Cost of Living in Monroe County, Florida
At a Glance
Rent burden measured as median gross rent as a percentage of renter household income (Census ACS B25071)
These figures are county medians, not a personal budget. Use them to frame rent, ownership, and income tradeoffs, then account for household size, commute, financing, insurance, taxes, debt, and local availability before making a decision.
How Monroe County Compares
Median monthly rent comparison
Detailed Housing Stats
National Ranking
Affordability Rank
Monroe County ranks #3,037 of 3,142 counties for affordability (bottom 3%)
Sourced county brief
Monroe County Median Home Value Estimated at $780,600
The median home value in Monroe County was estimated at $780,600, which is significantly higher than the Florida unweighted county mean of $284,325. The official ACS B25071 median gross rent as a percentage of household income (GRAPI) was 37.1%. This figure is 4.3 percentage points higher than the state unweighted county mean of 32.8%. Median gross rent in the county was $1,999 per month, compared to the state unweighted county mean of $1,304. For owner-occupied housing, median selected monthly owner costs were $1,729, while the state unweighted county mean was $1,039. The median income for renter households was $64,941. These figures are based on the U.S. Census Bureau American Community Survey 5-Year Estimates for 2020-2024. See ACS table B25071 for the underlying estimate.
Source record
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25064 Median Gross Rent
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25071 GRAPI
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25077 Median Home Value
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25088 Selected Monthly Owner Costs
- U.S. Census Bureau ACS 2020-2024 5-Year Estimates — B25119 Household Income by Tenure
Data version acs5-2020-2024 · Method cost-brief-v1
Cost of Living Advisory: Monroe County
Affordability Verdict
ACS B25071 estimates median gross rent at 37.1% of renter household income in Monroe County, which is between the 30% and 50% rent-burden benchmarks. This is a median percentage among renter-occupied units, not the share of households above a threshold.
Rent vs. Own
Median gross rent is $1,999 per month; median selected monthly owner costs are $1,729. These ACS medians describe different tenure groups and are not a personalized rent-versus-buy calculation.
Income Needed
Using the common 30% budgeting benchmark, $79,960 in annual gross income would allocate 30% to the county's median gross rent. This is a reproducible illustration, not evidence that a particular household can afford housing.
Regional Context
The Florida unweighted mean of county median rents is $1,304 per month. Monroe County's $1,999 median is 53.3% above that comparison value.
Data version acs5-2020-2024 · Method cost-advisory-v2
Affordability Calculator
See how your income compares to housing costs in Monroe County
Rent Burden
27.3%
of gross income
Max Housing (28% Rule)
$2,047
per month
Owner Cost Burden
23.6%
of gross income
The median home in Monroe County may be a stretch
Median home value is $780,600. Estimated monthly cost: $6,232 vs. your max of $2,047.
Rent Affordability Guide
Income Needed Calculator
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Based on the 30% rule for rent and 28% rule for housing costs (mortgage + owner costs). Mortgage estimate assumes 20% down, 7.2% interest, 30-year fixed.
Frequently Asked Questions
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See Today's RatesData: U.S. Census Bureau, American Community Survey (ACS) 5-Year Estimates (2020-2024). Data is informational only and is not personalized financial advice.
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