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County in Florida

Monroe County, Florida

Monroe County, in Florida, has 81,860 residents: No. 39 of 67 by population. Monroe County has an FHA limit of $990,150 for one-unit homes. The typical home value here is $780,600. HUD's Fair Market Rent for a 2-bedroom apartment is $2,254 a month; to pay it without spending more than 30% of your income, you need to earn about $43.35 an hour.

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  • Typical home price

    $780,600

    +117% vs. Florida +135% vs. U.S.

    Half of owner-occupied homes are worth more and half are worth less.

    • Monroe
    • Florida
    • United States

    Source: U.S. Census Bureau, Average 2020–2024

  • Fair market rent, 2 bedrooms

    $2,254 a month

    +15% vs. Florida +29% vs. U.S.

    HUD's reference rent for a two-bedroom apartment, with basic utilities.

    • Monroe
    • Florida
    • United States

    Source: HUD, Fiscal year 2027

  • FHA limit 2026, 1 unit

    $990,150

    FHA high-cost area

    The most you can borrow with an FHA loan for a one-unit home here.

    • Monroe
    • Floor
    • Ceiling

    Source: HUD, 2026 data

  • Property tax

    0.53% of value per year

    −30% vs. Florida −44% vs. U.S.

    $4,129 a year for the typical owner

    • Monroe
    • Florida
    • United States

    Source: U.S. Census Bureau, Average 2020–2024

Market now, with Zillow data

Zillow data
Typical home value
$962,885
1.9% more than 12 months ago
Typical rent
$3,671 a month
about the same as 12 months ago

From Zillow (ZHVI/ZORI), September 2026. The Census figures above are 5-year averages (2020–2024).

Data from October 2026

In short

What is housing like in Monroe County today?

The monthly payment on a typical home with FHA would be about $6,208, that is, 85% of the typical household income in Monroe County. For that payment to be 28% of income, a household would need to earn about $266,038 a year; the typical income here is $87,738. Homes here are worth 117% more than the average across Florida. The typical property tax is $4,129 a year (about 0.53% of home value), higher than in Florida. This is a high-cost area for FHA: the limit is above the national floor.

Renting is a stretch: 64% of renters put 30% or more of their income toward housing.

Sources: U.S. Census Bureau (Average 2020–2024); HUD (2026 data).

Only here

What sets Monroe County apart

  1. Monroe County has the highest typical rent of the 67 counties in Florida: $1,999.

  2. Of the 67 counties in Florida, Monroe County has the highest typical home value: $780,600.

  3. 89% of homes in Monroe County (34,033) are in FEMA's high-risk flood zone, and only 61% of those carry NFIP flood insurance.

  4. Monroe County has the highest typical rent in its area: $1,999, more than any of its 6 neighboring counties; next is Palm Beach County ($1,916).

  5. Monroe County has the highest typical home value in its area: $780,600, more than any of its 6 neighboring counties; next is Collier County ($540,700).

  6. Monroe County has the 4th largest share of rent-burdened renters of the 66 counties in Florida with this figure (64%).

Sources: U.S. Census Bureau (Average 2020–2024); FEMA (As of August 3, 2026).

The homes here

Housing in Monroe County

What homes there are in Monroe County, 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

The detached house rules in Monroe County: 58% of homes, more than in Florida (55%).

Year built

Homes in Monroe County are older: the typical year built is 1982; in Florida, 1988.

There are fewer big homes in Monroe County than in Florida: 46% have 3 bedrooms or more, against 56%.

All homes, occupied or empty. A figure the Census cannot measure precisely enough here is not shown.

Census tables: B25024, B25034, B25035, B25041

What it costs here

U.S. Census Bureau, ACS 5-year, 2020–2024

Value of owner-occupied homes

The FHA loan limit for this county is $990,150, and about 67% of owner-occupied homes in Monroe County are worth less than that.

Monthly rent with utilities

Measured against HUD's 2-bedroom fair market rent ($2,254), about 59% of rented homes in Monroe County cost less.

With a mortgage

$3,241 a month

Florida: $1,959 a month

Without a mortgage

$884 a month

Florida: $673 a month

Owners with a mortgage

46%

Florida: 56%

Owning costs more in Monroe County: with a mortgage, the typical cost is $3,241 a month; in Florida, $1,959. Without one, $884.

