Key West, FL is a vibrant city located close to the southeastern tip of Florida. It is well known for its tropical climate, warm waters, and unique culture. The population of Key West was 24,649 in 2019 according to US Census Bureau estimates. Renting a 2 bedroom apartment in Key West costs an average of $3,860 per month compared to $1,430 per month in the US on average which makes it almost three times more expensive than the national average. Groceries also cost much more in Key West with the grocery cost index being 115 as opposed to 100 in the US on average. This makes it clear that although there are many benefits to living in Key West like its tropical atmosphere and lively culture, such as businesses like Jimmy Johnson's Big Chill or Ernie's Bike Shop, unfortunately due to its high cost of living it may be out of reach for some people.
Key West has an unemployment rate of 3.2%. The US average is 6.0%.
Key West has seen the job market decrease by -7.2% over the last year. Future job growth over the next ten years is predicted to be 14.9%, which is lower than the US average of 33.5%.
Tax Rates for Key West
- The Sales Tax Rate for Key West is 7.5%. The US average is 7.3%.
- The Income Tax Rate for Key West is 0.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Key West
- The average income of a Key West resident is $31,566 a year. The US average is $28,555 a year.
- The Median household income of a Key West resident is $75,638 a year. The US average is $69,021 a year.