Median rent is 14% lower in New York ($1,779/mo vs $2,075/mo). Buying is cheaper in New York, where the median home runs $751,700 versus $816,300. Households earn more in New York ($79,713 vs $78,532 a year).
City A
Key West, FL
City B
New York, NY
How much would you need to earn in New York, NY to maintain your standard of living from Key West, FL?
A cost-of-living index isn't available for one of these cities yet, so we can't compute an equivalent salary.
Based on BEA Regional Price Parity (cost index) for each city's metro area. A rough estimate of overall purchasing power, not tax or take-home pay.
Metric
Key West
Florida
New York
New York
👥Population
💰Median Household Income
Annual
🏠Median Gross Rent
Per month
🏡Median Home Value
📊Cost of Living Index
US avg = 100
🔑1BR Fair Market Rent
HUD FMR
🔑2BR Fair Market Rent
HUD FMR
🔑3BR Fair Market Rent
HUD FMR
🌬️Air Quality Index
Lower = cleaner
🏛️Top State Income Tax
Top marginal rate
🧾State Sales Tax
Statewide base rate
🎂Median Age
Years
✓ = better value · Sources: US Census ACS, BEA RPP, HUD FMR, EPA AirNow, Tax Foundation
Median rent is modestly lower in New York at $1,779/mo compared to $2,075/mo in Key West (14% gap). Median home values are within 8% of each other: $816,300 in Key West and $751,700 in New York.
1BR Fair Market Rent
2BR Fair Market Rent
BLS OEWS 2023 — metro-level data
Florida has no state income tax, while New York tops out at 10.90% — giving Key West a clear advantage for high earners. Sales tax is 6.00% in Florida and 4.00% in New York; New York has the lower rate (local add-ons may apply in both).
Key West
Income tax: None
Sales tax: 6.00%
New York
Income tax: 10.90%
Sales tax: 4.00%
Air quality data is available for New York (avg AQI 61.0) but not yet for Key West.
Pick New York if you prioritize cheaper rent ($1,779/mo median).
Pick Key West if you prioritize no state income tax.
Is Key West cheaper than New York?
Cost of living index data is not yet available for one or both cities.
How much is rent in Key West vs New York?
Median rent is $2,075/mo in Key West, FL and $1,779/mo in New York, NY. New York, NY has the lower rent by about 14%.
Which has higher salaries — Key West or New York?
Median household income is $78,532 in Key West, FL and $79,713 in New York, NY. New York, NY has the higher median income. Note that BLS occupational wages in the table above show wages for specific jobs.
Which city has better air quality?
Air quality data is not yet available for one or both cities.
Which has lower taxes — Key West or New York?
Florida has no state income tax. New York has a top rate of 10.90%.
What salary do I need in New York to match my Key West income?
RPP data needed for salary equivalence calculation is not yet available.
Data last updated: December 1, 2024 · Sources: US Census ACS, BEA RPP, BLS OEWS, HUD FMR, EPA AirNow, Tax Foundation · Methodology