Cost of living in Key Biscayne research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Key Biscayne is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Florida, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Key Biscayne is 215, with 100 being the average.
The cost of living index in Key Biscayne is 2.1x higher than the national average.
Key Biscayne ranks as the #459 cheapest in Florida out of 459.
Key Biscayne ranks as the #6,343 cheapest out of 6,412 in the US.
The median home value in Key Biscayne is $1,246,700.
The median income in Key Biscayne is $167,990.
According to the most recent data on the cost of living, Key Biscayne has an overall cost of living index of 215, which is 2.1x higher than the national index of 100.
Compared to Florida, Key Biscayne has a cost of living index that's 2.1x higher than Florida's index of 101.
The standard of living in Key Biscayne ranks as #459 most affordable out of the 459 places we measured in Florida. By definition, that implies Key Biscayne ranks as the #0 most expensive place in the Sunshine State.
For more reading on life in Key Biscayne, check out:
Six factors go into calculating the cost of living index in Key Biscayne. Here is how it fairs on each of the criteria:
The Services index in Key Biscayne is 102.
The Groceries index in Key Biscayne is 119.
The Health index in Key Biscayne is 104.
The Housing index in Key Biscayne is 474.
The Transportation index in Key Biscayne is 110.
The Utilities index in Key Biscayne is 101.
|Living Expense||Key Biscayne||Florida||National Average|
Housing swings affordability the most between places in Florida, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Key Biscayne is $1,246,700.
The Median Rent in Key Biscayne is $2,697.
The Median Income in Key Biscayne is $167,990.
The Home Value To Income in Key Biscayne is 7.4x.
The Rent To Monthly Income in Key Biscayne is 0.19x.
|Statistic||Key Biscayne||Florida||United States|
|Median Home Value||$1,246,700||$248,700||$244,900|
|Home Value To Income||7.4x||4.0x||3.5x|
|Rent To Monthly Income||0.19x||0.25x||0.2x|
The cost of living varies in the cities and towns around Key Biscayne. Here's a quick look at the cost of living in the most populous nearby places:
Miami, FL has a cost of living index of 111, 0.5x Key Biscayne.
Miami Beach, FL has a cost of living index of 132, 0.6x Key Biscayne.
Tamiami, FL has a cost of living index of 116, 0.5x Key Biscayne.
|City||Population||Cost Of Living||Vs. Key Biscayne|
|Miami Beach, FL||83,469||132||0.6x|
|Kendale Lakes, FL||53,392||108||0.5x|
|Coral Gables, FL||49,269||164||0.8x|
|Richmond West, FL||37,626||117||0.5x|
|Miami Lakes, FL||30,582||125||0.6x|
|Coral Terrace, FL||25,869||117||0.5x|
|The Crossings, FL||22,382||116||0.5x|
|Country Walk, FL||18,627||122||0.6x|