Key West, FL

Very High · 184

Florida · Population 25,824 · Updated March 2026

$2,075
Median Rent / Month
$78,532
Median Income
$816,300
Median Home Value
$1,991
Owner Costs / Month

Affordability

How far your income goes in Key West

31.7%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$24,900
Annual Rent
$0
State Income Tax
$7,020
Property Tax (est.)

Cost of Living Overview

Key West has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 184 (where 100 equals the national median), Key West residents can expect to pay median rent of $2,075/month while earning a median household income of $78,532/year.

The median home value in Key West, FL is $816,300, with typical monthly owner costs around $1,991 including mortgage, insurance, and taxes. At 31.7% rent-to-income ratio, residents of Key West are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Key West.

Frequently Asked Questions

Common questions about living costs in Key West

What is the cost of living in Key West, FL?
The cost of living index in Key West, FL is 184 (US average = 100). Median monthly rent is $2,075, median household income is $78,532/year, and the median home value is $816,300.
Is Key West, FL affordable?
No, Key West is more expensive than the national average with a cost index of 184. The rent-to-income ratio is 31.7%—above the 30%% affordability threshold.
What is the average rent in Key West, FL?
The median gross rent in Key West, FL is $2,075 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $24,900.
What is the median household income in Key West?
The median household income in Key West, FL is $78,532 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.