The typical owner-occupied home in Cedar Key is worth about $378,000, 5% above the Florida median of $359,000 and 14% above the national median of $332,700. Owners pay a median $3,335 a year in property taxes, about 0.88% of their home's value, higher than the Florida rate of 0.76%. The median household earns $64,375 a year, so the median home costs 5.9 times the median income (4.8 times for Florida). 78% of occupied homes here are lived in by their owners, and 29% of those owners still have a mortgage.
Cedar Key at a glance
| Cedar Key | Florida | U.S. | |
|---|---|---|---|
| Median home value | $378,000 | $359,000 | $332,700 |
| Median property tax paid per year | $3,335 | $2,730 | $3,119 |
| Property tax as a share of value | 0.88% | 0.76% | 0.94% |
| Median household income | $64,375 | $74,568 | $80,734 |
| Homes lived in by their owners | 78% | 68% | 65% |
| Owner homes with a mortgage | 29% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $1,708 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 22.5% | 23.6% | 21.0% |
| Median rent | $873 | $1,669 | $1,413 |
| Rent as a share of renters' income | 51.0% | 35.2% | 30.6% |
| Median year homes were built | 1978 | 1988 | 1980 |
| Vacant homes | 44.7% | 14.7% | 10.1% |
| Population | 875 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Cedar Key
At this week's average 30-year rate of 7.11%, buying the median Cedar Key home of $378,000 with 20% down costs about $2,469 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $3,099, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $105,813 for the 20%-down payment. That payment is 46% of the median Cedar Key household income of $64,375; at that income and 20% down, the 28% guideline points to a home of about $230,000.
The median rent here is $873 a month, so owning the median home costs about $1,596 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $75,600 |
|---|---|
| Loan amount | $302,400 |
| Principal and interest | $2,034 |
| Property taxes (0.88% a year) | $277 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| PMI | $0 |
| Total per month | $2,469 |
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| Down payment | $13,230 |
|---|---|
| Loan amount | $371,153 |
| Principal and interest | $2,497 |
| Property taxes (0.88% a year) | $277 |
| Homeowners insurance (our estimate, 0.5% a year) | $158 |
| FHA mortgage insurance | $167 |
| Total per month | $3,099 |
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Questions about home buying in Cedar Key
What is the median home value in Cedar Key?
About $378,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Cedar Key?
Homeowners pay a median $3,335 a year, which is about 0.88% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Cedar Key?
For the median home with 20% down at 7.11%, the payment is about $2,469 a month. Keeping that under 28% of gross income takes about $105,813 a year.
More about Cedar Key
- Mortgage Refinance in Cedar Key
- Debt Relief in Cedar Key
- Home Equity Loans in Cedar Key
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data