Key Colony Beach
Have you been thinking about making the move to Key Colony Beach, Florida? If so, we’ve put together a list of pros and cons of living in Key Colony Beach. Relocating to a new place can be a massive decision, we hope this assessment will make your transition a little smoother.
The pros and cons of Key Colony Beach may differ depending on whether you plan on moving there full-time or purchasing an investment property. It all boils down to which side of the spectrum you’re on.
Community
Key Colony Beach, whether you’re a resident or an investor, boasts a vibrant sense of community that is sure to impress. The island offers a plethora of activities and clubs for both locals and tourists to participate in. If you’re a permanent resident, you’ll quickly become acquainted with everyone. Key Colony Beach is a tight-knit community, but one disadvantage is that with such a small population, everyone tends to know each other’s business.
Crime
One of the most attractive aspects of Key Colony Beach is its incredibly low crime rate. The community takes pride in ensuring that residents and visitors feel safe and secure at all times. The local law enforcement agencies work closely with the community to maintain a strong police presence and actively prevent crime. As a result, Key Colony Beach has earned a reputation as a peaceful and secure destination, making it an ideal place to raise a family or enjoy a relaxing vacation.
Vacation Rentals
The subject of vacation rentals has been a topic of heated discussion in Key Colony Beach in recent years. Vacation rentals have become increasingly popular and have quickly taken over the island. In fact, there are now more vacation rentals available than full-time residences, which means that if you are a permanent resident, it’s highly likely that you’ll be living next to a vacation rental property. Some vacation rentals can be get noisy and rowdy, leading to disturbances in the neighborhood. This can be particularly challenging for permanent residents who value a quiet and peaceful living environment.
For investment property owners, Key Colony Beach offers a great opportunity to generate extra income by renting out their property when they’re not using it. The fact that Key Colony Beach allows for weekly rentals makes it a highly desirable location for investors looking to generate rental income.
The ability to rent out a property on a weekly basis also offers investors greater control over their income, as they can adjust rental rates based on demand and seasonality. This allows them to optimize their rental income while still ensuring that their property is well-maintained and cared for.
Healthcare
Whether you’re an investor or a full-time resident in Key Colony Beach, it’s important to know that there is no healthcare facility on the island. However, Fishermen’s Hospital is conveniently located just a few miles away in the City of Marathon, and it provides some limited medical services to the community.
While Fishermen’s Hospital provides a valuable service to the community, there are some limitations to the care available there. For more complex medical issues or specialized treatments, patients may need to travel to Miami or another larger city.
For more information on Fishermen’s Hospital, please visit their website at https://fishermenshospital.org/.
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Cost of Living
Key Colony Beach is a highly desirable location and, as a result, living there can be quite expensive. It’s considered one of the most upscale islands in the Florida Keys, and with its policy on weekly rentals, it attracts a steady stream of visitors throughout the year. This popularity and demand drive up the cost of living in the area.
In addition to the high cost of living, the real estate prices in Key Colony Beach are also quite steep. The demand for property on the island is high, and as such, prices can be significantly higher than in other parts of the Florida Keys. This can be challenging for those looking to purchase property.
No State Income Tax
Florida is one of only a handful of states in the United States that does not have a state income tax. This is a significant advantage for residents of Florida, particularly those who are retired or living on a fixed income. Without a state income tax, individuals in Florida are able to keep more of their earnings, providing an important financial benefit.
For retirees, the lack of a state income tax can be particularly beneficial. Since Social Security income and most retirement income are not taxed by the state of Florida, retirees can stretch their savings further and enjoy a higher quality of life in retirement. This makes Florida an attractive destination for retirees from other states, particularly those with higher state income tax rates.
Jobs
Due to its small size and remote location, the job market in Key Colony Beach is limited. Most of the available jobs are in the hospitality and service industries, catering to the needs of the island’s visitors. While these jobs can provide a steady source of income for those looking to work, they may not offer the same career growth and advancement opportunities as larger metropolitan areas.
This lack of job opportunities is one reason why many people who move to Key Colony Beach are retirees. Since they are no longer dependent on a regular income from employment, they are free to enjoy the island’s many recreational opportunities and amenities without the constraints of work.
Schools
While there are no schools located on the island of Key Colony Beach, families with school-aged children need not worry. The nearby city of Marathon, just a short distance away, offers elementary, middle, and high schools to serve the educational needs of the community.
The small child population on the islands ensures that schools in the area maintain a low teacher to student ratio. This allows for a more personalized and engaging educational experience for students, which can be particularly beneficial for those who may need extra support or attention.
Key Colony Beach Conclusion
Key Colony Beach offers a unique lifestyle for those seeking a close-knit community and a relaxing atmosphere. While the island does have some drawbacks, such as limited healthcare facilities and higher living costs, its benefits, including a low crime rate and a lack of state income tax, make it an attractive destination for many.
The nearby city of Marathon provides access to essential services such as schools and healthcare, while the abundance of vacation rentals provides investment opportunities for property owners.
Overall, Key Colony Beach is a charming and desirable location for those seeking a peaceful and welcoming community in the Florida Keys.
MEET THE TEAM
Amy’s success as a Florida Keys Elite Agent and Diamond Award Winner is truly awe-inspiring. With over decade of experience in the real estate industry, she has cemented her position as a trailblazer and pioneer. Her unwavering commitment to excellence is reflected in her impressive academic credentials, which include a Master’s Degree in Marketing and Management. Amy’s marketing programs are simply unmatched, ensuring that your property is showcased to the widest audience of potential buyers, thus guaranteeing maximum exposure.
Tom is an accomplished expert in the Building, Planning, Zoning and Development field, with an extensive career spanning over several years. He has worked in the Civil Engineering Department for the USAF and was the Building Official/Director of Building Planning and Zoning for a municipality for over a decade. Additionally, he is the owner of Alliance Custom Builders, a testament to his entrepreneurial spirit. Tom’s impressive track record includes building homes in both Marathon and Key Colony Beach. He holds twenty licenses through the International Code council, including Commercial & Residential Plan Reviewer and Certified Building Official, cementing his position as a true leader in his field.
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