In Key West, a typical home is worth $852,400 and typical rent is $2,220 a month. Compared with all of Monroe County, typical rent is 11% higher, the typical home value is 9% higher, and the share of households that own their home is 17 points lower.
Typical home value from Zillow, September 2021 to September 2026: from $814,507 to $1,016,112.
Typical rent
$3,563a month
▼ 9.8% less than 12 months ago
Typical rent from Zillow, December 2024 to September 2026: from $3,818 to $3,563.
From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).
Key West is in Monroe County. The FHA loan limit ($990,150 for a one-unit home), the fair market rents and the help on this page are those of all of Monroe County. See the county
What this place has that others do not, from public data, most unusual first.
1
Nearby, in Florida City, the typical home value is $399,200: 53% less than in Key West ($852,400).
2
Key West has the 18th highest typical home value of the 480 cities in Florida with more than 5,000 people ($852,400).
3
Nearby, in Florida City, the typical rent is $1,362: 39% less than in Key West ($2,220).
4
49% of households in Key West own their home, against 66% in Monroe County.
5
Key West has the 43rd highest typical rent of the 471 cities in Florida with more than 5,000 people ($2,220).
Sources: U.S. Census Bureau (Average 2020–2024).
The homes here
Housing in Key West
What homes there are in Key West, what they cost, how that changed and how people live, from Census figures (2020–2024).
What homes there are
U.S. Census Bureau, ACS 5-year, 2020–2024
Kind of home
Detached houseAttached houseBuilding of 2 to 4Apartments (5 or more)Mobile homeBoat, RV and otherUnreliable estimate
Key West
Monroe County
Florida
United States
Kind of home: Key West and its comparisons
Measure
Key West
Monroe County
Florida
United States
Detached house
42%
58%
55%
61%
Attached house
12%
7%
7%
6%
Building of 2 to 4
18%
10%
6%
8%
Apartments (5 or more)
25%
16%
25%
19%
Mobile home
Unreliable estimate
8%
8%
6%
Boat, RV and other
Unreliable estimate
1%
0%
0%
No kind of home is the majority in Key West; the largest group, detached houses, adds up to 42%, less than in Monroe County (58%).
Year built
Before 19601960–19791980–19992000–20092010 or later
Key West
Monroe County
Florida
United States
Year built: Key West and its comparisons
Measure
Key West
Monroe County
Florida
United States
Before 1960
39%
15%
10%
26%
1960–1979
26%
31%
24%
24%
1980–1999
23%
35%
34%
25%
2000–2009
8%
9%
18%
14%
2010 or later
4%
11%
14%
11%
Homes in Key West are older: the typical year built is 1968; in Monroe County, 1982.
What it costs here
U.S. Census Bureau, ACS 5-year, 2020–2024
Value of owner-occupied homes
Unreliable estimate
Under $100KUnreliable
$100K–$200KUnreliable
$200K–$300KUnreliable
$300K–$500K10%
$500K–$750K26%
$750K–$1M24%
$1M or more36%
Value of owner-occupied homes: Key West and its comparisons
Measure
Key West
Under $100K
Unreliable estimate
$100K–$200K
Unreliable estimate
$200K–$300K
Unreliable estimate
$300K–$500K
10%
$500K–$750K
26%
$750K–$1M
24%
$1M or more
36%
Monthly rent with utilities
Under the limitOver the limit
Under $5006%
$500–$9998%
$1,000–$1,49911%
$1,500–$1,99919%
$2,000–$2,49913%
HUD fair market rent, 2 bedrooms: $2,254
$2,500–$2,99917%
$3,000 or more26%
Monthly rent with utilities: Key West and its comparisons
Measure
Key West
Under $500
6%
$500–$999
8%
$1,000–$1,499
11%
$1,500–$1,999
19%
$2,000–$2,499
13%
$2,500–$2,999
17%
$3,000 or more
26%
Measured against HUD's 2-bedroom fair market rent ($2,254), about 51% of rented homes in Key West cost less.
With a mortgage
$3,605 a month
Monroe County: $3,241 a month
Without a mortgage
$977 a month
Monroe County: $884 a month
Owners with a mortgage
50%
Monroe County: 46%
In Key West, 50% of owners have a mortgage, and their typical cost is $3,605 a month, against $3,241 in Monroe County. Without one it drops to $977.
How it changed
U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024
Change since 2015–2019
Typical home value
Key West+39%
Monroe County+58%
Florida+67%
United States+53%
Typical rent
Key West+22%
Monroe County+23%
Florida+42%
United States+33%
Typical household income
Key West+25%
Monroe County+25%
Florida+34%
United States+29%
Change since 2015–2019: Key West and its comparisons
Measure
Key West
Monroe County
Florida
United States
Typical home value
+39%
+58%
+67%
+53%
Typical rent
+22%
+23%
+42%
+33%
Typical household income
+25%
+25%
+34%
+29%
Homes in Key West gained value more slowly than in Monroe County: 39% since 2015–2019, against 58%.
