Monroe County today
| Typical value | |
|---|---|
| Single family house | $1,026,000 |
| Condo or townhome | $697,000 |
What this means
Home values here climbed 2.1% in a year.
About 89% of homes sit in a FEMA high risk flood zone, where a mortgage requires flood insurance. Get a flood quote before you make an offer.
A specific house can rent above or below these figures, so pull rental comps for the address. Sources and method: how these figures are built.
Quick facts
| Monroe County | Compared with Florida | |
|---|---|---|
| Population, 2025 estimate | 80,406 | 0.3% of Florida |
| Growth since 2020 | -3% | -11.9 pts |
| Median home value | $780,600 | 117% higher |
| Median gross rent | $1,999 | 20% higher |
| Median household income | $87,738 | 18% higher |
| Owner occupied homes | 65.8% | -1.8 pts |
| Residents 65 and older | 24.7% | +3.4 pts |
| Average commute | 20 min | 30% lower |
| Homes built 2010 or later | 10.5% | -3.7 pts |
| Housing units permitted in 2025 per 1,000 residents | 3.5 | 54% lower |
| Veterans, share of adults | 8.4% | +1.0 pts |
| Median property tax paid | $4,129 | 51% higher |
| Average homeowners insurance with wind | $7,863 |
Census figures are 2020 to 2024 averages; see sources and methods.
Living in Monroe County
What stands out about Monroe County: higher than average insurance ($7,863 a year); a median home value of $780,600, far more than the $359,000 state figure; and many seasonal and vacation homes (26.9% of housing).
Southernmost county, made up of the Florida Keys and a largely uninhabited Everglades mainland; the largest Florida county by total area. The county was formed in 1823 and is governed from Key West.
The population centers are Key West, Key Largo and Marathon. Key West alone has about 25,720 residents.
What anchors the area
- Colleges: College of the Florida Keys (Key West)
- Commercial airports: Key West International Airport (EYW)
- Military: Naval Air Station Key West
- Economy: tourism
- Known for: Dry Tortugas National Park; John Pennekamp Coral Reef State Park; Everglades National Park; Hemingway Home and Museum
Households are small, averaging 2.33 people. Most people work close to home (average commute 20 minutes).
Growth and where it is heading
Population went from 82,871 in April 2020 to 80,406 in July 2025 (-3%; Florida 8.9%). The 2024 to 2025 change was -1.96%.
| 2025 building permits | Units |
|---|---|
| Single family | 239 |
| 2 to 4 units | 32 |
| 5 or more units | 8 |
| Total | 279 |
| Per 1,000 residents | 3.5 (well below Florida, 7.6) |
What the regional research shows
In Key West there is no simple new host registration for residential addresses; nightly rentals depend on an existing license or medallion tied to the property, and licenses do not move automatically with a sale (Key West rules summary, Aug 2026). Monroe has the highest average homeowners premium in the state.
More on corridors and rents: South Florida and Keys investor guide.
Risks to price in
| Year | Hurricane | Category at landfall |
|---|---|---|
| 2017 | Irma | 4 |
Storms tied to Monroe County by landfall or named damage since 2000.
Average homeowners premium with wind: $7,863 a year, about $655 a month (Florida Office of Insurance Regulation, March 2026).
Coastal county: check the flood zone and elevation of every address.
Older stock (45.6% built before 1980) means insurers will look hard at roofs, wiring and plumbing. Insurance and inspections
High rise exposure: 8.6% of housing is in large buildings, where reserves and assessments decide financing. Condo financing
Flood, storms and jobs
| Monroe County | Florida | |
|---|---|---|
| Homes in a FEMA high risk flood zone | 34,033 (89.4%) | 13.3% |
| Homes with federal flood insurance | 22,181 (58.2%) | 13.7% |
| Insured share inside high risk zones | 61.3% | |
| Flood insurance claims since 2000 | 18,402, $659,006,322 paid | |
| Costliest flood events for insured homes | Hurricane Wilma ($317,557,777); Hurricane Irma ($287,322,889); Hurricane Ian ($28,589,134) | |
| Major federal disasters declared since 2000 | 16 (11 hurricane, 2 severe storm, 1 tropical storm) |
Flood insurance discount: the county (unincorporated areas) holds Community Rating System class 3, worth 35% off federal premiums in high risk zones (map dated 02/18/05).
