Cost of Living in Key West, FL
Population 25,824 · Florida · Data vintage 2023
(100 = US avg)
Housing in Key West is priced well above national norms — a median of $816,000, roughly 168% above the US figure — putting it among the more expensive markets in Florida. The labor market has been unusually tight, with unemployment around 2.0% — below most comparable cities in the state.
Geographically, Key West lies roughly 130 miles southwest of the nearest major metro, Miami. Median home values run roughly 72% higher than Miami's $475,000.
Cost Overview
Scale: 100 = US national average. Green < 90, Red > 110.
About the Cost of Living in Key West
The median home value in Key West is $816,300 — 168% above the national median of $305,000. Median rent runs $2,075/month, 58% higher than the national median of $1,314/month. The median household income of $78,532/year is 5% higher than the US median of $74,580. The local unemployment rate is 2.0%, below the national average of 4.8%. Florida charges no state income tax, a meaningful advantage for take-home pay. Overall, Key West has a cost of living index of 224 versus the US average of 100, meaning it is 124% more expensive.
🏠 Housing
HUD Fair Market Rents by Bedroom
💰 Estimated Monthly Budget
Estimates based on median data and national averages. Actual costs vary.
🛒 Food & Groceries
National BLS average prices (2023). Local prices may vary.
🚗 Transportation
Commute Mode
⚡ Utilities
📋 Taxes
💼 Income & Employment
🎓 Education
👥 Demographics
🏫 Schools
NCES CCD 2019 — public school district data
Frequently Asked Questions
What is the cost of living in Key West, FL?
Key West has a cost index of 224 (100 = national average). It is 124% above the national average.
What is average rent in Key West, FL?
The median gross rent in Key West is $2,075 per month based on 2023 Census data.
What is the average home price in Key West?
The median home value in Key West is $816,300 according to Zillow and Census data.
What is the median income in Key West?
The median household income in Key West is $78,532 per year (2023 ACS 5-year estimates).
What is the sales tax in Key West, FL?
The combined state and local sales tax rate in Key West is 7.0%. Florida has no state income tax.
Is Key West, FL affordable?
Key West is above average in cost of living, with an index of 224 — about 124% higher than the national average.
Key West at a Glance
- Population
- 25,824
- Median Income
- $78,532
- Home Value
- $816,300
- Median Rent
- $2,075/mo
- Unemployment
- 2.0%
- Sales Tax
- 7.0%
Nearby Cities
Explore county-level cost of living data
Florida Rankings
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