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Key West Florida Cost Of Living 2023
Key West is a small island located in the southernmost point of Florida, known for its tropical climate, beautiful beaches, & laid-back lifestyle. With its popularity comes a higher cost of living compared to both the state of Fl. & the national avg.
By: Barbara A. Anderson Realty
According to a cost of living index, Key West scores 110 for food. So, about 10% more expensive than the state and national averages for food. This is largely due to the island's remote location, which makes it difficult and expensive to transport groceries and other food items. Additionally, many restaurants and cafes in Key West are geared toward tourists, which also drives up the cost of food.
Utilities in Key West also score a 110 on the index, making cooling and heating around 10% more expensive than the state and national averages. This is likely due to the island's reliance on costly generators for electricity and desalinization plants for water.
Transportation in Key West scores a 105 on the index, placing this category at 5% higher than the state and national averages. This is largely due to the lack of public transportation options on the island, and the need to rely on cars or scooters for transportation. The high cost of gas and parking also contributes to the higher transportation costs.
Healthcare in Key West scores a 110 on the index, indicating that it is 10% more expensive than the state and national averages. This is likely due to the limited number of healthcare providers on the island, and the need to rely on costly emergency medical services.
Miscellaneous expenses in Key West score a 105 on the index, which is only slightly above the state and national averages. This is largely due to the island's tourist-oriented economy, which drives up the cost of goods and services.
Unsurprisingly, housing in Key West scores a 120 on the index, making owning a home approximately 20% more expensive than the state and national averages. This is largely due to the high demand for housing on the island, combined with a limited supply of available properties.
Overall, while Key West offers a unique and desirable lifestyle, it comes at a cost. While the island's remote location and tourist-oriented economy increase most of the cost of living expenses, residents find it a great place to call home, particularly because of its mild climate, gorgeous scenery, and having so much to see and do on a daily basis, making it feel like being on vacation all the time.
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