Key West, FL vs Lake Park, FL

The cost of living difference between Key West, FL and Lake Park, FL is dramatic. Lake Park is 49% cheaper than Key West, a gap that translates to thousands of dollars per year in household expenses. Key West has a cost index of 166 while Lake Park sits at 111, making this one of the more striking comparisons on our site. Relocating between these cities would require a serious reassessment of budget and lifestyle expectations.

On the housing front, median rent in Key West is $2,075/month compared to $1,396/month in Lake Park — a 49% difference. Home values follow the same pattern: Lake Park is more affordable at $361,700 median vs $816,300.

Median household income in Key West is $78,532 compared to $69,274 in Lake Park (+13.4%). Key West does offer higher incomes, but the salary premium barely offsets the higher cost of living, leaving residents with a tighter budget. Looking at affordability, residents of Key West spend roughly 31.7% of their income on rent, more than the 24.2% in Lake Park. The Lake Park ratio exceeds the commonly recommended 30% threshold, which can put pressure on household budgets.

Climate-wise, Key West is notably warmer with an average of 78.9°F compared to 75.8°F in Lake Park. Lake Park receives more rainfall at 61.7" per year compared to 40.4" in Key West.