Buying in Florida Keys: the full guide

Prices and loans

The Census-based median value of an owner-occupied home in Monroe County is $780,600, and recent sale prices are higher. The conforming loan limit for 2026 is $990,150, above the national baseline, so a good part of the market still fits standard lending for US residents. Waterfront houses commonly need jumbo loans.

European buyers who remain resident in Europe use foreign national loans here as elsewhere, with a larger down payment. One Keys-specific point: a lender will not close without wind and flood insurance in place, and both take longer to arrange than on the mainland. Start the insurance work the day your offer is accepted.

Insurance in three parts

Wind

Citizens Property Insurance is the primary provider of wind cover in the county, and the county reports that Citizens wind premiums in Monroe are the highest in the state. Hurricane cover has its own deductible, offered by law at $500, 2%, 5% and 10% of the dwelling limit.

Flood

Standard home insurance excludes flood. Citizens policyholders with wind cover must carry flood insurance, a requirement that extends to all such policies from 1 January 2027 with an exemption for condominium unit owners. The federal flood programme covers up to $250,000 for the building and $100,000 for contents, so higher-value homes need additional private cover.

Everything else

A separate policy covers fire, theft and liability. Three policies and three premiums belong in your affordability calculation, and the lender will count them.

Elevation and the rules on rebuilding

Homes built after the end of 1974 must have the lowest floor at or above base flood elevation. Under the county's 50% rule, improvements costing half or more of the building's market value oblige you to bring the whole structure up to current standards, elevation included. That makes the difference between a cosmetic renovation and a rebuild very expensive, and it is a reason to have an inspector and a local contractor look at an older house before you commit. Space enclosed beneath an elevated home may be used only for access, parking and limited storage.

Letting: think in months, not weeks

The county kept its vacation rental rules from before the 2011 state law, so they are stricter than in much of Florida. In unincorporated areas, which include Key Largo and most of the Lower Keys, lets of less than 28 days are prohibited in the main residential subdivision districts unless the home sits in a gated community with an association that regulates rentals. Where short lets are allowed they need an annual county permit and a licensed manager. Key West, Marathon and Islamorada each have their own licensing, with the same 28-day line between transient and longer lets. Short stays are taxed at 12.5%.

Many European owners therefore use the home themselves for part of the winter and let it by the month for the rest. If your plan depends on weekly holiday lets, buy only a property whose licence or zoning you have verified with the authority that issues it.

Getting there

Key West International has domestic flights only, so the journey from Europe is through a US hub or a drive of several hours down US 1 from Miami. It is part of the charm, and something to weigh if you plan short visits.

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