The typical rent in Key West rose 22% since 2015–2019, about the same as in Monroe County (23%).
The typical household income in Key West rose 25% over that time; home values changed +39% and rent +22%.
How people live
U.S. Census Bureau, ACS 5-year, 2020–2024
How people live: Key West and its comparisons
Measure
Key West
Monroe County
Florida
United States
Rental vacancy
13.1%
19.6%
7.6%
5.5%
Homeowner vacancy
Unreliable estimate
2.1%
1.4%
0.9%
More than one person per room
3.7%
4.6%
3.3%
3.4%
People per household
2.28
2.33
2.51
2.53
Drive alone
58%
64%
70%
69%
Carpool
7%
9%
9%
9%
Public transit
Unreliable estimate
Unreliable estimate
1%
3%
Walk or bike
14%
9%
2%
3%
Work from home
12%
13%
16%
15%
Other means
7%
4%
2%
2%
Typical commute
10 to 19 minutes
10 to 19 minutes
20 to 29 minutes
20 to 29 minutes
The rental vacancy rate in Key West is 13.1%, lower than in Monroe County (19.6%).
More than one person per room: that is how 3.7% of households in Key West live, near the figure in Monroe County (4.6%).
Much as in Monroe County, a household in Key West has 2.28 people on average.
Many here get to work on foot or by bike: 14%, more than in Monroe County (9%).
Do the math
What would you pay each month for a home in Key West?
A typical home costs more than the typical income allows
We start with a typical home in Key West, worth $852,400, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 93% of the typical household income in Key West, which is $87,037 a year. For that payment to be 28% of income, a household would need to earn about $290,203 a year.
The calculator's FHA and conventional loan limits are those of all of Monroe County.
Change the price, the down payment or the loan: the payment updates right away.
Your numbers
Local data
$
Starts at the typical home value in Key West. Change it to the price you have in mind.
Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.
Down payment
%
That is $29,834 (3.5% of the price). The usual minimum for this loan is 3.5%.
This week's average ± a quarter or half point.
National average as of November 5, 2026 (Freddie Mac); your rate may be different.
Adjust advanced details⌄
Estimated monthly payment
Local data
$6,771
at 7.18% · 30 years
Loan amount
$836,961
Total interest
$1,204,190
Paid off in
November 2056
Includes $14,395 FHA upfront mortgage insurance premium.
Does it fit the income?
Comfortable
up to $2,031 a month
Tight
$2,031 to $2,611 a month
Hard
more than $2,611 a month
Your payment · 93%
Compared with the typical household income in Key West ($87,037 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.
Monthly payment breakdown
Principal & interest
$5,670
Property tax
$369
Home insurance
$355
FHA mortgage insurance (MIP)
$377
You need at least $29,834 for the down payment, plus closing costs.
This is an estimate to give you an idea, not a loan offer. Your real payment depends on your rate, your credit, and the insurance and taxes on the home you buy.
Total monthly payment $6,771; principal and interest $5,670.
The city and its county
Key West and Monroe County
Key West is in Monroe County, Florida. The U.S. Census Bureau publishes its own numbers for the city: home values, rent, household income, how many households own their home and the property tax. They are American Community Survey estimates (average 2020–2024).
Map of Monroe County, Florida, with Key West marked. Around it, the neighboring counties.
Monroe County
Key West's own numbers
Typical home value
$852,400
Typical monthly rent
$2,220
Typical yearly household income
$87,037
Households that own their home
49%
Effective property tax rate
0.52%
U.S. Census Bureau, American Community Survey (average 2020–2024).
Numbers for all of Monroe County
FHA limit, one-unit home
$990,150
Conventional limit, one unit
$990,150
HUD fair market rent, 2 bedrooms
$2,254
Price change over 5 years (FHFA)
+61%
Homes in a high flood-risk zone
89%
HUD, FHFA and FEMA don't publish these numbers by city.
Other numbers are not published by city, only for the whole county: FHA and conventional loan limits, HUD’s fair market rents, FHFA’s price index and FEMA’s flood data. On this page, those numbers always say they are for all of Monroe County.
A typical home in Key West is worth $852,400: 9% above the county and 137% above Florida. With the typical household income in Key West ($87,037 a year), a typical home costs 9.8 times what the household earns in a year.
Years of income to pay for a typical home
The typical home value divided by the typical household income for one year. The lower it is, the less buying weighs.
