Key West
RANK #809 / 996 NAT · #25 / 41 FL · POP 82,044
1YR FORECAST: -2.4%
5YR OUTLOOK: +16%
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.
Overvalued relative to economy
Above national median
Prices declining
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.
Estimated local headcount ranges. Larger employers shown as floor + "+"; smaller employers show exact counts where reported.
Source: Redfin · Census BPS — Browse sales on Redfin →
Source: CDC/NCHS vital statistics via County Health Rankings (2020–2022 avg). Rates per 100,000 population. Grade based on homicide rate relative to national average (~6.3). Learn more →
| 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.
Bars show percentile rank among all 996 counties.
The data is not encouraging — Monroe County scores just 18/100 on the Boom Town Index, ranking #809 of 996 counties. Job growth at +3.0% and median household income of $80,111 reflect an economy that has been contracting or stagnating relative to the rest of the country.
Affordability is a real challenge in Monroe County. The median home is valued at $696,900 — with an income-to-home-value ratio of just 0.12, that's significantly harder to afford than in most U.S. counties. Median rent runs $1,919/month.
Employers in Monroe County are hiring — job growth of +3.0% — but the population is close to flat (-0.2% YoY). Home values moved -3.4% over the past year. Labor demand is outpacing local population growth, which tends to tighten wages and housing.
There's a moderate stream of newcomers. About 2.67% of residents moved from another state, which is above average and suggests Monroe County has appeal as a relocation destination — though it's not among the highest-inflow counties nationally.