Value: what owners think their home is worth. Rent: rent plus utilities, for homes of every size. The FHA limit is the most an FHA loan (Federal Housing Administration) lends for a one-unit home; the fair market rent (FMR) is the one HUD uses for housing vouchers.

Census tables: B25075, B25063, B25088, B25081

How it changed

U.S. Census Bureau, ACS 5-year, 2015–2019 and 2020–2024

Change since 2015–2019

From 2015–2019 to 2020–2024, the typical home value in Monroe County rose 58%; in Florida, it rose 67%.

Since 2015–2019, the typical rent in Monroe County rose 23%, less than in Florida (42%).

To compare: typical income in Monroe County rose 25%; the home, +58%; the rent, +23%.

Change between two 5-year periods that do not overlap, in each period's dollars, not adjusted for inflation.

Census tables: B25077, B25064, B19013

How people live

U.S. Census Bureau, ACS 5-year, 2020–2024

MeasureMonroe CountyFloridaUnited States
Rental vacancy 19.6%7.6%5.5%
Homeowner vacancy 2.1%1.4%0.9%
More than one person per room 4.6%3.3%3.4%
People per household 2.332.512.53
Drive alone 64%70%69%
Carpool 9%9%9%
Public transit Unreliable estimate1%3%
Walk or bike 9%2%3%
Work from home 13%16%15%
Other means 4%2%2%
Typical commute 10 to 19 minutes20 to 29 minutes20 to 29 minutes

There is more rental housing open in Monroe County: 19.6% is empty and offered for rent, against 7.6% in Florida.

In Monroe County, 4.6% of households live with more than one person per room, against 3.3% in Florida.

Households in Monroe County are smaller: 2.33 people on average; in Florida, 2.51.

In Monroe County, 9% of workers walk or bike to work; in Florida, 2%.

Vacancy: empty homes offered for rent or for sale. Rooms: every room in the home, not only bedrooms. Commute: the minute range of the typical worker.

Census tables: B25004, B25003, B25014, B25010, B08301, B08303

Do the math

What would you pay each month in Monroe County?

A typical home costs more than the typical income allows

We start with a typical home of $780,600, an FHA loan with 3.5% down and the latest average rate (7.18%). That payment would take 85% of the typical household income here, which is $87,738 a year. For that payment to be 28% of income, a household would need to earn about $266,038 a year.

Your numbers

Local data
$

Starts at the typical home value in Monroe County. Change it to the price you have in mind.

Loan type
Your credit score

Your score changes which loans apply and FHA's minimum down payment. Your real rate also depends on your credit.

Down payment
%

That is $27,321 (3.5% of the price). The usual minimum for this loan is 3.5%.

This week's average ± a quarter or half point.

Term

National average as of November 5, 2026 (Freddie Mac); your rate may be different.

Adjust advanced details

Estimated monthly payment

Local data

$6,208

at 7.18% · 30 years

Loan amount
$766,461
Total interest
$1,102,758
Paid off in
November 2056

Includes $13,182 FHA upfront mortgage insurance premium.

Does it fit the income?

  • Comfortable

    up to $2,047 a month

  • Tight

    $2,047 to $2,632 a month

  • Hard

    more than $2,632 a month

    Your payment · 85%

Compared with the typical household income in Monroe County ($87,738 a year). Reference: HUD calls paying more than 30% of income for housing a cost burden.

Show the result as
per month$6,208
Principal & interest$5,192
Property tax$345
Home insurance$325
FHA mortgage insurance (MIP)$345

You need at least $27,321 for the down payment, plus closing costs.

Next step

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.

Buying a home

Buying a home in Monroe County

Here you'll see how prices have changed, how Monroe County compares with Florida and the country, and what you'd pay each month with four kinds of loans.

How have home prices changed?

According to the FHFA House Price Index, home prices in Monroe County rose 118% in the 10 years through 2025. FHFA's index follows the price of the same homes over the years.

Period Here Florida United States
In 2025 +2.1% −0.5% +2.9%
5 years (2020–2025) +61% +60% +47%
10 years (2015–2025) +118% +127% +85%
See each year's change

The index follows the prices of the same homes over time (sales and appraisals on loans bought or guaranteed by Fannie Mae and Freddie Mac). It is not the average price of a home. FHFA considers its annual county indexes experimental. Source: FHFA, 2025 data

Monroe County compared with Florida and the United States

Home value, rent and household income, side by side. "Typical" is the median: half are above it and half below.

