salaryRent here is among the highest 10% in the country. A typical house costs about 9.1 years of household income, so buying is hard for most locals. Commutes are short, about 14.8 minutes.
How much money do I need?
To rent here comfortably, you should earn about $127,680 a year. That is $61 an hour at a full-time job.
Is rent cheaper than other Florida cities?
No. Rent here is more expensive than in most of Florida. It is number 463 of 479 cities from cheapest to most expensive.
How much do households earn in Key West?
Share of households by yearly income. 36.2% of households earn $100,000 or more.
Rent by apartment size in Key West
| Size | Key West | U.S. average |
|---|---|---|
| Studio | $1,394 | $1,338 |
| 1 bedroom | $2,160 | $1,324 |
| 2 bedrooms | $2,573 | $1,509 |
| 3 bedrooms | $2,960 | $1,698 |
| 4 bedrooms | $2,680 | $2,098 |
Median monthly rent plus utilities for all renters, by number of bedrooms.
How expensive is Key West overall?
Everyday prices in Florida overall are 3% above the U.S. average (index 103.4, U.S. = 100).
Source: U.S. Bureau of Economic Analysis, Regional Price Parities 2024. City-level data is not published for Key West, so the Florida figure is shown.
Taxes and bills in Key West
Life in Key West
Is it cheaper to rent or buy in Key West?
Renting is cheaper right now: about $2,722 a month less.
Owning assumes a typical $852,400 home, 10% down, a 30-year loan at 6.5% and about 1.5% a year for taxes and insurance. You would also need $85,240 for the down payment.
Frequently asked questions
What is the average rent in Key West, FL?
Renting in Key West costs a median of about $3,192 a month in 2026, including utilities. The Florida median is $1,963.
How much do I need to make to live in Key West?
To keep rent under 30% of income, you need about $127,680 a year, or $61 an hour at a full-time job.
Is Key West cheap or expensive?
Key West is rated Expensive: rent takes 40.8% of the typical household income of $93,869. It ranks 463rd cheapest of 479 Florida cities we track.
How much are property taxes in Key West?
The median homeowner in Key West pays $4,442 a year in property taxes, about 0.52% of the median home value.
Is Key West more expensive than the national average?
Overall prices in Florida are 3% above the U.S. average, according to the U.S. Bureau of Economic Analysis.
How much does a house cost in Key West?
The median home value in Key West is $852,400, about 9.1 times the typical yearly household income.
25,720 people live in Key West. Numbers are typical (middle) values.