ZIP Code · FL

ZIP 33040

Part of Key West, FL

Pop. 35,429·Monroe County·40th most expensive ZIP in Florida

Median rent (all units)

$3,506/mo

Year-over-Year

-4.6%

Month-over-Month

-3.0%

vs US Median

+$1,574

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 33040 · $3,506

More expensive than 95% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,930

1 BR

$2,470

2 BR

$2,800

3 BR

$3,690

4 BR+

$3,710

Research median

$2,800/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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 33040 is 5.4% below its high of $3,705 in November 2025, at $3,506 as of September 2026.

Past year vs. the rest of Florida

Rent in ZIP 33040 changed -4.6% over the year to September 2026. Across the 623 Florida ZIP codes Zillow tracks, the typical change was +1.8%.

Recent direction

Rent has fallen 3 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($86,586) is $2,165 a month. That covers HUD's Fair Market Rent for up to a studio ($1,930); a 1-bedroom is $2,470.

From Zillow's monthly rent index (ZORI) for ZIP 33040. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$42,072/yr

At $3,506/mo median

Location

CityKey West

StateFL

CountyMonroe County

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 4.6% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (-4.6% YoY, -3.0% MoM), not inventory.

Demographics

Who lives here

ZIP 33040 (Key West, FL) is roughly split between renters and owners, 38.2% of residents hold a bachelor's degree or higher.

Population

35,429

Median income

$86,586

Median age

43.8

Renters

49.8%

Age distribution

16.2%

20%

27.6%

16.3%

19.8%

Under 1816.2%

18–3420%

35–5427.6%

55–6416.3%

65+19.8%

Gender

51.8%

48.2%

Male51.8%

Female48.2%

Race & ethnicity

61.4%

14.4%

25.4%

White61.4%

Black14.4%

Hispanic25.4%

Asian2%

Education (25+)

28.3%

25.7%

38.2%

No HS diploma7.8%

HS diploma28.3%

Some college25.7%

Bachelor's+38.2%

Housing tenure

50.2%

49.8%

Owner50.2%

Renter49.8%

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

2023 vs 2026

How ZIP 33040 in Key West, FL has changed in 5 years

Rent

$3,413 → $3,506

up 2.7%

Income

$73,884 → $86,586

up 17.2%

Population

37,404 → 35,429

down 5.3%

Renter share

52.9% → 49.8%

-3.1 pts

Bachelor's+

35.3% → 38.2%

+2.9 pts

Median age

41.6 → 43.8

+2.2 yrs

Five years ago, renters in ZIP 33040 in Key West, FL paid around $3,413 a month. That figure now sits near $3,506, up 2.7% from the 2023 baseline. Household income in the area moved from $73,884 to $86,586 across the same window, up 17.2% versus 2021. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 33040 in Key West, FL losing about 1,975 residents over the five-year window, down 5.3% on net. The renter share has eased from 52.9% to 49.8%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 35.3% to 38.2% across the same window. Reading these numbers side by side helps frame whether current listings in ZIP 33040 in Key West, FL look reasonable against where the market sat half a decade ago.

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About renting in ZIP 33040

Last updated: October 17, 2026

ZIP code 33040 covers Key West, FL. The median rent here is $3,506/mo as of October 2026. A 1-bedroom rents for a median of $2,470/mo. A 2-bedroom rents for a median of $2,800/mo.

At 49% of local median household income ($86,586/yr), ZIP 33040 ranks as moderate compared to the national benchmark of 30%. Rents have decreased 4.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 33040?

To keep rent at or below 30% of gross income, you would need to earn at least $140,000/year (about $67/hour full-time) to afford the median rent of $3,506/mo in ZIP 33040. The local median household income is $86,586/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 33040?

Rent in ZIP 33040 has fallen 4.6% over the past year as of September 2026. It sits 5.4% below its high of $3,705 in November 2025.

How does ZIP 33040 compare to other ZIPs in Florida?

ZIP 33040 is one of the pricier among Florida ZIP codes for rent, ranking #40 of 656 at $3,506/mo. Over the year to September 2026, rent in ZIP 33040 changed -4.6%, against a typical +1.8% across the 623 Florida ZIP codes Zillow tracks.