Where people work: hotels and restaurants (43%), retail (16%), construction (6%), out of 37,134 private jobs in Monroe County (2023). The visitor economy (hotels and restaurants) is 43% of private jobs, well above the Florida share.
Buying a home in Monroe County
| 2026 loan limit, one unit | Amount |
|---|---|
| FHA | $990,150 |
| Conforming (above this is jumbo) | $990,150 |
FHA works at the median price here. FHA limits
Price to income: 8.9x locally, 4.8x for Florida. Down payment and debt ratio matter more than usual.
Loans made here in 2025
| Loan type | Loans | Share | Florida share | Average loan |
|---|---|---|---|---|
| Conventional | 1,405 | 86.1% | 72.2% | $770,722 |
| FHA | 114 | 7% | 17.8% | $552,632 |
| VA | 113 | 6.9% | 9.9% | $735,885 |
| USDA | 0 | 0% | 0.2% | Not reported |
| Purpose | Share of 2025 loans |
|---|---|
| Home purchase | 59.9% |
| Cash out refinance | 16.1% |
| Rate and term refinance | 10% |
| Home improvement | 6.5% |
Lending volume grew 9.2% versus 2024, when lenders made 1,495 loans. Most buyers here use conventional financing.
Loans that fit the local numbers
- Conventional: the default choice here (86.1% of 2025 loans).
- FHA: the $990,150 limit covers the typical $780,600 home.
- VA: veterans are 8.4% of adults (Florida 7.4%).
- USDA: outside the main towns, many addresses in a county of 80,406 can qualify.
- Jumbo: median value $780,600 vs conforming limit $990,150.
Down payment help and taxes
First time buyers can check state assistance at the Florida Housing Finance Corporation. Property taxes run about 0.53% of value for current owners (median bill $4,129); a new buyer's bill resets to the purchase price. Homestead and tax caps
Investing in Monroe County
DSCR loans often price above this rate. Method. DSCR loans
Run your own numbers
Long term rentals
| Monroe County | vs Florida | |
|---|---|---|
| Renter occupied homes | 34.2% | +1.8 pts |
| Rent as share of renter income | 37.1% | +1.9 pts |
| Rental vacancy | 19.6% | +12.0 pts |
More rentals sit empty than the state average.
Short term rentals
| Item | Here |
|---|---|
| County tourist tax | 5% |
| Plus state sales tax | 6% (plus any county surtax) |
| Homes held for seasonal use | 26.9% (+19.1 pts vs Florida) |
| Commercial airport | Key West International Airport (EYW) |
Vacation rental towns with guides: Key West, Key Largo, Marathon, Islamorada. Confirm zoning and HOA rules before counting on nightly rentals. State rules
Property types
| Housing stock | Share |
|---|---|
| Single family detached | 58.3% |
| Buildings with 5+ units | 15.9% |
| Manufactured homes | 8.3% |
| 2025 loans on 2 to 4 unit properties | 2.45% |
Largest cities and towns in Monroe County
Among places with at least 1,000 residents, North Key Largo has the highest median value ($2,000,001) and Stock Island the lowest ($517,500); Big Coppitt Key shows the best rent to price ratio (5.43% gross).
| Place | Population | Median value | Median rent | Median income |
|---|---|---|---|---|
| Key West | 25,720 | $852,400 | $2,220 | $87,037 |
| Key Largo | 13,026 | $643,900 | $1,887 | $85,778 |
| Marathon | 9,914 | $725,800 | $1,633 | $89,355 |
| Islamorada, Village of Islands | 7,068 | $919,600 | $1,882 | $87,222 |
| Big Pine Key | 4,258 | $637,000 | $1,724 | $110,134 |
| Stock Island | 4,162 | $517,500 | $2,013 | $65,515 |
| Big Coppitt Key | 3,109 | $534,500 | $2,420 | $105,139 |
| Cudjoe Key | 2,492 | $857,400 | $1,864 | $87,500 |
| Tavernier | 2,413 | $613,700 | $1,966 | $50,256 |
| North Key Largo | 1,808 | $2,000,001 | Not reported | $149,605 |
Census places, including unincorporated communities. Linked places have their own guide.
Compare with neighboring counties
| County | Median value | Median rent | Growth since 2020 |
|---|---|---|---|
| Monroe County | $780,600 | $1,999 | -3% |
| Collier County | $540,700 | $1,862 | 11% |
| Miami-Dade County | $463,000 | $1,829 | 3.7% |
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.
- 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.