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Key West is a small island in the straits of Florida and the southernmost city in the nation. It is also part of the Florida Keys. With high-value Florida real estate, world-class water sports, and the relaxed vibe of its seaside village character, Key West continues to lure new residents, most of them young families and wealthy retirees. If laid-back island living among great weather, diverse attractions, and abundant amenities are what you're looking for, Key West real estate might pique your interest.
More About Key West, FL Real Estate
Key West, often called the Conch Republic, is a tiny piece of land (total area is 4.2 square miles) touched by both the Gulf of Mexico and the Atlantic Ocean, only 160 miles north of Havana. Key West is the principal city and the county seat of Monroe County and has a population of 26K. The city's motto is "One Human Family," which speaks loudly about the strong sense of community relocators can expect when moving to Key West real estate.
Once a wild pirate hideaway, Key West has evolved into a quirky, unique oasis of tropical relaxation that feels closer to the Caribbean than mainland Florida. With a strong historical character, charming architecture, fantastic aquatics, endless ocean vistas, and sunsets galore, the free-spirited island has robbed the hearts of many celebrated authors, politicians, musicians, artists, and athletes that settled there for good across the years.
As expected, Key West is a top-notch tourist destination of worldwide recognition but is also a spot to consider when searching for long-term residence. The city is ideal for those who value peaceful living by the sea. Your days will be filled with marine park strolls, artistic and cultural events, quality amenities, and copious amounts of Key Lime Pie. However, living where others vacation comes with a price. Key West real estate is high in value but it also appreciates well, so you'll be in a fantastic financial position when owning a home there.
Key West, FL Nearby Cities
- 50 miles to Marathon, FL
- 81 miles to Islamorada, FL
- 97 miles to Key Largo, FL
- 128 miles to Homestead, FL
- 164 miles to Miami, FL
- 232 miles to Marco Island, FL
- 271 miles to Naples, FL
Key West Real Estate Market
The Key West real estate market has grown to become one of the most desirable in South Florida. This competitive market has a robust demand for investment properties and limited available inventory. This explains the increasing price tags of the properties in the area. According to recent data from the Key West Association of REALTORS® (KWAR), the average sale price of Key West real estate is currently $1.4M, and dwellings remain listed only 38 days before they go pending.
Homeowners in Key West comprise 39.6% of the population, whereas renters make up 60% of the residential market. Approximately 40% of the housing comprises single-family homes for sale in Key West. The remaining dwellings are condo complexes and apartment buildings (45%), Key West townhouses (10%), and mobile homes.
One of the nicest features of Key West real estate is its variety of historic homes. Established Key West neighborhoods like Bahama Village, Old Town, and The Meadows are known for their well-conserved (or reconditioned) heritage buildings and charming architecture. These communities create a unique flair that blends Key West's colonial past with modern convenience.
Regarding homes-styles, Key West is vastly recognized for its "Conch" houses (also called Bahamian-style houses), most of them two stories with wrap-around verandas, decorative shutters, and painted in colorful shades. Homebuyers can also encounter traditional Shotgun, Queen Anne, Greek Revival, and Contemporary-style houses elevated with modern construction home plans and upscale commodities.
Key West, FL Neighborhoods & Suburbs
Old Town Key West
This area, also known as Key West Historic District, is one of the top living locations to purchase Key West real estate. A large proportion of the dwellings in this community are on the National Registry of Historic Homes, so get ready to find beautifully revamped single-family homes, including quaint shotgun houses, bungalows of Craftsman design, and updated cottages. This area is adorned with eye-catching boutiques, artist galleries, and hidden gems of delicious cafes and restaurants. The average sold price of real estate in Old Town Key West is $1.8M.
Truman Annex
With its origins in the mid-1800s, Truman Annex evolved from an Army base to a Navy base and eventually became known as the winter White House for President Truman. Even today, there is still some military presence at this historical site. Aside from the plentiful townhouses and single-family homes for sale, The Truman Annex real estate market also offers luxurious condos on updated buildings constructed in the '40s. Potential homebuyers in this area should know the ownership of specific properties comes with a transient license, which allows dwellings to be leased weekly. Truman Annex real estate has an average sold price of $1.8M.
