The typical owner-occupied home in Key Biscayne is worth about $1,575,300, 4.4 times the Florida median of $359,000 and 4.7 times the national median of $332,700. Owners pay a median $10,001 a year in property taxes, about 0.63% of their home's value, lower than the Florida rate of 0.76%. The median household earns $181,505 a year, so the median home costs 8.7 times the median income (4.8 times for Florida). 67% of occupied homes here are lived in by their owners, and 47% of those owners still have a mortgage.
Key Biscayne at a glance
| Key Biscayne | Florida | U.S. | |
|---|---|---|---|
| Median home value | $1,575,300 | $359,000 | $332,700 |
| Median property tax paid per year | $10,001 | $2,730 | $3,119 |
| Property tax as a share of value | 0.63% | 0.76% | 0.94% |
| Median household income | $181,505 | $74,568 | $80,734 |
| Homes lived in by their owners | 67% | 68% | 65% |
| Owner homes with a mortgage | 47% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 24.3% | 23.6% | 21.0% |
| Median rent | $3,501 | $1,669 | $1,413 |
| Rent as a share of renters' income | 38.2% | 35.2% | 30.6% |
| Median year homes were built | 1977 | 1988 | 1980 |
| Vacant homes | 32.4% | 14.7% | 10.1% |
| Population | 14,791 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Key Biscayne
At this week's average 30-year rate of 7.11%, buying the median Key Biscayne home of $1,575,300 with 20% down costs about $9,961 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $12,839, 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 $426,905 for the 20%-down payment. That payment is 66% of the median Key Biscayne household income of $181,505; at that income and 20% down, the 28% guideline points to a home of about $670,000.
The median rent here is $3,501 a month, so owning the median home costs about $6,460 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $315,060 |
|---|---|
| Loan amount | $1,260,240 |
| Principal and interest | $8,478 |
| Property taxes (0.63% a year) | $827 |
| Homeowners insurance (our estimate, 0.5% a year) | $656 |
| PMI | $0 |
| Total per month | $9,961 |
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| Down payment | $55,136 |
|---|---|
| Loan amount | $1,546,767 |
| Principal and interest | $10,405 |
| Property taxes (0.63% a year) | $827 |
| Homeowners insurance (our estimate, 0.5% a year) | $656 |
| FHA mortgage insurance | $950 |
| Total per month | $12,839 |
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Questions about home buying in Key Biscayne
What is the median home value in Key Biscayne?
About $1,575,300 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Key Biscayne?
Homeowners pay a median $10,001 a year, which is about 0.63% 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 Key Biscayne?
For the median home with 20% down at 7.11%, the payment is about $9,961 a month. Keeping that under 28% of gross income takes about $426,905 a year.
More about Key Biscayne
- Mortgage Refinance in Key Biscayne
- Debt Relief in Key Biscayne
- Home Equity Loans in Key Biscayne
- 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