| Index | Key West | Florida | National |
| Cost of living | 172 | 102 | 100 |
| Groceries | 100 | 102 | 100 |
| Health care | 103 | 104 | 100 |
| Housing | 329 | 97 | 100 |
| Transportation | 106 | 103 | 100 |
| Utilities | 114 | 110 | 100 |
| Lifestyle & Entertainment | 105 | 104 | 100 |
| Household Items | 100 | 102 | 100 |
| Education & Childcare | 110 | 106 | 100 |
The cost of living in Key West affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Key West is 172, which is 72% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Key West may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Key West falls within this bracket.
Housing costs are a very significant part of the Key West cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 229.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Locals have the inside scoop on their city. So, we polled 18 residents in Key West to learn how they view the cost of living. We asked how they felt about the cost of living in their area, and if they thought that prices were increasing, decreasing or staying the same. The verdict? 28% find it reasonable with decreasing prices, but 72% think it's quite pricey, with prices that continue to rise.
Is Key West an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Key West is 287.8% higher than the national average, while the average monthly rent prices are 92.7% higher than average. The affordability of any location can also be influenced by median income levels. Key West has a median household income of $108,276, which is 33.1% higher than the national average.
Healthcare: Healthcare costs and insurance premiums can fluctuate greatly based on the city or state. Access to healthcare facilities, out-of-pocket expenses for doctor\’s visits, dentist costs, medication costs and specialized care costs can all impact the cost of living. In Key West, the healthcare costs are 2.9% higher than the national average.
Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Key West, the housing index stands at 229.3% higher than the national average.
Subsidies: Certain cities or states may institute government subsidies or assistance programs designed to alleviate the financial burdens associated with the cost of living for their residents. These programs encompass a variety of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Areas that provide fewer subsidies may see an uptick in their overall cost of living.
The Key West cost of living data above is designed around a U.S. average baseline of 100, allowing for easy comparisons of relative living costs. Housing incorporates U.S. Census home price and rental data, while all other figures are AI-assisted estimates that account for regional price trends, climate, transportation dynamics, and common everyday expenses. These values are best used as directional city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $158,417 | $13,201 | $3,696 | $4,753 |
| Renters | $83,658 | $6,972 | $1,952 | $2,510 |
| State | General Sales Tax | With Max Surtax |
| Florida | 6% | 7.5% |
| State | Income Tax (Low) | Income Tax (High) |
| Florida | 0% | 0% |
| City | Population | Cost of Living Index | National Avg. |
| Stock Island, FL | 4,827 | 124 | 24.4% |
| Big Coppitt Key, FL | 2,712 | 143 | 43.0% |
| Key West, FL | 25,464 | 172 | 72.2% |
| City | Population | Cost of Living Index | National Avg. |
| Conway, SC | 25,463 | 96 | 4.0% |
| Wyandotte, MI | 25,473 | 90 | 10.1% |
| Elk River, MN | 25,478 | 108 | 8.0% |
| Hazleton, PA | 25,442 | 89 | 10.9% |
| Riverbank, CA | 25,441 | 131 | 31.0% |
| Key West, FL | 25,464 | 172 | 72.2% |
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