F
160%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
524%
Housing NAT. AVG.
Search Homes for Sale
Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Key Biscayne Florida National
Cost of living26098100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing62496100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Key Biscayne, FL

Getting a feel for the cost of living in Key Biscayne is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Key Biscayne is 260, which is 160% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

The cost of living in Key Biscayne is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Key Biscayne falls into this category, which may not be suitable for those seeking an economically favorable living environment.

When it comes to the cost of living in Key Biscayne, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 523.7% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.

Is Key Biscayne Affordable?

Is Key Biscayne affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Key Biscayne, for instance, where the median home price falls 674.3% higher than the national average, and monthly rent rates are 172.3% higher than usual. Additionally, median income levels contribute to the equation, with Key Biscayne flaunting a median household income of $166,667, 201.3% higher than the national norm.

What Factors can Influence the Cost of Living in Key Biscayne?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Key Biscayne, the housing index is 523.7% higher than the national average.

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Key Biscayne, the transportation index is 2.6% higher than the national average.

Where is the Data From?

The Key Biscayne cost of living data you see above is sourced from the C2ER cost of living index, providing a practical and accurate means of comparing living expenses in urban areas. Updated quarterly, this index gathers data from over 300 independent researchers, covering more than 60 goods and services, in 6 different categories. These selections are made meticulously to represent a wide range of consumer expenditure categories. The weightings applied to cost differences are based on government survey data that tracks spending patterns among professional and executive households. It's important to note that while the C2ER index excludes data on sales or income tax rates, AreaVibes factors tax rates into the overall cost of living score for each region.

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Cost Of Living Quick Facts

  • The cost of living in Key Biscayne is 166% higher than the Florida average
  • The cost of living in Key Biscayne is 160% higher than the national average
  • Key Biscayne housing is 524% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Key Biscayne

See all the best places to live around Key Biscayne

Compare Key Biscayne, FL Cost of Living

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      Salary Calculator

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      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$198,036$16,503$4,621$5,942
      Renters$95,580$7,965$2,230$2,868
      The affordability of the housing market in Key Biscayne, FL as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Key Biscayne homeowners, the median income is $198,036. This indicates that a monthly maximum of $4,621 should be spent by homeowners on all housing related costs. Renters have a median income of $95,580. This indicates that renters would have a maximum of $2,230 for their rent related monthly costs.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Key Biscayne National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Key Biscayne National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Key Biscayne National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Key Biscayne National avg. Difference
      Home Price $1,430,100.00$184,700.00674.3%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $2,584.00$949.00172.3%

      Transportation

      Item Key Biscayne National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Key Biscayne National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Homestead Base, FL7251044.2%
      Medley, FL1,0538712.6%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      Key Biscayne, FL12,867260160.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      South Sioux City, NE12,8678613.9%
      Kingston, PA12,859927.7%
      Willow Grove, PA12,88111515.4%
      Edgewater, NJ12,89017676.3%
      Glendale, WI12,8901065.9%
      Key Biscayne, FL12,867260160.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.