Did the Cost of Living in Key West, FL increase in 2022? Key West, FL area prices were up 2.9% from a year ago. The largest increases were found in Transportation, Food, and Housing.
By using Salary.com's Cost of Living Calculator, you can make a cost of living comparison of the Consumer Price Index (CPI) and salary differentials of over 300+ US cities. Let us help you make an informed decision about what it will cost to live and work in the city of your dreams!
About Key West, Florida Key West (Spanish: Cayo Hueso) is an island and city in the Straits of Florida on the North American continent. The city lies at the southernmost end ....More
The federal minimum wage is $7.25 per hour while Florida's state law sets the minimum wage rate at $10 per hour in 2022. Demands for a living wage that is fair to workers have resulted in numerous location-based changes to minimum wage levels. View future changes in the minimum wage in your location by visiting
Minimum Wage Values in Key West, FL
Based on this cost of living comparison, you can see:
If you move from Chicago IL, Dallas, TX, or Miami, FL, the percent increase of your cost of living could be 22.8%, 37.8%, and 24.8%. Looks like this move could have a negative net change in disposable income, so please think carefully!
If you move from New York, NY, San Francisco, CA, or Washington, DC, the percent reduction of your cost of living could be -43.50%, -23%, and -20.10%, that's good news to you that you could be looking at a positive net change in disposable income.
About Key West, FL
Key West (Spanish: Cayo Hueso) is an island and city in the Straits of Florida on the North American continent. The city lies at the southernmost end of U.S. Route 1, the longest north-south road in the United States. Key West is the southernmost city in the contiguous United States and the westernmost island connected by highway in the Florida Keys. The island is about 4 miles (6.4 km) long and 1 mile (1.6 km) wide, with a total land mass of 4.2 square miles (11 km2). Duval Street, its main street, is 1.1 miles (1.8 km) in length in its 14-block-long crossing from the Gulf of Mexico to the St...
Source: Wikipedia (as of 04/11/2019). Read more from Wikipedia
Comments about the Cost of Living in Key West, FL
Florida is a tax-friendly state with a low cost of living for some.
Florida has no state income tax and is considered one of the lowest tax states in the country! This means that if you work in Florida, your paycheck will be free of taxes other than the federal income taxes. This will make your take-home pay higher and provide more income for the basic cost of living purchases. Florida is also very tax-friendly for retirees with no taxes on retirement or pension benefits.
Florida does, however, have a statewide 6% sales tax. Many items are excluded from this sales tax including food, medical supplies, and farm production supplies. Property taxes are close to the national average.
Healthcare access and affordability and your cost of living
Florida is ranked number 49 out of all states in overall healthcare access and affordability.
Healthcare costs make up a significant part of the cost of living. The ability to afford healthcare as well as the ability to access care are key indicators of how much you will be paying for this important resource if you move to another state. Affordability is generally measured by the rates set for insurance coverage in a state, as well as the out-of-pocket expenses that need to be paid by you when receiving the care. If rates or out-of-pocket expenses are high, your cost of living will increase. Access to healthcare is how easy or difficult it may be to receive the care. Access is measured by identifying barriers that might prevent the delivery of care such as the inability to obtain insurance coverage, having to travel long distances to health care centers and lack of sufficient facilities and/or healthcare professionals. The timeliness of care, how fast you can get to see a healthcare provider, is another important measure.
Hot summers and the cost of living
Florida has one of the highest state-wide average temperatures during the summer months of June, July, and August. If you live in Florida, it is likely that your air conditioner will be running non-stop for most of the summer. This could contribute to higher energy costs during the summer based on your thermostat setting and preference for a cool indoor climate. A hot summer is usually followed by cooler temperatures during the winter months when heating expenses may be low. Because the cost of living is linked to energy costs, expect an increase in those costs during the summer months if you live in Florida. (2022-04-26salary.com)
Cost of Living Frequently Asked Questions
What is a Cost of Living index and how is it used?
In the simplest terms, a Cost of Living index is the estimated amount that represents the cost of the basic necessities required for an individual to live. A cost of living or COL estimate may typically include estimates for housing, food, energy, medical care, transportation, taxes, and other necessities. A COL index may be used to measure what the cost difference would be for a person living in a certain location compared to another location. This cost of living comparison helps individuals make decisions about where they would like to live and what they can afford based on the costs in that location. A cost of living comparison can provide guidance about how an increase or decrease in these basic living expenses impacts necessary spending for an individual or a family.
What factors are included in estimating your cost of living?
The Salary.com cost of living calculator estimate is based on data related to five general categories: housing, food, healthcare, transportation, and energy. These are the universally recognized core components of any cost of living estimate and represent those expenses that apply to everyone. Obviously, there may be other factors that could contribute to your particular cost of living situation and not everyone has the same spending habits. For example, education and/or childcare costs might not apply to everyone, but for those who have those expenses, they could be significant and should be considered when you evaluate your cost of living comparison.
The Salary.com cost of living calculator is unique in that it also incorporates current salary data for thousands of jobs specific to a chosen home or work location to provide a more refined estimate of the cost of living variations. You can see how your job and your salary will be impacted by a change of location. If you live in one location but work in another, the cost of living calculator will make those adjustments to provide an accurate estimate of the change in COL. The Salary.com cost of living calculator helps you to make cost of living comparisons cost comparisons easily and quickly.