Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $631,337 | $293,727 | $242,182 |
| Price Trend (Annual %) | 13.1% | 12.0% | 8.2% |
| Median Gross Rent | $1,869 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Key Largo is about 115% higher than in Florida. Rent is about 20% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Key Largo, up about 13.1% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Key Largo rose about 56.7% between 2015 and 2023, from $1,193 to $1,869. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 8.1 yearly household incomes in Key Largo.
Buying the median-priced home in Key Largo costs roughly 28.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Key Largo. The price-to-rent ratio in Florida is about 15.7.
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $631,337 | $293,727 | $242,182 |
| Median Household Income | $77,724 | $71,865 | $78,145 |
| Price-to-Income Ratio | 8.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Key Largo rose about 74.6%, while median household income rose about 48.9% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 41.5% | 57.1% | 58.2% |
| Rental Rate | 17.6% | 27.7% | 31.3% |
| Vacancy Rate | 41.0% | 15.2% | 10.6% |
| Median Tenure (years) | 14.0 | 13.0 | 15.0 |
| Median Year Moved In | 2012 | 2013 | 2011 |
Key Largo has a homeownership rate of 41.5%, lower than the Florida average of 57.1%. Its housing vacancy rate is 41.0%, compared with 15.2% in Florida.
Housing Stock
| Metric | Key Largo | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.41 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1985 | 1987 | 1978 |
| Median Number of Rooms | 4.5 | 5.2 | 5.5 |
The typical housing unit in Key Largo was built around 1985. On average, 2.4 people live in a home with about 4.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Key Largo, Florida.
What is the median home price in Key Largo, Florida?
The median home price in Key Largo, Florida is $631,337, higher than the Florida average of $293,727.
What is the average home price in Key Largo, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Key Largo, Florida?
The median gross rent in Key Largo, Florida is $1,869 per month, higher than the Florida average of $1,564.
What was the median gross rent in Key Largo in 2020?
In 2020, the median gross rent in Key Largo, Florida was $1,687 per month.
What is the price-to-rent ratio in Key Largo, Florida?
The price-to-rent ratio in Key Largo, Florida is about 28.1, meaning it would take roughly 28.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Key Largo.
Are home prices or rent rising faster in Key Largo, Florida?
Both home prices and rent are rising in Key Largo, up about 13.1% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Key Largo, Florida?
41.5% of households in Key Largo, Florida own their home, lower than the Florida average of 57.1%.
What is the vacancy rate in Key Largo, Florida?
The housing vacancy rate in Key Largo, Florida is 41.0%, higher than the Florida average of 15.2%.