Cost of Living in Key West, FL

With a cost of living index of 166, Key West, FL is one of the most expensive cities in the United States. Living here is 66% more expensive than the national average and 56% above the Florida state average of 110. With a population of 25,824, Key West is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in Key West's cost of living. The median monthly rent is $2,075 (57% above the US median of $1,319), and the median home value sits at $816,300 (168% above the national median of $304,900). At current prices, the median home costs roughly 10.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Key West is $78,532, which is 5% higher than the national median of $75,149. Residents spend roughly 32% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to Key West. The area sees an average annual temperature of 78.9°F, with summers averaging 85°F and winters around 72°F. Annual rainfall totals 40.4 inches spread over roughly 107 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.