wildlife refuge and national seashore make birding, paddling, and beach access part of the daily landscape rather than a day trip.

Public schools on Merritt Island are part of Brevard Public Schools, the countywide district. The island is served by Merritt Island High School and Edgewood Jr./Sr. High School, along with several elementary and middle schools, including Audubon Elementary and MILA Elementary. The district operates numerous magnet and choice programs across Brevard County, and students on the island have access to the wider county's offerings, including STEM and career academies tied to the region's aerospace industry. Families relocating to the island typically compare the island's schools with neighboring mainland options in Cocoa, Rockledge, and Viera.

Merritt Island is connected to the mainland by a series of causeways over the Indian River, the most traveled being State Road 520 (the Merritt Island Causeway) and the Bennett Causeway (State Road 528), which also provides toll access west toward Orlando and east to Cocoa Beach and Port Canaveral. State Road 3 runs north-south through the island toward the space center, and North Courtenay Parkway and South Tropical Trail carry local traffic along the peninsula's length. Most residents rely on cars, and commuting to jobs in Cocoa, Rockledge, Titusville, and the aerospace corridor is generally measured in minutes. Orlando and Orlando International Airport lie roughly 45 miles to the west via the Beachline Expressway, while Port Canaveral, a major cruise and cargo port, is just across the Banana River to the east.

Merritt Island National Wildlife Refuge anchors outdoor recreation, offering wildlife drives, hiking trails, paddling, fishing, and some of Florida's best birding, including winter waterfowl and the island's manatee-viewing areas. Adjacent Canaveral National Seashore extends along the Atlantic with undeveloped beaches, surf fishing, and a protected barrier-island landscape. The Indian River and Banana River lagoons are popular for boating, kayaking, and, in season, bioluminescent paddling. The Kennedy Space Center Visitor Complex brings exhibits, astronaut encounters, and launch viewing to the island's north end. Golfers have several courses nearby, and the beaches of Cocoa Beach are a short causeway drive east.