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Monroe County, FL

RANK #977 / 996  ·  POP 82,044  ·  FL

PROJECTED GROWTH: -4.3%

Monroe County ranks in the bottom tier of U.S. counties on economic momentum.

[01] Why Monroe County?

Monroe County, Florida, is defined by the Florida Keys, a chain of islands stretching over 100 miles into the Gulf of Mexico, with Key West serving as the county seat. This southernmost county in Florida is known for its tropical climate, clear waters, and abundant outdoor recreation. Residents and visitors enjoy activities like snorkeling and diving at John Pennekamp Coral Reef State Park, the country's first underwater state park, or exploring the sandy beaches of Bahia Honda State Park. The Overseas Highway connects the Keys, though commute times can vary. The public school district, headquartered in Key West, is considered above average.

Life in Monroe County often revolves around its unique island environment. The economy is heavily influenced by tourism, which supports a significant number of local jobs and contributes to tax revenues. This visitor-driven economy helps fund community projects and infrastructure improvements, lessening the tax burden on residents. Recent economic developments include ongoing investments in infrastructure, such as road stabilization and improvements to transportation facilities like Key West International Airport, aimed at enhancing resilience against environmental challenges. The county is also seeing proposals for new data centers, reflecting broader trends in digital infrastructure investment.

[02] Market Snapshot

Housing Ratio
8.9x

Overvalued relative to economy

GDP Growth
+3.4%

Above national median

Home Prices
-3.4%

Prices declining

Climate & Terrain
6.0

Favorable climate & terrain

Price/Rent
16x

Above national median (13x)

Housing looks overvalued at 8.9x — home prices are high relative to local economic output. Climate and geography support a structural premium. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Monroe County U.S. National

The Numbers

DEMOGRAPHICS
Population
82,044
-0.24% YoY
Median Household Income
$80,111
Median Home Value
$696,900
-3.36% 12mo
Median Rent
$1,919
Average Annual Pay
$58,702
+3.5% YoY
Employment
47,058
+3.0% YoY
Income-to-Home-Value
0.115
Less affordable than average
Migration Inflow
2.67%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$997,500
Days on Market
124
Slower market
Months of Supply
11.2
Buyer's market
Sale-to-List Ratio
94.5%
Negotiation room for buyers
Sold Above List
3.3%
Listings w/ Price Drops
28.7%
Building Permits (2024)
334
Single-Family Permits
245

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$2,609M
TOTAL
PROJECT AMOUNT STATUS
Datacore Innovations Data Center Campus
Datacore Innovations LLC (Capital Land Group LLC)
$1,120M Proposed
Google Data Center
Google
$1,100M Planned
Monroe County Capital Improvement Program (2024-2028)
Monroe County
$339M Planned
Key Largo Affordable Workforce Housing Units
Gorman & Company LLC
$50M Planned

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +3.4% 64 percentile
Population Growth -0.2% 18 percentile
Income Growth +9.5% 73 percentile
Vacancy Rate 3.5% 1 percentile
Home Price Change -3.4% 8 percentile
Rent Growth -1.4% 4 percentile
Price/Rent 16x 23 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Monroe County, FL a good place to move to?

Monroe County has a Boom Town Index score of 2/100, ranking #977 among 996 U.S. counties. With job growth at +3.0% and a median household income of $80,111, it faces some economic headwinds compared to faster-growing counties.

Is Monroe County affordable?

The median home value in Monroe County is $696,900 with median rent at $1,919/month. The income-to-home-value ratio is 0.115, which is less affordable than the national average.

Is Monroe County growing or shrinking?

Population growth: -0.2% year-over-year. Job growth: +3.0%. Home values changed -3.4% in the past 12 months.

Are people moving to Monroe County?

Yes — 2.67% of Monroe County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

Okaloosa County, FL 12 Orange County, FL 12 Coweta County, GA 12 Gordon County, GA 12 Sussex County, DE 12 Clark County, NV 12 DeKalb County, GA 12 Jones County, MS 12