Is Key West Now Cheaper to Live In Than Destin/30A ?

The price comparisons could be closer than you think

Key West 30APhoto by30ATV

When considering relocating to a new city or town, one of the most important factors to consider is the cost of living. This includes the cost of housing, groceries, energy, and other necessities. In this article, we'll compare the cost of living in Key West, Destin, and Santa Rosa Beach, with a focus on home prices, grocery costs, energy pricing, and rent versus purchase costs for 3-bedroom homes.

Home Prices

Home prices are a major factor to consider when deciding where to live. According to Zillow, the median home value in Key West is $732,269. In Destin, the median home value is $564,140, and in Santa Rosa Beach, it is $744,669.

It's important to note that these prices can vary greatly depending on the location and the condition of the home. However, in general, Santa Rosa Beach and Key West have higher home prices compared to Destin. Both locations require crossing a bridge to get there. Key West, is indeed, as far south as you can get in the USA, presenting transportation challenges for goods and services.

Grocery Costs

Grocery costs can also vary depending on where you live. According to Numbeo, a website that tracks the cost of living in cities around the world, the cost of groceries in Key West is about 12% higher than in Destin. In Santa Rosa Beach, grocery costs are about 4% higher than in Destin.

It's important to note that these costs can also vary depending on where you shop and what types of groceries you buy. However, in general, Key West and Santa Rosa Beach have slightly higher grocery costs compared to Destin. One reason for Key West higher pricing, for gas and groceries, is the trucks basically leave empty, having no real place to pick up other cargo to transport back to the mainland.

Energy Pricing

Energy pricing is another important factor to consider when looking at the cost of living. According to the U.S. Energy Information Administration, the average electricity price in Florida is 11.95 cents per kilowatt-hour (kWh). Naturally, energy prices can vary depending on the utility company and the area.

In Key West, the utility company is Keys Energy Services. The current residential rate is approximately 17.11 cents per kWh, which is higher than the state average. In Destin, the utility company is Gulf Power Company. The current residential rate is around 12.97 cents per kWh, which is slightly lower than the state average. In Santa Rosa Beach, the utility company is Choctawhatchee Electric Cooperative. The current residential rate is around 12.57 cents per kWh, which is also slightly lower than the state average.

Rent vs Purchase

Finally, it's important to consider the cost of renting versus buying a home. In Key West, the median rent for a 3-bedroom is $3,150 per month, according to Zillow. The median home value, as previously mentioned, is $732,269. In Destin, the median rent for a 3-bedroom is $2,800 per month, and the median home value is $624,140. In Santa Rosa Beach, the median rent for a 3-bedroom is $3,063 per month, and the median home value is $744,669.

While renting may be a good option for some people, it's important to consider the long-term costs of renting versus buying. In general, if you plan to live in an area for a long time, it may be more cost-effective to buy a home rather than renting.

So there you have it, Santa Rosa Beach/30A now has a surprising comparison cost of living to Key West.