Key West today
What this means
Values in Key West are about flat (+0.4% in a year), now 7.6% below the Apr 2024 peak.
Builders are busier: 67 homes permitted so far in 2026, up 158%.
Rents are area estimates; check comps for the exact house. Sources and method: how these figures are built.
Quick facts
| Key West | vs Monroe County | vs Florida | |
|---|---|---|---|
| Population | 24,999 (2025 estimate) | ||
| Growth since 2020 | -5.4% | -2.4 pts | -14.3 pts |
| Median home value | $852,400 | 9% higher | 137% higher |
| Median gross rent | $2,220 | 11% higher | 33% higher |
| Median household income | $87,037 | 1% lower | 17% higher |
| Owner occupied homes | 49.2% | -16.6 pts | -18.4 pts |
| Residents 65 and older | 21.6% | -3.1 pts | +0.3 pts |
| Average commute (minutes) | 15 | 24% lower | 47% lower |
| Homes built 2010 or later | 4% | -6.5 pts | -10.2 pts |
| Median property tax paid | $4,442 | 8% higher | 63% higher |
Census survey figures are 2020 to 2024 averages; methods.
Living in Key West
Coral island at the southern end of the Keys, about 130 miles southwest of Miami, a 19th century maritime hub.
As an incorporated city, Key West sets its own zoning inside Monroe County.
Known for: Naval Air Station Key West; Duval Street; Hemingway Home; Truman Little White House
Getting around and growth: The Overseas Highway (US 1) replaced the railroad in 1938.
Next to the rest of Monroe County, fewer homes are seasonal or vacation homes (14.8% vs 26.9%); fewer homes are owner occupied (49.2% vs 65.8%); commutes are shorter (15 vs 20 minutes) and more of the housing is in apartment and condo buildings (24.5% vs 15.9%).
Closest matches on price and rent: Miramar Beach ($733,000, $2,250), Marco Island ($896,300, $1,990), Madeira Beach ($722,800, $2,326).
Growth and housing
Key West changed -5.4% in population from 2020 to 2025 (county -3%, Florida 8.9%).
| 2025 building permits | Key West |
|---|---|
| Single family | 19 |
| 5 or more units | 8 |
| Total units | 29 |
| Per 1,000 residents | 1.2 |
Half the homes are older than 1968. The housing mix is 42% detached houses and 24.5% larger buildings. Average household size is 2.28.
Each year about 3.8% of residents arrive from other states.
Risks to price in
| Risk item | Detail |
|---|---|
| County average homeowners insurance with wind | $7,863 a year |
| Hurricanes tied to Monroe County since 2000 | Irma (2017) |
| Coastal county | check flood zone and elevation per address |
64.6% of homes predate 1980: expect four point inspections. Inspections
Large buildings hold 13.7% of homes here; read the reserve study before buying a condo. Condo financing
Flood, storms and jobs
Key West has its own flood program rating: CRS class 5, which takes 25% off federal flood premiums in high risk zones. Insured homes in the city filed 4,356 flood claims since 2000, with $210,635,297 paid. Countywide, 89.4% of homes sit in a FEMA high risk zone; the Monroe County guide has the full flood, storm and jobs picture.
Buying a home in Key West
| 2026 loan limits (county) | Amount |
|---|---|
| FHA, one unit | $990,150 |
| Conforming, one unit | $990,150 |
| Median home value here | $852,400 |
Price to income: 9.8x, compared with 8.9x for the county.
- Conventional: the default for buyers with solid credit and 5% or more down.
- FHA: $137,750 of room between the median home and the FHA limit.
- VA: veterans are 7.6% of adults.
- Jumbo: many homes here run near or past the $990,150 conforming limit.
Investing in Key West
Long term rentals
| Key West | vs Monroe County | |
|---|---|---|
| Renter occupied homes | 50.8% | +16.6 pts |
| Rental vacancy | 13.1% | -6.5 pts |
| Rent as share of renter income | 36.4% | -0.7 pts |
Short term rentals
Vacation demand is real here, with 14.8% of homes held for seasonal use, and so is the competition.
| Short term rental taxes | Rate |
|---|---|
| County tourist development tax | 5% |
| State sales tax | 6% plus any county surtax |
Check the address against local zoning and the HOA documents first. State rules
Property types
| Housing stock | Share |
|---|---|
| Single family detached | 42% |
| Buildings with 5+ units | 24.5% |
| Manufactured homes | 2.4% |
Nearby
Other Florida markets
Sources
- U.S. Census Bureau, American Community Survey 2020 to 2024 5 year estimates. 2020 to 2024.
- U.S. Census Bureau, Population Estimates, Vintage 2025. July 1, 2025.
- U.S. Census Bureau, Building Permits Survey, 2025 annual. 2025.
- FFIEC HMDA Data Browser, originated loans. 2025 and 2024.
- LendingTree: 2026 FHA loan limits in Florida by county (HUD figures). 2026.
- Florida Realtors: FHFA sets 2026 conforming loan limits. 2026.
- Florida Office of Economic and Demographic Research: 2026 local option tourist tax rates. 2026.
- Florida Office of Insurance Regulation, July 2026 Insurance Stability Unit report (average homeowners premium with wind, as of March 31, 2026). March 31, 2026.
- Freddie Mac Primary Mortgage Market Survey. week of October 22, 2026.
- Wikipedia: List of counties in Florida. checked October 2026.
- U.S. Census Bureau county adjacency file. 2024.
- Wikipedia county article and statewide lists (colleges, teams, airports); Florida Defense Support Task Force installation map. checked October 2026.
- Wikipedia article for this place (history, setting, roads). checked October 2026.
- Zillow Home Value Index (ZHVI), all homes, middle tier, smoothed and seasonally adjusted. September 2026.
- Federal Housing Finance Agency House Price Index (county annual, metro and state quarterly, all transactions). through Q2 2026.
- U.S. Census Bureau, Building Permits Survey, January to September 2026 and 2025. September 2026.
- FEMA OpenFEMA, NFIP Residential Penetration Rates. as of August 2026.
- FEMA OpenFEMA, FIMA NFIP Redacted Claims (2000 to 2026). as of September 2026.
- FEMA OpenFEMA, NFIP Community Status Book (Community Rating System class). August 2026.
- FEMA OpenFEMA, Disaster Declarations Summaries (2000 to 2026). October 2026.
- U.S. Census Bureau, County Business Patterns 2023. 2023.
- U.S. Census Bureau, ACS 2020 to 2024, median gross rent by bedrooms (B25031). 2020 to 2024.
- Hurricane landfalls: Wikipedia, List of Florida hurricanes (2000 to present). checked October 2026.
Estimates from public data; they change over time. General information, not investment, tax or legal advice, and not a loan offer. Methods and assumptions.