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These days, finding an affordable place to live in the Key West area can be challenging. Home prices in Key West are now at a median cost of $816,494, higher than the Florida average of $396,783.
The average cost of rent is $2,291/mo in Key West, primarily driven by the current value of real estate in the Key West area. In Key West, 50.03% of households rent, and 47.21% of homeowners own their homes outright.
Housing affordability isn’t just about home prices, though. The average household income in Key West is $7,663 per month. Households that rent pay about 29.89% of their income on rent here. Key West’s most expensive areas are in the southwestern regions, while the cheapest areas are in the eastern parts of the city.
Source: BestNeighborhood calculations from the U.S. Census Bureau, American Community Survey (ACS) 2020-2024 5-year estimates.
Nearby Cities
- Sugarloaf Shores, FL: equally priced homes
- Cudjoe Key, FL: higher priced homes
- Summerland Key, FL: equally priced homes
- Big Pine Key, FL: less expensive homes
- Rock Harbor, FL: less expensive homes
- Marathon, FL: less expensive homes
- Key Colony Beach, FL: higher priced homes
- Long Key, FL: less expensive homes
- Layton, FL: less expensive homes
- Plantation Key, FL: higher priced homes
Cities with Similar Populations
- Sylvania, OH: less expensive homes
- Greenfield, IN: less expensive homes
- Greenville, TX: less expensive homes
- Harker Heights, TX: less expensive homes
- Havertown, PA: less expensive homes
- Huntington Station, NY: less expensive homes
- La Porte, TX: less expensive homes
- Manchester, CT: less expensive homes
- Manhattan Beach, CA: higher priced homes
- Mattapan, MA: less expensive homes
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