Typical home value
  • Monroe $780,600
  • Florida $359,000
  • United States $332,700
Typical rent a month
  • Monroe $1,999
  • Florida $1,669
  • United States $1,413
Typical household income a year
  • Monroe $87,738
  • Florida $74,568
  • United States $80,734
See the full table
Monroe compared with Florida and the United States
MeasureHereFloridaU.S.
Residents81,86022,416,077334,922,499
Typical home value$780,600$359,000$332,700
Typical household income$87,738$74,568$80,734
Typical rent$1,999$1,669$1,413
Fair Market Rent (2 bedrooms)$2,254$1,962$1,750
Hourly wage to rent a 2-bedroom$43.35$37.73$33.65
Typical property tax$4,129$2,730$3,119
Effective tax rate0.53%0.76%0.94%
Households that own their home66%68%65%
Renters spending 30% or more on rent64%60%51%
FHA limit (1 unit)*$990,150$541,287$541,287

FHA limit: Florida shows the median of its counties; the United States, the national floor. Download CSV

Four ways to pay for a typical home in Monroe County

For a typical $780,600 home at Freddie Mac's average rate (7.18% as of November 5, 2026) over 30 years. The monthly payment adds principal and interest, the county's property tax, an example homeowners insurance and mortgage insurance when it applies.

Loan Monthly payment Down payment Loan amount Rate Mortgage insurance Cash to close Minimum score
FHA, 3.5% down $6,208 $27,321 $766,461 7.18% FHA MIP · $345 $50,739 580
Conventional, 5% down $6,064 $39,030 $741,570 7.18% PMI · $371 $62,448 620*
Conventional, 20% down, no PMI $4,900 $156,120 $624,480 7.18% None $179,538 620*
ITIN, 15% down (example) $5,622 $117,090 $663,510 8.18% None $140,508 Set by the lender
  • 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.

How much house can I afford? Closing costs

Loan limits

This is a high-cost area, so FHA limits in Monroe County are above the national floor. The limit is set for the whole metro area (Key West-Key Largo, FL). If the loan you need is above these amounts, it doesn't fit FHA or it becomes a "jumbo" loan.

VA loans. If you have full VA entitlement, VA doesn't cap the loan amount. If you've used part of your entitlement, the calculation uses the county limit ($990,150 for one unit). VA loan limits (va.gov)

USDA loans. They're for homes in eligible rural areas and households with incomes within USDA's limit. Check whether the address and your income qualify on the official site. USDA eligibility (usda.gov)

Home type FHA limit Conforming limit
1 unit $990,150 $990,150
2 units $1,267,600 $1,267,600
3 units $1,532,200 $1,532,200
4 units $1,904,150 $1,904,150

Source: HUD, 2026 data · Source: FHFA, 2026 data

Taxes and risks

Property tax and flooding in Monroe County

Two costs that change a lot from place to place and that a house payment does include: property tax and, in risk zones, flood insurance.

Property tax

In Monroe County, the typical owner pays $4,129 a year: about 0.53% of the home's value. That is less than the rest of Florida and less than the national average.

  • Monroe 0.53%
  • Florida 0.76%
  • United States 0.94%

What Florida publishes Homestead exemption (Florida Department of Revenue)

Exemptions and deadlines in Florida

Is there a flood risk?

According to FEMA, in Monroe County 89% of homes (34,033) are in a high-risk flood zone. Of those homes, 61% have NFIP flood insurance.

  • A high-risk zone (Special Flood Hazard Area) has a 1% or greater chance of flooding each year. (44 CFR 59.1)
  • If the home is in that zone and the loan comes from a regulated lender, federal law requires flood insurance for the life of the loan, in communities that take part in the NFIP. (42 U.S.C. 4012a)
  • Most homeowners insurance does not cover flood damage. (FEMA, FloodSmart)

Source: FEMA, As of August 3, 2026

Look up your address on FEMA’s map

Owning a home here

Owning a home in Monroe County

The natural hazards FEMA measures in Monroe County, a maintenance plan for your climate and what the trades earn in your area.

Risks to your home

FEMA, National Risk Index 1.20.0 (December 2025)

FEMA rates the natural hazard risk in Monroe County as relatively moderate.

To rate it, FEMA weighs the expected loss with social vulnerability and community resilience.