Casa Marina
Real estate in Casa Marina owns a stunning aesthetic, showcasing modern and stylish designs. Considered the first suburb of Key West, Casa Marina has larger lots than the neighboring areas of Bahama Village and Old Town and provides many concrete properties (Key West is known for its wooden houses). Casa Marina has the highest average sale price on the island's south side at $1.9M, around $812 per square foot.
Key West, FL Schools
Key West boasts 15 public schools serving 4,427 students with elementary, middle, and high school options. All the local schools are part of Monroe County Public Schools. There are also special cases in the area, including:
- Sigsbee Charter School: A K–8 school authorized by the district primarily caters to military dependents and allows students from other parts of the community.
- Key West Montessori Charter School: Situated on Key West Island, this is an accredited charter school that the district has endorsed.
In addition, Key West has a multitude of private options catering to different learning styles, religious backgrounds, and individual interests. Regarding higher education, the city offers relocators educational opportunities on the main campus of The College of the Florida Keys. Keep reading for a list of public and private schools near Key West real estate:
Public Schools In Key West, Florida
Elementary Schools
- Poinciana Elementary School
- Gerald Adams Elementary School
Middle Schools
- Horace O'bryant School
High Schools
- Key West High School
Private Schools In Key West, Florida
- The Basilica School of Saint Mary Star of the Sea
- Montessori School of Key West
- Grace Lutheran School
Colleges & Universities Near Key West, Florida
- The College of the Florida Keys
Frequently Asked Questions About Key West, FL Real Estate
What Is The Zip Code For Key West, Florida?
Key West real estate is spread out across three different residential zip codes: 33040 | 33041 | 33045
Where Is The Nearest Commercial Airport For Key West, Florida?
The nearest commercial airport for Key West, FL, is the Key West International Airport (EYW), conveniently located only four miles southeast of the island. Because of its location within Key West, EYW offers plenty of direct flights from major cities like Atlanta, Fort Lauderdale, and Miami—and even international getaways if you plan a more extended vacation.
What County Is Key West In?
Key West real estate is the principal city and the seat of Monroe County, Florida. Monroe County boasts 82K residents, and 99.9% of its population lives in Key West.
How Long Does It Take To Drive From Miami To Key West, Florida?
Driving from Miami to Key West usually takes just over three hours. The mind-blowing sights along the Overseas Highway you’ll see along the way make it one of the most memorable trips you'll ever take.
Can You Live In Key West Without A Car?
You don't need a car to live in Key West. Unless you plan to make a bunch of purchases, travel mainland frequently, or explore the neighboring keys in-depth, you won't require a vehicle for simple, everyday errands in the city. That explains why walking and biking are still popular methods of transportation. In addition, abundant scooter rentals around town make it easy to get places quickly.
Is Key West Good For Retirees?
Key West real estate is increasingly popular for retirees looking to enjoy the Florida sunshine and a vibrant, lively atmosphere. There are also plenty of activities and attractions to keep the elderly busy. Life for seniors here is like a dream, but only if money is not an issue.
This is mostly because the Florida Keys are mainly serviced through a single highway: US Route 1. This results in more costly goods and services than they would be on the mainland. The Key West real estate market also has a median sale price of over $1M.
What Is Key West Famous For?
Key West, Florida, is a beloved destination renowned for several things. This is a list of some of them:
- Its Famous Residents: Key West has been home to some of America's most iconic and influential personalities, including authors Ernest Hemingway, Truman Capote, and Tennessee Williams, former president Harry S. Truman, and naturalist John James Audubon.
- Key Lime Pie: A true emblem of the city, Key West key lime pie is beloved for its sharp citrus flavor and creamy custard juxtaposed against a crisp Graham cookie crust.
- The Cuban Influence: Key West is closer to Cuba than Miami. The influence of Cuba in "Cayo Hueso" (Key West's name in Spanish) is evident in its culture and history. From the cigar factories filled with Cuban workers, elected Cuban mayors, quests favoring Cuba's independence from Spain, and refugee floods.
