Key West, FL Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Key West, FL Summary

Cost of living in Key West 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 West 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 West is 145, with 100 being the average.

  • The cost of living index in Key West is 1.4x higher than the national average.

  • Key West ranks as the #446 cheapest in Florida out of 459.

  • Key West ranks as the #5,721 cheapest out of 6,412 in the US.

  • The median home value in Key West is $728,500.

  • The median income in Key West is $75,638.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
145
Key West's Overall Cost Of Living
1.4x
Higher Than The National Average

What is the cost of living in Key West, FL?

According to the most recent data on the cost of living, Key West has an overall cost of living index of 145, which is 1.4x higher than the national index of 100.

Compared to Florida, Key West has a cost of living index that's 1.4x higher than Florida's index of 101.

The standard of living in Key West ranks as #446 most affordable out of the 459 places we measured in Florida. By definition, that implies Key West ranks as the #13 most expensive place in the Sunshine State.

For more reading on life in Key West, check out:

446 out of 459
In Florida
5,721 out of 6,412
In America

Key West Cost Of Living Vs. Florida

Six factors go into calculating the cost of living index in Key West. Here is how it fairs on each of the criteria:

  • The Services index in Key West is 100.

  • The Groceries index in Key West is 116.

  • The Health index in Key West is 105.

  • The Housing index in Key West is 233.

  • The Transportation index in Key West is 108.

  • The Utilities index in Key West is 100.

Living Expense Key West Florida National Average
Overall 145 101 100
Services 100 98 100
Groceries 116 101 100
Health 105 96 100
Housing 233 108 100
Transportation 108 98 100
Utilities 100 100 100
For more reading on cost of living around Florida, check out:
Key West Cost of Living Vs. FL

Key West, FL Housing Cost Breakdown

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 West is $728,500.

  • The Median Rent in Key West is $1,941.

  • The Median Income in Key West is $75,638.

  • The Home Value To Income in Key West is 9.6x.

  • The Rent To Monthly Income in Key West is 0.31x.

Statistic Key West Florida United States
Median Home Value $728,500 $248,700 $244,900
Median Rent $1,941 $1,301 $1,163
Median Income $75,638 $61,777 $69,021
Home Value To Income 9.6x 4.0x 3.5x
Rent To Monthly Income 0.31x 0.25x 0.2x
Search Homes For Sale In Key West, FL
$728,500
Median Home Value
$1,941
Median Rent
$75,638
Median Income

Key West, FL Costs By Category

Detailed Key West Services Costs Vs. Florida

Item Key West Florida
Shampoo $1.11 $1.06
Movie $13.23 $10.68
Bowling $22.13 $14.67
Haircut $14.37 $18.62
Beauty Salon $70.0 $39.05

Detailed Key West Groceries Costs Vs. Florida

Item Key West Florida
Ground Beef $4.27 $4.22
Fried Chicken $1.73 $1.39
Milk $3.16 $2.05
Potatoes $3.86 $3.29
Pizza $9.1 $10.62
Beer $10.98 $9.38
Toothpaste $1.87 $2.34

Detailed Key West Health Costs Vs. Florida

Item Key West Florida
Optometrist $105.63 $108.57
Doctor $111.06 $116.17
Dentist $107.78 $99.13

Detailed Key West Transportation Costs Vs. Florida

Item Key West Florida
Gasoline $2.24 $2.22
Tire Balancing $60.69 $50.07

Detailed Key West Utilities Costs Vs. Florida

Item Key West Florida
All Electricity $162.18 $167.67
Phone $188.17 $175.64

Key West SnackAbility

8
/10
Overall SnackAbility
Jobs
8.5/10
Housing
10
Affordability
3
Diversity
9
Safety
5
Amenities
9
Education
8
Commute
10

Cost Of Living In Cities Around Key West

The cost of living varies in the cities and towns around Key West. Here's a quick look at the cost of living in the most populous nearby places:

  • Marathon, FL has a cost of living index of 126, 0.9x Key West.

City Population Cost Of Living Vs. Key West
Marathon, FL 9,622 126 0.9x

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