At $3,312/mo, rent takes about 46% of the local median household income, well above the 30% benchmark.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $3,312 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Key West, FL is roughly split between renters and owners, has a large retiree population, 41.3% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Key West, FL has changed in 5 years
Household income in the area moved from $75,638 to $87,037 across the same window, up 15.1% versus 2021. The population has contracted by 3.9% since 2021, moving from about 26,776 residents to roughly 25,720. Renters now make up 50.8% of households, compared with 54.2% five years ago.
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Can you afford rent in Key West on your salary?
At $3,312/mo, how Key West rent compares to typical pay (30% rule).
Key West rent by bedroom count
Median rent for each apartment size in Key West. Click any size for full breakdown.
Tips for renters in Key West
Last updated: August 17, 2026
The median rent in Key West is $3,312/mo as of August 2026. A studio apartment averages $1,640/mo while a 2-bedroom runs $2,380/mo. One-bedroom apartments average $1,990/mo and 3-bedroom units go for $3,170/mo.
At 46% of local median household income ($87,037/yr), Key West ranks as moderate compared to the national benchmark of 30%. Rents have decreased 6.1% over the past year.
Frequently asked questions
Is Key West an affordable city for renters?
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Is rent going up or down in Key West?
How does Key West rent compare to other cities in Florida?
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What percentage of Key West residents rent vs. own?
How does Key West rent compare to the national average?
At $3,312/mo, rent takes ~46% of Key West's median household income ($87,037/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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