In Monroe County, FEMA expects natural hazards to cause $93.3 million in losses a year, counting buildings, people and crops.

Of all the hazards, FEMA expects hurricane to do the most damage to buildings: about $62.5 million a year.

Loss FEMA expects each year to homes and buildings, by hazard
  1. HurricaneRelatively high $62.5 million a year
  2. Coastal floodingVery high $18.2 million a year
  3. Inland floodingRelatively low $4.6 million a year
  4. TornadoVery low $203,993 a year
  5. WildfireVery low $80,483 a year

What it means for your home

The ratings are FEMA's own. FEMA says its data is meant for planning and does not replace a local study. Drought is not shown: FEMA counts its loss in crops only.

National Risk Index, version 1.20.0 (December 2025), retrieved November 6, 2026

FEMA notice: This product uses the Federal Emergency Management Agency's National Risk Index dataset API or downloadable datasets but is not endorsed by FEMA. The Federal Government or FEMA cannot vouch for the data or analyses derived from these data after the data have been retrieved from the Agency's website(s).

Climate and upkeep

Department of Energy (PNNL), 2021 IECC zones

Monroe County is climate zone 1A in the home energy code (IECC): hot and humid.

The zone's number says how hot or cold it gets; the letter says how humid: A is moist, B is dry and C is marine.

  • Spring

    • Book the air conditioner's check-up before the heat: ENERGY STAR advises checking the cooling system in the spring, because contractors get busy once summer comes. ENERGY STAR (EPA)
    • Clean and repair the roof gutters. EPA

  • Summer

    • Keep indoor humidity below 60 % (ideally between 30 % and 50 %). A humidity meter is inexpensive and sold at hardware stores. EPA
    • Keep the air conditioner's drip pan clean and its drain line flowing: a plugged drain can cause water damage in the house. ENERGY STAR (EPA)

  • Fall

    • Book the heating check-up in the fall. If it runs on gas or oil, the technician should check the connections: faulty ones are a fire hazard. ENERGY STAR (EPA)
    • Check that the ground slopes away from the house, so water does not collect around the foundation. EPA

  • Winter

    • Look for drafts at windows and doors: close the window on a piece of paper; if it moves back and forth easily, it needs thicker weather stripping. ENERGY STAR (EPA)
    • Seal the air ducts that run through the attic, crawlspace, basement or garage with duct mastic or foil tape, then wrap them in insulation. ENERGY STAR (EPA)

All year

  • Check the air filter every month, especially in heavy-use months. If it looks dirty, change it; change it at least every 3 months. ENERGY STAR (EPA)
  • Test the smoke alarms every month and replace their batteries at least once a year. USFA (FEMA)

Each task comes from the official page beside it. The spring air-conditioning and fall heating check-ups are the timing ENERGY STAR advises; the rest is a suggested order.

Climate zones by county, 2021 IECC

What the trades charge here

BLS, wages for May 2025

TradeTypical hourly wage8 in 10 earn between
Electricians$27.71$18.09 and $37.23
Plumbers, pipefitters and steamfitters$25.07$19.13 and $36.42
Heating, air conditioning and refrigeration mechanics$27.92$18.82 and $37.53
Roofers$23.03$16.13 and $36.09
Carpenters$24.45$18.32 and $35.85
Painters, construction and maintenance$22.78$17.67 and $28.41
Maintenance and repair workers, general$21.70$15.19 and $31.30

In the South Florida nonmetropolitan area, half of electricians earn more than $27.71 an hour and half earn less; for a plumber, the typical figure is $25.07.

These are workers' hourly wages, not the price of a job.

Need help paying for a repair?

Renting

Renting in Monroe County

The typical rent in Monroe County is $1,999 a month. HUD also publishes a “fair market rent” by unit size: it's the one programs like Section 8 use.

64% of renter households in Monroe County spend 30% or more of their income on housing. 34% spend half or more.

Fair market rent by size

To pay the fair market rent without spending more than 30% of income, working full time (40 hours a week).

Size Fair rent a month Hourly wage Income needed per year
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

Free help in Monroe County

Programs and counseling in Monroe County

We didn't find HUD-approved agencies with an office in this county. These are the 6 nearest; many serve by phone or online.

Official programs for the down payment and loans for buyers. Check which ones you might qualify for with your income and your county.

The simple kitchen of an apartment, with an electric stove, a refrigerator and wood cabinets.

