Florida Keys and Monroe County Cost of Living
The cost of
living index is based on the composite price of groceries, housing, utilities,
transportation, health care, clothing and entertainment.
Cost of living indexes will generally be higher in areas that offer access
to beaches, culture, arts and recreation. In addition areas, that offer
a wider variety of services such as health and education will run higher
due to higher wages, and increased quality of living.
Cost of living indexing explanation
• A figure of 100 points is used as an average both for the USA and Florida.
For example:
• Boise Idaho is ranked at a 99
• Boston Mass is rated at 240
• San Francisco at 217
• Orlando Fl is 104.2 and Miami is 115.0
• Statewide, Florida cities come in from a low of 90 and up.
• One way to compare Florida areas to salary requirements
For example-If you were relocating from Portland Oregon (whose rate is 120) to
Orlando, and you currently make $50,000 per year, the formula is as follows
• Take the destination index, in this case Orlando-104.2 and divide by
Portland’s index-120, then multiply by a salary of $50,000. This will give
you a figure of $43,416, which would be required to make in Orlando and have
the same quality of life.
The Keys and Monroe county top out the state at an average Cost of Living at
160 plus. (this is due to the home price escalation in the Keys). We only have
so much land and the area is heavily regulated as to building permits. The result
is that It's not going to get cheaper....A tropical paradise is in the same venue
as any resort destination area, be it Martha's Vineyard or Sun Valley.
However compared to other areas nationally and given the amenities of
the Keys, it is a great place to live, work and play.
(Population Weighted-State Average=100
2006 Fourth quarter stats per ACCRA and Council for Community Economic
Research
Bradenton-100.6
Cape Coral-Ft Myers-108.0
Ft Lauderdale-117.0
Fort Walton-Destin-97.3
Jacksonville metro-96.3
Miami metro-115.0
Orlando metro-104.2
Palm Coast-Flagler-98.5
Panama City-96.6
Pensacola metro-96.0
Sarasota-107.0
Tampa 98.5
St Pete-Clearwater-99.9
Vero-Beach Indian River-103.4
West Palm Beach metro-117.5
(Population Weighted-State Average=100
• See national comparisons
Cost of living (100 = nationwide average)
• New York, NY 364
• Long Beach, NY 340
• Palo Alto, CA 268
• Menlo Park, CA 265
• Los Altos, CA 261
• Saratoga, CA 261
• Boston, MA 240
• Malibu, CA 233
• San Francisco, 217
• Greenwich, CT 215
• Cambridge, MA 211
• Santa Monica, CA 197
• Keystone, CO 194
• San Rafael, CA 192
• Weston, CT 192
• Darien, CT 192
• Wellesley, MA 192
• Fort Lee, NJ 189
• Arlington, VA 184
• Honolulu, HI 184
• Washington, DC 181
• Princeton, NJ 180
• Vail, CO 178
• Chicago, IL 166
• Sunnyvale, CA 164
• San Mateo, CA 163
• Marathon, FL 161
• Ridgewood, NJ 159
• Mystic, CT 159
Housing. Minimum two bedroom single family homes in Key west
• As of June 2005, the median sold price is $625,000.
• Beach front condos, from $850,000 to 2 million
• Inland homes from $500,000 up
• Inland condos start at $400,000
For Utility charges
Water
• The Florida Keys Aqueduct Authority provides water for the entire Keys:
• Tavernier.....305 852-8068
• Marathon.....305 743-5409
• Lower Keys.....305 296-2454
For Electric
• The Florida Keys Electric Cooperative
• provides power for the upper Keys:
• Tavernier.....305 852-2431
• Marathon, 3421 O/S Hwy.....305 743-5344
• Key West City Electric
• provides power for the Lower Keys
• 1001 James St, Key West.....305 294-5272
Gas.
Propane is available from local dealers
Telephone Companies:
• Bell South
• Residential Services.....305 780-2500
• Business Services.....305 780-2800
* Florida Keys Electric Cooperative
* Keys Energy
* Florida Keys Aqueduct Authority
* BellSouth
Most homes in the Keys are on septic tanks with a few exceptions-Key West-Marathon.
Garbage pickup is included in your taxes