Is Key West A Good Place To Invest In Real Estate?
Key West is an incredibly unique, sought-after destination. Its tropical climate, vibrant nightlife, stunning ocean views, tax benefits, and a variety of real estate options have long attracted tourists, residents, and businesses alike. With so much desirability in one place, it makes sense to look into investing in real estate there.
Not only does the stunning location of Key West make it a desirable place to visit, but monthly rentals offer incredible financial potential on this tiny isle. With limited land and properties available for purchase, real estate in Key West continues to appreciate in value exponentially. Whether you're an individual looking for places to purchase or you're part of a larger business interested in expanding into new markets, Key West might just be the place for you.
Does Key West Have Swimmable Beaches?
Key West is blessed with numerous inviting beaches that are perfect for swimming. Some of the best beaches to take a dip in the city are:
- Higgs Beach
- Rest Beach
- Smathers Beach
- Fort Zachary Taylor State Park Beach
One curious fact is that since the island of Key West is situated on a reef, all of its white-sand beaches are man-made.
Things To Do In Key West, FL
Museums In Key West, Florida
- Key West Shipwreck Museum: Key West has a rich shipwreck history put on display at this one-of-a-kind museum. Exhibits combine the talents of actors, films, and real-life artifacts to narrate the story of four centuries worth of salvaged shipwrecks within the Florida Keys.
- Key West Museum of Art & History: Key West's Museum of Art & History offers an immersive experience in the unique culture of the Florida Keys. From its archives and diverse collections, you can discover the island's hidden history and connect to the past through some of its locally famous works. Interactive exhibits bring the stories behind the exhibits to life through several media resources and storytelling.
- Sails To Rails Museum at Flagler Station: This museum offers a fascinating tribute to changing transportation methods in the Florida Keys. The museum traces the evolution of sail-powered vessels replaced by trains and cars, all of which defined access to this tropical paradise until today. Featuring artifacts and displays focusing on Florida railroad history, it's an intriguing tour of the past when people traveled in style down the coast.
Notable Houses In Key West, Florida
- Ernest Hemingway Home & Museum: A lovely French-Colonial-Style house was the Key West home of American writer Ernest Hemingway in the '30s and is one of the city's top attractions. At this home, Hemingway produced several of his most famous works and kept a large population of cats, many polydactyls. Many cats considered descendants of the original ones still roam the house.
- The Truman Little White House: Built-in 1890, The Truman Little White House was originally used as the Naval Station's Commandant's residence. Eventually, it became a favorite spot of Harry S. Truman, who used it as a retreat during his two terms in office. Today, visitors can see firsthand how the 33rd president lived during his time at the White House with preserved features such as presidential artifacts, historical photos, and books that he owned personally.
Curiosities In Key West, Florida
- Key West Cemetery: Key West Cemetery is well known for its fascinating history and unique layout. Due to its one-of-a-kind aura, the place has become a popular tourist attraction. Unlike other cemeteries, which usually strive to be as inconspicuous as possible, Key West Cemetery embraces its place in the island's culture. It is common to find chickens and iguanas roaming around the gravestones, gravesites with colorful tributes to those who passed away, and quirky epitaphs.
- Panam First Office: Aviation buffs will be thrilled to visit this curious location in the city. The place that now houses Kelly’s Bar & Restaurant was Pan Am airlines’ original home. Considered the largest airline in the country from 1927 to 1991, PanAm started in Key West, carrying passengers and mail to Havana, Cuba.
Parks In Key West, Florida
- Fort Zachary Taylor Historic State Park: In this park, you can swim, birdwatch, and have a guided tour of a 54-acre fort that dates back to 1845. This park is home to one of the favorite local beaches where you can enjoy various outdoor activities, from swimming and picnicking to snorkeling, paddling, and fishing.
- Clarence S. Higgs Memorial Beach Park: Explore the 16.5-acre breathtaking landscape of this park along the Atlantic Ocean. You'll explore the 400-foot Reynolds Street Pier, the African Refugee Memorial and burial site, an AIDS memorial, and Fort West Martello. A beachside café and aquatic activities are also available, including swimming, beach volleyball, tennis, pickleball, and a kid's play area.