HUD counseling is free or low-cost

Florida down payment programs

  1. Florida Assist (FL Assist)

    Florida Housing second loan with no interest and no monthly payments, repaid when you sell or refinance

    First-time buyers only. Run by Florida Housing Finance Corporation.

    Deferred Verified November 5, 2026

  2. Florida Homeownership Loan Program (FL HLP) Second Mortgage

    Florida Housing second loan for the down payment, with monthly payments over 30 years

    First-time buyers only. Run by Florida Housing Finance Corporation.

    Repayable Verified November 5, 2026

  3. HFA Preferred and HFA Advantage PLUS Second Mortgage

    Florida Housing forgivable second loan, only with its conventional mortgages

    First-time buyers only. Run by Florida Housing Finance Corporation.

    Forgivable Verified November 5, 2026

Which programs do I qualify for? See all Florida programs

Help in Spanish in Monroe County

6 of the 6 agencies on this list say they serve in Spanish.

Ask for service in Spanish

When you call, say “Spanish, please” or ask if someone speaks Spanish. If not, ask whether they offer an interpreter.

Public housing agencies

They run public housing and Section 8 vouchers (Housing Choice Vouchers) in this county.

  • Housing Authority of the City of Key West Public housing and Section 8 vouchers (305) 296-5621
  • Monroe County Housing Authority Public housing and Section 8 vouchers (305) 296-5621

Free legal help

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.

Find legal aid (lsc.gov)

Housing counseling nearby

These are the nearest agencies, with the distance in miles. Many help by phone or online. Official HUD list. Confirm hours and fees with the agency before you go.

  • Centro Campesino, Farmworkers Center, Inc

    35801 SW 186th Ave, Florida City · 35 miles away · Spanish

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 8 more
    305-245-7738-227

  • Operation Hope- Homestead FL

    777 N Krome Ave, Homestead · 35 miles away · Spanish

    • Mortgage delinquency workshops
    • Budget and financial counseling
    • and 3 more
    (786) 326-6172

  • Real Estate, Education and Community Housing, Inc.

    7875 NW 12th St, Doral · 46 miles away · Spanish

    Also serves in Creole.

    • Mortgage delinquency and default
    • Mortgage delinquency workshops
    • and 5 more
    (786) 260-6821
See every agency in Florida

Places

Cities in Monroe County

Each city has its own page with prices, rents and help. These are the largest.

See all 4 cities of Monroe County

Nearby counties

Each row compares its typical value, typical rent and FHA limit with Monroe County.

Read next

Guides that help here

We picked them by this county's numbers: what weighs most here is what's worth understanding first.

Frequently asked questions

What is the FHA loan limit in Monroe County in 2026?

Monroe County has an FHA limit of $990,150 for a one-unit home. For 2 units it's $1,267,600, for 3 it's $1,532,200 and for 4 it's $1,904,150. It's a high-cost area, so the limit is above the national floor.

What is the conforming loan limit in Monroe County?

Monroe County has a conforming limit of $990,150 for one-unit conventional loans in 2026. A bigger loan is a “jumbo” loan.

How much does a typical home cost in Monroe County?

The typical home value in Monroe County is $780,600 (Average 2020–2024, U.S. Census). Across Florida it's $359,000.

How much does it cost to rent in Monroe County?

Monroe County has a typical rent of $1,999 a month (Average 2020–2024, U.S. Census). HUD's fair market rent for a 2-bedroom apartment is $2,254 (Fiscal year 2027).

How much do you need to earn to rent a 2-bedroom apartment in Monroe County?

About $43.35 an hour working full time (2,080 hours a year), or $90,160 a year, so the fair market rent of $2,254 stays under 30% of income.

Sources: American Community Survey (Average 2020–2024); FHA mortgage limits (2026 data); Conforming loan limits (2026 data); Fair Market Rents (Fiscal year 2027); Income Limits (Fiscal year 2026); HUD-approved housing counseling agencies (Retrieved November 6, 2026); Public Housing Agencies (Retrieved November 6, 2026); Freddie Mac Primary Mortgage Market Survey (As of November 5, 2026); FHFA House Price Index (2025 data); Homes with flood insurance (As of August 3, 2026); National Risk Index (2025 data); IECC climate zones by county (2021 data); Occupational Employment and Wage Statistics (2025 data); Census Bureau cartographic boundary files (2024 data).