Key West9.8 years
Monroe8.9 years
Florida4.8 years
United States4.1 years
Source: U.S. Census Bureau, Average 2020–2024
How prices have changed in Monroe County
According to FHFA’s house price index, home prices in Monroe County rose 118% in the 10 years through 2025.
FHFA does not publish this index by city: these are the numbers for all of Monroe County.
Yearly change in FHFA’s price index in Monroe County, 2016 to 2025
2016: +12.3% +12.3% 2016
2017: +4.2% +4.2% 2017
2018: +5.3% +5.3% 2018
2019: +6.0% +6.0% 2019
2020: +3.8% +3.8% 2020
2021: +14.5% +14.5% 2021
2022: +24.4% +24.4% 2022
2023: +8.3% +8.3% 2023
2024: +2.2% +2.2% 2024
2025: +2.1% +2.1% 2025
Change in FHFA’s price index in Monroe County, Florida and the United States
Period
County
Florida
U.S.
Last year (2025)
+2.1%
−0.5%
+2.9%
5 years (2020–2025)
+61%
+60%
+47%
10 years (2015–2025)
+118%
+127%
+85%
The index follows the price of the same homes over time (sales and appraisals with Fannie Mae and Freddie Mac loans). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data
Key West next to Monroe County, Florida and the U.S.
Three numbers side by side. “Typical” means the median: half are above it and half below.
Typical home value
Key West$852,400
Monroe$780,600
Florida$359,000
United States$332,700
Typical monthly rent
Key West$2,220
Monroe$1,999
Florida$1,669
United States$1,413
Typical yearly household income
Key West$87,037
Monroe$87,738
Florida$74,568
United States$80,734
See the full table
Key West next to Monroe County and Florida
Measure
Key West
Monroe County
Florida
U.S.
Typical home value
$852,400 ▲9% above the county
$780,600
$359,000
$332,700
Typical monthly rent
$2,220 ▲11% above the county
$1,999
$1,669
$1,413
Typical yearly household income
$87,037
$87,738
$74,568
$80,734
Households that own their home
49% ▼17 points below the county
66%
68%
65%
Typical yearly property tax
$4,442 ▲8% above the county
$4,129
$2,730
$3,119
Effective property tax rate
0.52% ▼0.01 points below the county
0.53%
0.76%
0.94%
Renters with high rent for their income
62% ▼3 points below the county
64%
60%
51%
“Typical” means the median: half are above and half are below. ▲ and ▼ say whether the city is above or below Monroe County. “High rent” is the Census measure: renter households that pay 30% or more of their income in rent.
Four ways to pay for a typical home in Key West
For a typical $852,400 home in Key West, at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, Key West's typical property tax, an example home insurance and mortgage insurance when it applies.
FHA, 3.5% down$6,771a month
Least cash to close
Down payment
$29,834
Cash to close
$55,406
Rate
7.18%
Mortgage insurance
FHA MIP · $377
Conventional, 5% down$6,615a month
Down payment
$42,620
Cash to close
$68,192
Rate
7.18%
Mortgage insurance
PMI · $405
Conventional, 20% down, no PMI$5,344a month
Down payment
$170,480
Cash to close
$196,052
Rate
7.18%
Mortgage insurance
None
ITIN, 15% down (example)$6,132a month
Down payment
$127,860
Cash to close
$153,432
Rate
8.18%
Mortgage insurance
None
Four ways to pay for a typical home in Key West
Loan
Monthly payment
Down payment
Loan amount
Rate
Mortgage insurance
Cash to close
Minimum score
FHA, 3.5% down Least cash to close
$6,771
$29,834
$836,961
7.18%
FHA MIP · $377
$55,406
580
Conventional, 5% down
$6,615
$42,620
$809,780
7.18%
PMI · $405
$68,192
620*
Conventional, 20% down, no PMI
$5,344
$170,480
$681,920
7.18%
None
$196,052
620*
ITIN, 15% down (example)
$6,132
$127,860
$724,540
8.18%
None
$153,432
Set by the lender
The option that asks for the least cash to close is FHA, 3.5% down.
Cash to close = down payment plus 3% of the price in closing costs (example).
Minimum score: FHA requires 580 or higher for the minimum down payment (HUD Handbook 4000.1). * Fannie Mae requires 620 when a loan is underwritten by hand; its automated system has no fixed minimum.
The ITIN row is an example with a rate 1 percentage point higher: ITIN loans follow no federal rule and each lender sets its own down payment and rate. Nothing in this table promises an approval.
Typical rent in Key West is $2,220 a month: 11% above the county. In Key West, 62% of renter households pay 30% or more of their income in rent.
