Cost of living in Key West
Key West, a vibrant island city in Florida, is known for its stunning sunsets, lively nightlife, and rich history. Understanding the cost of living here is crucial for anyone considering a move or planning an extended stay.
This guide provides a detailed breakdown of expenses, from dining and groceries to housing and transportation, offering a comprehensive view of what it takes to live comfortably in Key West.
Cost of Living Summary
Dining and Restaurants
- Inexpensive Restaurant Meal - A meal at a casual restaurant will typically cost $24 on average, with a range between $15 and $35.
- Mid-Range Restaurant (Three-Course Meal for Two) - For a more upscale dining experience, expect to pay around $140, with prices ranging from $85 to $150.
- Fast Food (e.g., McDonald's) - A McMeal or equivalent combo meal averages $12, with a range between $11 and $14.
- Beverages (e.g., Domestic Beer, Imported Beer, Cappuccino, Coke/Pepsi) - Domestic beer ranges from $5 to $8, imported beer $5 to $9, cappuccino $3 to $8, and Coke/Pepsi $1.89 to $3.5.
Grocery Prices
- Milk - Milk is priced between $0.73 and $1.59 per liter, averaging $1.09.
- Bread (Loaf of Fresh White Bread) - A loaf of fresh white bread costs between $2.2 and $5.68, with an average price of $3.31.
- Eggs (Dozen) - A dozen eggs range from $1.78 to $6, averaging $3.37.
- Fruits (e.g., Apples, Oranges) - Apples cost $6.39 to $8.82 per kg, while oranges are priced at $4.41 per kg.
- Vegetables (e.g., Potatoes, Lettuce) - Potatoes and onions are priced at $8.82 per kg, and lettuce costs $4 per head.
Transportation
- Fuel (Gasoline) - Gasoline is priced between $0.76 and $1.06 per liter.
- Taxi Fares - Taxi fares cost $3.11 per km.
- Car Purchase - A new Volkswagen Golf costs between $25,000 and $26,000, while a Toyota Corolla ranges from $22,000 to $25,000.
Housing Costs
- 1-Bedroom Apartment Rent (City Centre) - Rent for a 1-bedroom apartment in the city centre ranges from $2940 to $3800, averaging $3413.33.
- 1-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent is similar, ranging from $2940 to $3800, averaging $3413.33.
- 3-Bedroom Apartment Rent (City Centre) - Rent for a 3-bedroom apartment in the city centre ranges from $5000 to $9290, averaging $7096.67.
- 3-Bedroom Apartment Rent (Outside Centre) - Outside the centre, rent ranges from $3400 to $9290, averaging $6063.33.
- Buying Price per Square Meter (City Centre) - The price per square meter to buy an apartment in the city centre averages $10215.
- Buying Price per Square Meter (Outside Centre) - Outside the centre, the price per square meter also averages $10215.
Utilities
- Basic Utilities (Electricity, Heating, Water, etc.) - Basic utilities for an 85m2 apartment cost between $150 and $457.47, averaging $235.74.
- Internet - Internet services range from $40 to $150, with an average cost of $63.5.
Cost of Living Rankings
The cost of living indices for the United States are compared to New York City (NYC), which serves as the baseline with an index of 100. These provide insights into the relative cost of living in different cities in United States, covering factors like consumer goods, rent, and purchasing power.
Cost of Living Data
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"Key Takeaways"
Key West is known for its high cost of living, particularly in housing and dining. Rent prices are notably high, even outside the city centre.
Dining out can be expensive, especially at mid-range restaurants. However, grocery prices offer some relief with competitive pricing on essentials like milk and bread.
Transportation costs are moderate, with gasoline prices being relatively low compared to other regions.
Conclusion
Living in Key West offers a unique blend of island charm and vibrant culture, but it comes with a high cost of living. Housing and dining are the most significant expenses, making it essential for potential residents to budget carefully.
Despite the high costs, the city's beautiful surroundings and lively atmosphere make it an attractive place to live for those who can afford it. Prospective residents should weigh the costs against the lifestyle benefits when considering a move to Key West.