Key West, FL
Population 25,824 · Florida
About Key West, FL
Key West is a mid-sized city located in Florida with a population of 25,824 residents according to the latest US Census Bureau American Community Survey data. The median household income is $78,532 per year, which is 5% above the national median of $75,149. The median age of 46.5 years is notably older the US median age of 38.9 years, suggesting a more established community with a higher proportion of long-term residents.
Housing Market Overview
The housing market in Key West features a median home value of $816,300, which is 233% above the national median of $244,900. This places Key West in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $2,075, 78% above the national average of $1,163/month. Of the 14,414 total housing units, 47% are owner-occupied (5,304 units) and 53% are renter-occupied (5,884 units). The higher proportion of renters may reflect a transient population, younger demographics, or high housing costs relative to income.
Economy & Employment
The local economy in Key West shows an unemployment rate of 2.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 11.1%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in Key West have an average one-way commute time of 14.4 minutes, one of the shorter commutes in the region.
Education & Demographics
41.2% of Key West residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This is in line with national trends in educational attainment. The community's demographic composition includes 1.9% White, 0.8% Hispanic or Latino, 1.9% Black or African American, and 10.4% Asian residents, with 21.6% of the population being foreign-born.
Cost of Living in Key West, FL
Compared to national averages, Key West has a median household income of $78,532 (5% above the national median of $75,149). Home values average $816,300, which is 233% above the national median. Monthly rent at $2,075 is 78% above the US average of $1,163. Within Florida, Key West's income is 3% above the state average of $75,893, and home values are 131% above the state median of $353,675.
Why Live in Key West, FL?
Key West offers a strong local economy with a median household income of $78,532, well above the national average, and a strong job market with an unemployment rate of just 2.0%, and a well-educated community where 41.2% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 11.1%, better than the national average, and short commute times averaging just 14.4 minutes.
Potential considerations include a competitive housing market where the typical home costs $816,300. However, Key West’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
Key West has a population of 25,824 with a median age of 46.5 years. Compare Key West with other cities to see how it stacks up, or explore all cities in Florida.
Similar Cities Near Key West
Cities in Florida with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Sebastian | 25,759 | $68,863 | $281,700 | Compare |
| Fish Hawk | 25,945 | $133,142 | $509,800 | Compare |
| Palm City | 25,699 | $117,689 | $532,100 | Compare |
| Pace | 25,630 | $84,912 | $271,400 | Compare |
| Immokalee | 25,624 | $46,143 | $197,000 | Compare |
| South Bradenton | 25,585 | $47,914 | $149,600 | Compare |
| Nocatee | 25,581 | $131,488 | $585,000 | Compare |
| Tarpon Springs | 25,522 | $68,877 | $321,000 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Florida
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare Key West With Other Cities
Frequently Asked Questions about Key West
What is the population of Key West, FL?
The population of Key West, FL is 25,824 according to the latest US Census Bureau American Community Survey estimates. This makes it a mid-sized city in Florida.
What is the median household income in Key West?
The median household income in Key West, FL is $78,532 per year, which is 5% above the national median of $75,149.
What is the median home value in Key West?
The median home value in Key West, FL is $816,300, which is 233% above the national median of $244,900. A significant portion of residents rent their homes.
What is the average rent in Key West?
The median monthly rent in Key West, FL is $2,075, which is 78% above the national average of $1,163/month.
What is the unemployment rate in Key West?
The unemployment rate in Key West, FL is 2.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is Key West, FL a good place to live?
Key West offers above-average incomes, a competitive housing market, and a strong job market. With a population of 25,824 and a median age of 46.5, the city appeals to established professionals and retirees.
How educated is Key West, FL?
41.2% of residents in Key West aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in Key West?
Key cost-of-living indicators for Key West, FL: median home value is $816,300 (233% above national), median rent is $2,075/month, and median household income is $78,532. The home-value-to-income ratio is 10.4x, which suggests housing may be stretched relative to local earnings.
What is the poverty rate in Key West?
The poverty rate in Key West, FL is 11.1%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is Key West, FL?
Key West's population is 1.9% White, 0.8% Hispanic or Latino, 1.9% Black or African American, 10.4% Asian, and 11.0% two or more races. 21.6% of residents are foreign-born.