HUD publishes a fair market rent for all of Monroe County, by unit size. To pay the 2-bedroom one ($2,254 a month) without spending more than 30% of your income, you would need to earn $43.35 an hour working full time.
What you need to earn to pay it without spending more than 30% of income, working full time.
HUD fair market rent in Monroe County (Fiscal year 2027)
Size
Fair rent a month
Hourly wage
Yearly income
Studio
$1,554
$29.88
$62,160
1 bedroom
$1,990
$38.27
$79,600
2 bedrooms
$2,254
$43.35
$90,160
3 bedrooms
$2,973
$57.17
$118,920
4 bedrooms
$2,984
$57.38
$119,360
Includes basic utilities. It isn't the lowest or highest rent: it's a reference point. Source: HUD, Fiscal year 2027
By ZIP code
Fair market rent by ZIP code in Key West
HUD also publishes a fair market rent for each ZIP code (Small Area FMR, fiscal year 2027). Key West is in ZIP code 33040.
For 2 bedrooms it is $2,520: $266 more than the fair market rent for Monroe County ($2,254).
Fair market rent by ZIP code and size in Key West, fiscal year 2027.
ZIP code
Studio
1 bd
2 bd
3 bd
4 bd
33040
$1,740
$2,230
$2,520
$3,330
$3,340
ZIP code2 bd3 bd
33040 $2,520$3,330
1 of these ZIP codes crosses the city line: HUD sets the rent by ZIP code, not by city. A ZIP code counts for Key West when at least 50% of its land is inside the city or it covers at least 15% of the city (Census 2020 boundaries). Source: Small Area Fair Market Rents (HUD)Fiscal year 2027Small Area Fair Market Rents (HUD) (external site)Source: Census Bureau ZCTA-to-place relationship fileData from 2020 dataCensus Bureau ZCTA-to-place relationship file (external site)
HUD lists 14 buildings with rents for lower incomes in Key West. These are the largest.
Lang Milian Apartments1200 1st St, Key West 33040390 homes, 389 low-income · Run by Housing Authority of the City of Key West · Average payment: $870 a month · Average wait: 20 months(305) 296-5621
Senior Citizen Plaza1400 Kennedy Dr, Key West 33040200 homes, 199 low-income · Run by Housing Authority of the City of Key West · Average payment: $518 a month · Average wait: 24 months(305) 296-5621
Cayo del Mar5501 3rd Ave, Key West 33040130 low-income homes · 1 bd: 8 · 2 bd: 89 · 3 bd: 33 · In service since 2005 · For families(305) 294-6366
Quarry II10 Betty Rose Dr, Key West 33040112 low-income homes · 1 bd: 28 · 2 bd: 72 · 3 bd: 12 · In service since 2019
Meridian West6701 Shrimp Rd, Key West 33040102 low-income homes · 1 bd: 17 · 2 bd: 68 · 3 bd: 17 · In service since 2004
You do not have to do this alone. A HUD-approved housing counseling agency helps for free or at low cost: getting ready to buy, understanding your credit, or solving a problem with your rent.
We found no HUD-approved agencies with an office in Monroe County. The nearest ones are below; many serve by phone or online.
No down payment, repair or rent-help program on our list is for Key West or Monroe County. The ones below are statewide in Florida: they work in Key West the same as in the rest of the state.
Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance.Offered by Florida Housing Finance Corporation.
No legal help resource on our list is for Key West or Monroe County in particular.
If you have a problem with your landlord, an eviction notice or a scam, the Legal Services Corporation (LSC) search shows the free legal aid offices that serve your area.
Short answers with the numbers for Key West and all of Monroe County. If your case is different, a HUD-approved counseling agency can guide you for free or at low cost.
How much does a typical home cost in Key West?
The typical home value in Key West is $852,400, according to the U.S. Census Bureau (average 2020–2024). For comparison, in Monroe County it is $780,600.
How much does it cost to rent in Key West?
Typical rent in Key West is $2,220 a month, according to the U.S. Census Bureau. HUD’s fair market rent for 2 bedrooms in Monroe County is $2,254.
What is the FHA loan limit in Key West?
Key West uses the FHA limit for all of Monroe County (2026): $990,150 for a one-unit home and $1,904,150 for a four-unit home.
How much property tax do owners pay in Key West?
The typical homeowner in Key West pays $4,442 a year, according to the U.S. Census Bureau. That is 0.52% of the home’s value; in Monroe County, the rate is 0.53%.
Where can I find free help to buy or rent in Key West?
We found no HUD-approved counseling agencies with an office in Monroe County; the nearest ones are on this page. They can help you get ready to buy, with your credit, or with rent.