- Dry Tortugas National Park: Situated on open waters, 70 miles west of Key West real estate, this 100-square-mile national park is only reachable by seaplane or ferry. The park is known for being one of the top locations for snorkeling due to its breathtakingly beautiful azure waters, awe-inspiring coral reefs, and marine life. It is also home to Fort Jefferson, a picturesque (and unfinished) coastal fortress.
Living In Key West Real Estate
Cost Of Living in Key West, Florida
Key West is a coveted destination for retirees, active families, and young professionals who thrive on the sunshine, vibrant culture, and tranquil lifestyle. However, all of that comes with a price. The cost of living index of Key West is 151.2, way above Florida (103.1) and the US average (100), which makes Key West an expensive place to live.
As expected, Key West real estate is one of the high costs in town, but Key West locals can expect to pay more for groceries, healthcare, and miscellaneous expenses. Utilities and transportation will be less of a burden on the resident's budget.
What is the average household income in Key West Florida?
The typical Key West household earns an average annual income of $75,638.
Weather in Key West, Florida
Key West's tropical climate makes it an ideal vacation spot, but it is also an essential factor when it comes to Key West real estate. Due to the prevailing easterly trade winds and sea breezes, temperatures usually remain cool in the city during summertime, rarely exceeding 95°F (35°C).
Annually, there are 56 days where the temperature soars to 90°F (32°C) or beyond (typically occurring between June and September). This time frame is shorter than most of the southeastern United States. Winter in Key West goes from January through March, with high temperatures in the 70s and lows typically hovering around 60°F (15°C).
Does Key West Get A Lot Of Hurricanes?
Like other areas of the Florida Keys, Key West is prone to hurricanes. As of late, the island has been able to dodge any major storms that have come its way. The last hurricane to affect Key West was Irma in 2017, which struck the island as a category four hurricane.
While the potential effects of hurricanes and storms can not be prevented, as long as you do your research ahead of time and stay up-to-date on local advisories during the season (June 1 through November 30), Key West's mild temperatures can make your real estate purchase a worthwhile decision.
Healthcare Services in Key West, Florida
Key West's quality healthcare system helps keep Key West real estate residents healthy and thriving. The main hospital in the city is Lower Keys Medical Center, a licensed acute care facility of 167 beds that offers 24/7 emergency services, an intensive care unit, surgery, and labor and delivery suites. This healthcare service provider has been accredited as:
- A Chest Pain Center by the American College of Cardiology.
- A Primary Stroke Center by the American Heart Association and The Joint Commission.
Job Market in Key West, FL
Fishing, salvaging shipwrecks, and cigar-making formed the foundation for the city's economy in its early days. Today's economy employs over 14K people in Key West, and the most prominent industries are hospitality, food service, and fishing. Other sectors that flourish in Conch Republic include retail trade, healthcare and social assistance, finance and insurance, utilities, and public administration.
Since its humble beginnings, Key West has been a stronghold of strategic importance in the military landscape. The city is still home to the Naval Air Station Key West (NAS Key West). NAS Key West remains a prominent training ground for naval forces, particularly regarding anti-submarine air support. There are approximately 1,650 active-duty Navy personnel, 2,508 family members of the military, 35 Reserve soldiers, and 1,312 civilians in Key West.
Transportation in Key West, FL
Though some find having a car while living in Key West real estate convenient, it's not essential. Key West is highly walkable and bikeable, and residents can also rent or purchase a scooter, which will be highly useful to transit some of the city's narrowest streets. Though, if you own a car, you should know the main islands of the Florida Keys are connected by a single road: US Route 1.
The City of Key West Department of Transportation provides public transportation in Key West. The entity also serves public transit throughout Stock Island, the Lower Keys, and Marathon. The service consists of five bus routes. The fleet includes 20 handicap-accessible buses able to accommodate 24 or 32 passengers. There's also an app-based, rides-on-demand bus service in town.