Cost of living in Mercer Island, WA — Housing, Rent & Index

The median home value in Mercer Island, WA is $2,341,751 as of 2026-04. That places Mercer Island above the US average for housing cost, with a cost index of approximately 660 versus a national baseline of 100.

Over the past 12 months, the median home value in Mercer Island has moved sideways, and over the past five years it has averaged +4.9% annual growth. The current price sits -7.2% from its 5-year peak in 2022-06.

Renters pay a median of $2,613 per month in Mercer Island. Rents have changed +0.0% over the last year and averaged +5.5% per year over five years.

Beyond housing, day-to-day costs in Mercer Island are shaped by state and local taxes, utility rates, transportation, and groceries. This page focuses on the housing component, which is the largest single line in most household budgets and the easiest to compare across cities using consistent national data.