Property Intelligence Report — Key West, Florida

Key West's real estate market reflects its unique position as Florida's southernmost city and a destination community. The median home value sits at $696,900, which is substantially higher than most of Florida, driven by limited developable land and strong tourism demand. With a population of 82,044 and 62.2% owner-occupied homes, you're looking at a established residential base alongside the seasonal rental market that defines much of the local economy.

The community skews educated and relatively affluent—33.6% hold bachelor's degrees or higher, and median household income reaches $80,111. This suggests a mix of retirees, remote workers, and professionals attracted to the lifestyle, rather than a working-class destination. Demographically, you're not buying into a growth market; the population is stable, which means prices are driven more by desirability than speculation.

Naturally, Key West has minimal earthquake risk and sits in EPA's low radon zone, so geological hazards aren't a concern. The real environmental consideration here is the island's vulnerability to hurricanes and sea level rise—factors the data doesn't capture but absolutely matter for property decisions. Before buying, investigate flood insurance costs, elevation, and long-term climate projections for your specific property location.