Stretched

What Salary Do You Need to Live in Key West?

To afford a 2-bedroom in Key West, you need to earn at least $99,240/year based on estimated fair market rent data. The median household income here is $80,828, which means the typical resident is $18,412 below the threshold.

Census ACS Data Pop. 26,078

Salary Required by Bedroom Size

Bedroom	Monthly Rent	Monthly Income	Annual Salary	vs. Median
Studio	$1,737	$5,790	$69,480	$-11,348
1 Bedroom	$2,059	$6,863	$82,360	+$1,532
2 Bedroom BENCHMARK	$2,481	$8,270	$99,240	+$18,412
3 Bedroom	$3,027	$10,090	$121,080	+$40,252
4 Bedroom	$3,722	$12,407	$148,880	+$68,052

Affordability Breakdown

Where the required salary line crosses above Key West's median income — housing becomes unaffordable for the typical resident.

Required Salary Median Income

Income vs. Rent Snapshot

Median Income

$80,828

Annual household

2BR Required Salary

$99,240

Under 30% rule

Income Gap

-$18,412

Deficit

Verdict

Stretched

Ratio: 36.8%

The 30% Rule Calculator

Enter your annual salary to see what you can afford in Key West

Your Annual Salary

Pre-filled with Key West's median household income

Max monthly rent you can afford$2,021

Studio

$1,737/mo

1 BR

$2,059/mo

2 BR

$2,481/mo

3 BR

$3,027/mo

4 BR

$3,722/mo

Your salary is $0 above the median income in Key West.

Salary Comparison by Bedroom

Bars left of the marker line are affordable for Key West's median earner. Bars to the right require above-median income.

Affordable Above Median Median Income

What This Means If You're Moving to Key West

Key West's rental market puts real pressure on median earners. A 2-bedroom at $2,481/month requires $99,240/year — about $18,412 more than the median household income. Roommates or dual incomes significantly change the equation.

If you're relocating to Key West, target the studio or 1-bedroom tier ($1,737–$2,059/month) unless your income exceeds $99,240. A roommate splitting a 2-bedroom effectively halves the individual rent burden to $1,241/month.

The break-even salary for comfortable living in Key West is approximately $148,860. Below this threshold, expect housing to consume a disproportionate share of your budget, limiting discretionary spending and savings capacity.

Economic Outlook

Local Job Market & Housing Dynamics

Affording rent isn't just about housing prices—it's heavily dependent on local employment opportunities and the strength of the job market in Key West, Florida.

With a total population of 26,078, the city supports an active civilian workforce of 14,579 people. A strong employment base often indicates a stable economy, which is crucial when committing to a lease requiring a $99,240 annual salary. The ratio of employed residents to the total population provides insight into the local economic health and competition for both jobs and housing.

Employed Workforce

14,579

Active civilian employees in Key West

Frequently Asked Questions About Renting in Key West

What salary do I need to live in Key West, Florida?

To afford a 2-bedroom in Key West under the 30% rule, you need an annual salary of at least $99,240. The median household income in Key West is $80,828.

Can I afford a 2-bedroom in Key West on $80,828?

The affordability verdict for Key West is "Stretched". The rent-to-income ratio is 36.8%, meaning there's a $18,412 income gap.

What is the average rent in Key West compared to median income?

The median gross rent in Key West is $2,059/month. With a median household income of $80,828, residents spend approximately 36.8% of their income on rent.

What salary do I need for a studio in Key West?

A studio in Key West rents for approximately $1,737/month. Under the 30% rule, you need an annual salary of $69,480 to afford this.

Is Key West considered an affordable place to live?

Based on the deficit of $18,412 and an affordability verdict of "Stretched", Key West is considered a stretched rental market when comparing the required 2-bedroom salary of $99,240 to the local median household income.

How Key West Compares

Other cities in Florida with salary requirements