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City Report · FL

Key West

Pop. 25,720·18th most expensive in Florida·Rents have been falling, good time to negotiate
Median rent (all units)
$3,351/mo
Year-over-Year
-3.5%
Month-over-Month
-1.1%
vs US Median
+$1,386
Falling (Monthly)
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Most AffordableMost Expensive
Key West · $3,351
More expensive than 94% of US cities · National median $1,965/mo
Affordability
46% of income
STRETCHED
0%30% benchmark60%+

At $3,351/mo, rent takes about 46% of the local median household income, well above the 30% benchmark.

Income to afford
$134,000/yr
Local median income
$87,037/yr
Based on the 30%-of-income rule using Key West's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,640
1 BR
$1,990
2 BR
$2,380
3 BR
$3,170
4 BR+
$3,500
Research median
$2,380/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$40,212/yr
At $3,351/mo median
Rent Market Meter
Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are softening (down 3.5% YoY), so renters have negotiating leverage.
Based on rent-price momentum (-3.5% YoY, -1.1% MoM), not inventory.
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Demographics

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.

Population
25,720
Median income
$87,037
Median age
46.1
Renters
50.8%
Age distribution
15%
18.1%
27.6%
17.7%
21.6%
Under 1815%
18–3418.1%
35–5427.6%
55–6417.7%
65+21.6%
Gender
52.7%
47.3%
Male52.7%
Female47.3%
Race & ethnicity
64.4%
13.1%
22.5%
White64.4%
Black13.1%
Hispanic22.5%
Asian2.3%
Education (25+)
27.1%
24.6%
41.3%
No HS diploma7%
HS diploma27.1%
Some college24.6%
Bachelor's+41.3%
Housing tenure
49.2%
50.8%
Owner49.2%
Renter50.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Key West, FL has changed in 5 years

Income
$75,638 → $87,037
up 15.1%
Population
26,776 → 25,720
down 3.9%
Renter share
54.2% → 50.8%
-3.4 pts
Bachelor's+
39.6% → 41.3%
+1.7 pts
Median age
44.2 → 46.1
+1.9 yrs

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.

Community

Discussions about Key West

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View Key West rent history (2015–2026) →
Salary vs rent

Can you afford rent in Key West on your salary?

At $3,351/mo, how Key West rent compares to typical pay (30% rule).

By apartment size

Key West rent by bedroom count

Median rent for each apartment size in Key West. Click any size for full breakdown.

Local insights

Tips for renters in Key West

About renting in Key West, FL

Last updated: July 20, 2026

The median rent in Key West is $3,351/mo as of July 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 3.5% over the past year.

FAQ

Frequently asked questions

Is Key West an affordable city for renters?

Key West is considered stretched for renters. At $3,351/mo, rent takes approximately 46% of the local median household income ($87,037/yr). The standard benchmark is 30%. Key West significantly exceeds that threshold, making it challenging for many renters.

How much income do you need to rent in Key West?

To keep rent at or below 30% of gross income, you would need to earn at least $134,000/year (~$64/hour full-time) to afford the median rent of $3,351/mo in Key West. The local median household income is $87,037/yr, meaning the typical Key West household falls short of that threshold.

Is rent going up or down in Key West?

Rent in Key West has decreased 3.5% over the past year as of July 2026, offering some relief compared to 12 months ago.

How does Key West rent compare to other cities in Florida?

Key West is one of the pricier cities in Florida for rent, ranking #18 out of 288 tracked cities at $3,351/mo.

Which nearby cities are cheaper to rent in than Key West?

Several nearby cities have lower median rents than Key West ($3,351/mo): Islamorada ($2,664/mo), Marathon ($2,900/mo).

What percentage of Key West residents rent vs. own?

According to Census data, approximately 50.8% of Key West households are renters, while 49.2% are owner-occupied. With a majority renter population, Key West has a strong rental market.

How does Key West rent compare to the national average?

Key West's median rent of $3,351/mo is $1,386 (71%) above the US national median of $1,965/mo. Within Florida, it ranks #18 out of 288 tracked cities.
Income Affordability
46%
STRETCHED

At $3,351/mo, rent takes ~46% of Key West's median household income ($87,037/yr). The standard benchmark is 30%.

Key West 46%Benchmark 30%
State income taxNone
Run the Key West affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Key West, FL

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