What Is The Cost Of Living In The Florida Keys, FL?

Upgraded Home Team
by Upgraded Home Team

The Florida Keys are an archipelago, part of the Straits of Florida. The Straits of Florida, also known as Florida Straits, is located south of North America and Cuba. Key West is the southernmost point of the Florida Keys. This area sits between the Gulf of Mexico and the Atlantic Ocean and includes a string of islands, from North Key Largo to Key West.

The Florida Keys are a water, sand, and beach lover’s dream. With crystalline blue waters, white sandy beaches, and colorful downtown areas, The Florida Keys has a lot to offer young professionals, families, and retirees. Known as a boating, fishing, scuba diving, snorkeling, and beach destination, The Florida Keys are rich in history and culture.

The median home cost in The Florida Keys is $706,601. However, this does not cover other living costs, such as child care, utilities, groceries, and taxes. With a cost of living index of 154.8, making it more expensive than the US average of 100.0 and Florida’s overall 102.8 index rating.

The minimum wage in the Florida Keys is $8.56 an hour, while the livable wage is $16.82 an hour. Many people will have a range of pay bases to help them afford to live in the Florida Keys. The Florida Key’s cost is considerably less than living in Los Angeles or New York City, but costs do add up. Here’s a breakdown of precisely what you might spend to live monthly in the Florida Keys, Florida.

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Cost to Buy a Home in the Florida Keys

Owning a home in the Florida Keys is comparatively less than in other areas of the country. Most homes in Florida cost around $267,296, while living in the Florida Keys costs approximately $706,601. The average price of a home in the US is $284,600, so the Florida Keys is approximately 145% higher than the national average.

There are some expensive homes in the Florida Keys where the price goes up to $7.5 million. But this is for exclusive gated golf community homes and beachfront water views. There are affordable homes in the Florida Keys and something to fit your budget. If you don’t think you can afford it, try renting!

Cost to Rent in the Florida Keys

When you move to the Florida Keys, you will notice there are a few homes to rent. In fact, 8.8% of houses and apartments in the Florida Keys are available to rent. Here’s what you can expect to pay:

Style of HomePrice Per Month
1 Bedroom$1994
2 Bedroom$2481
3 Bedroom$2800
4 Bedroom$3250

Compared to many states, this is affordable and can be a great deal, especially so close to a dynamic and livable city like the Florida Keys.

Property Taxes for the Florida Keys

The current median property taxes in the Florida Keys are $1,773 per year. Florida offers property tax relief to seniors and the disabled. Florida’s average property tax rate is 0.97% which is well below the national average of 1.07%.

Cost of Utilities in the Florida Keys

In every single state you move to, you will have to pay utilities. If you are renting a home or apartment, sometimes utility fees are rolled into monthly rental payments. Still, you will have to check your rental contract to be sure. For a small apartment of 915 sq ft, you can expect to pay $186.67 a month for the basic utilities. What do utilities include?

  • Electricity
  • Cooling
  • Heating
  • Water
  • Garbage

There may be certain places that do not include garbage, and you will have to find your way to dispose of your trash. Some places will cover this cost, but you must provide your garbage cans that still need to meet community requirements.

The Cost of Child Care

Caring for children can be expensive. For working parents, child care is a necessity. Child care is a part of daily life that many people don’t talk about or think about because it just has to be done. But it can be a considerable expense.

In the Florida Keys, the average cost of full-time daycare per week is $286. Prices will vary depending on the age of the child. You can expect to pay approximately $1,144 per month per child for care in the Florida Keys. If you are looking at a private daycare that may also teach your children or prep them for school, you will end up paying much more. It all depends on what you want and what you are looking for.

What Does Food Cost in the Florida Keys?

Something we sometimes overlook when moving to a new area is the cost of food. Grocery shopping is something most of us do weekly and sometimes monthly. The bigger your family is, the most you will pay for food.

Here is a list of some grocery items and prices in the Florida Keys; this can be a good starting place to figure out what you eat and how much you’ll spend a week or a month.

Food ItemCost
1 Gallon of Milk$4.25
1 Loaf of White Bread$4.22
1 Carton of Eggs$3.41
Local Cheese$5.56
1 Pound of Chicken$4.62
1 Pound of Onion$2.13
1 Head of Lettuce$2.15
1 Bottle of Mid-Range Wine$9.50
0.5 Liters of Domestic Beer$1.82

How Much Will Entertainment Cost?

After moving, you will want to start going to do fun activities that the Florida Keys have to offer, and most of them will cost money. What is there to do, and how much does it cost? The truth is there are many different things to do, a wide variety of things to do. You will need to set yourself a budget and stick with it. Here is a list of activities that can help you determine that budget.

Activity Price Range
Restaurants (2 people/mid-range)$90.00
Fitness Club (one adult, monthly fee)$58.50
Movies (1 adult ticket)$13.50

Depending on where and when you go, activities fees will vary. There can always be extra expenses with activities, depending on the time of day, day of the week, number of people attending, etc.

Education in the Florida Keys

Educating kids is expensive, even more so if you’re interested in sending them to private school. There are so many costs that add up every year we want to make sure you are as prepared as possible.

On average, in the Florida Keys, many of the teachers have 20 kids per class and spend about $12,576 per student. However, that does not mean you have to pay that amount; it means that’s what it costs the school. Here are some other things to keep in mind when looking at education costs in the Florida Keys.

Private School

There are three seven top private schools in the Florida Keys. The average private school tuition in Florida is $8,951 per year. Prices of private schools in the Florida Keys may be slightly higher or lower.

Community Colleges

The College of the Florida Keys is a community college in the Florida Keys. It is an excellent option for many locals. If you are thinking of attending a community college, this may be a budget-friendly option compared to other states.

If you become a Florida resident who attends The College of the Florida Keys, you will spend around $3,276 for tuition alone. However, this does not cover the costs of room and board or any textbook fees.

Related Questions

How much do you need to live comfortably in the Florida Keys?

On average, to live comfortably in the Florida Keys, you will need to make at least $31,566 a year. This means you would need to make $2,360 a month to live on your own in the Florida Keys. The bigger your family is, the more you will need to make.

Are the Florida Keys a good place to live?

The Florida Keys are a popular vacation destination and desirable place to live. The Florida Keys are friendly and welcoming and have a lot to see and do. Many people compare living in the Florida Keys to the nearby Caribbean and say the Keys are similar with their laid-back, relaxed lifestyle or ‘island time.’If you’re into water sports, boating, fishing, swimming, scuba diving, snorkeling, tennis, golfing, and spending time at the beach, then the Florida Keys are an excellent option for choosing a place to live. It’s ideal for both young professionals and growing families.

What are the main industries in the Florida Keys?

Recreation and tourism are a significant industry in the Florida Keys. Commercial fishing and construction are also important industries in this area.

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Are the Florida Keys Right for You?

The Florida Keys are a very desirable place to live. It may be cheaper than other Florida areas to live, compared to major cities like nearby Miami. However, depending on the size of the house you choose and the size of your family, it may also be expensive, so you’ll want to keep that in mind when choosing where to live.

The Florida Keys are a boating, beach, sailing, golfing, and fishing destination. If you like water sports and lots of sunshine, then the Florida Keys are right for you. The weather in the Florida Keys is hot year-round, and summers can see temperatures well above 90 degrees.

The Florida Keys have annual festivals and events and museums, nightlife, historical landmarks, and outdoor recreation. If you’re single, have a growing family, or retire, the Florida Keys are an enjoyable area to visit and a great place to live.

Upgraded Home Team
Upgraded Home Team

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