Cost of Living and Housing in Key West, Florida

Key West has about 25,720 residents. Median gross rent is $2,220 per month and median household income is $87,037.

Comparison scope: “dataset median” below means the median among 1,211 cities across 10 states in this dataset. It is not presented as a nationwide Census median. The figures use 2020-2024 ACS 5-Year estimates and may lag current listings.

Median Gross Rent $2,220/mo 34% above the dataset median

Median Home Value $852,400 128% above the dataset median

Median Household Income $87,037 4% above the dataset median

Owner-Occupied Homes 49% Share of occupied housing units

Rent-to-Income Baseline 31% Annual median rent ÷ household income

Home Value-to-Income 9.8x Median value ÷ household income

How Key West compares

Rent is 34% above the dataset median, while household income is 4% above the dataset median. Within Florida, Key West ranks #186 from lowest to highest rent and #63 from highest to lowest household income among 207 cities in this dataset.

The rent-to-income figure compares two citywide medians. It is useful for broad comparison, but it is not an individual household budget or a measure of renter cost burden.

Similar-size cities in Florida

Frequently asked questions

What is the median rent in Key West?

Median gross rent is $2,220 per month in the 2020-2024 ACS 5-Year estimates.

What is the median home value in Key West?

The median value of owner-occupied homes is $852,400 in the 2020-2024 ACS 5-Year estimates.

What is the median household income?

Median household income in Key West is $87,037 per year.

Source: U.S. Census Bureau, 2020-2024 ACS 5-Year Estimates. Local database refreshed 2026-07-11.