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Colourful wooden houses and palm trees on a street in Key West, Florida

Buying a home in
Florida Keys

The Keys are a 112-mile chain of islands joined to the mainland by one road. Almost everything that makes buying here different follows from that: the number of homes is capped by law, wind insurance comes mainly from the state-backed insurer, and holiday letting is restricted in most residential streets.

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Everything about buying in Florida Keys

Short answers on this page. The full guide has the detail, the figures and the sources.

The purchase and the loan

How a purchase runs here and which loans fit.

  • Prices and loans
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Prices, taxes and insurance

What homes cost and what you pay on top.

  • Insurance in three parts
  • Elevation and the rules on rebuilding
Read more →

Letting and living

Rental rules, local life and how to get there.

  • Letting: think in months, not weeks
  • Getting there
Read more →
Read the full guide

A market shaped by one road

Monroe County describes US 1 as the single highway connecting the island chain, and the only way out. Florida law therefore limits residential development in the Keys so that the permanent population can evacuate before a hurricane within about 24 hours, raised to 24.5 hours by a 2025 law that released 900 further permits over ten years. Permits are allocated through a points-based system known as ROGO, run separately by the county, Key West, Marathon, Islamorada and Layton.

For a buyer the consequence is simple. Existing, lawfully permitted homes are scarce by design, which supports prices. And an empty plot is a lottery ticket, not a building site.

Two-storey wooden Key West house with a balcony, shutters and palm trees in front

The Florida Keys at a glance

Figures last checked:

This is not a lending decision: a US specialist confirms what applies to your own situation.

Home valuesMedian value of owner-occupied homes in Monroe County: $780,600 (Census data via Tax Foundation). Recent sale prices run higher.
Loan limit 2026$990,150 for a one-unit home in Monroe County. Above that is a jumbo loan.
Effective property tax0.53% of home value on average, the lowest of the Florida counties we cover, on much higher values.
New buildingRationed. State law caps development so that residents can evacuate within about 24 hours.
Wind insuranceCitizens, the state-backed insurer, is the primary provider in Monroe County.
Holiday lettingIn unincorporated Monroe County, lets of under 28 days are banned in most residential subdivisions. Key West draws the line at 28 days too.
AccessOne highway, US 1. Key West airport has domestic flights only.
White wooden cottage behind a picket fence under a shady tree in Key West, Florida Aerial view of the white Key West lighthouse among green trees and historic houses Sailboat gliding through turquoise water off Key West, Florida, with a palm island behind Two-storey wooden Key West house with a balcony, shutters and palm trees in front Colourful wooden houses and palm trees on a street in Key West, Florida Concrete bridge over turquoise water with a rocky shoreline in the Florida Keys
Concrete bridge over turquoise water with a rocky shoreline in the Florida Keys

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Before you make an offer in the Keys

  • Buy an existing home with a lawful permit history unless you understand the permit system.
  • Start wind, flood and home insurance quotes immediately.
  • Ask for the elevation certificate and check any enclosure under the house.
  • Have an inspector assess how close a planned renovation comes to the 50% rule.
  • Verify the rental rules for the address with the county or city, not the listing.
  • Check whether the loan is conforming or jumbo at the $990,150 limit.
  • Get a property tax estimate at your purchase price without homestead.
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Sources (13)

Figures and rules on this page were checked against these sources on 3 October 2026. Rates, prices and local rules change, so confirm anything you rely on before you commit.