Cost of Living in Key Largo, FL

With a cost of living index of 145, Key Largo, FL is one of the most expensive cities in the United States. Living here is 45% more expensive than the national average and 34% above the Florida state average of 110. Key Largo is a smaller community of 12,069 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Key Largo's cost of living. The median monthly rent is $1,889 (43% above the US median of $1,319), and the median home value sits at $626,300 (105% above the national median of $304,900). At current prices, the median home costs roughly 7.9x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Key Largo is $78,906, which is 5% higher than the national median of $75,149. Residents spend roughly 29% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Key Largo. The area sees an average annual temperature of 76.2°F, with summers averaging 83°F and winters around 68°F. Annual rainfall totals 56.1 inches spread over roughly 149 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.