Key Colony median real estate price is $1,373,779, which is more expensive than 96.8% of the neighborhoods in Florida and 95.4% of the neighborhoods in the U.S.
The average rental price in Key Colony is currently $7,082, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 99.8% of the neighborhoods in Florida.
Key Colony is a densely urban neighborhood (based on population density) located in Key Biscayne, Florida. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
Key Colony real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and single-family homes. Most of the residential real estate is occupied by a mixture of owners and renters. Many of the residences in the Key Colony neighborhood are established but not old, having been built between 1970 and 1999. A number of residences were also built between 1940 and 1969.
Vacant apartments or homes are a major fact of life in Key Colony. The current real estate vacancy rate here is 41.7%. This is higher than the rate of vacancies in 97.8% of all U.S. neighborhoods. A relatively large percentage of housing here is seasonally occupied (33.0%). This can occur in vacation areas, and occasionally it is also found in neighborhoods that are primarily filled with college students, as some apartments could be vacant when school is not in session. If you live here year round, you may find that a number of buildings in your neighborhood are actually empty.
The way a neighborhood looks and feels when you walk or drive around it, from its setting, its buildings, and its flavor, can make all the difference. This neighborhood has some really cool things about the way it looks and feels as revealed by NeighborhoodScout's exclusive research. This might include anything from the housing stock to the types of households living here to how people get around.
The Key Colony neighborhood is very densely populated compared to most U.S. neighborhoods. In fact, with 33,438 persons per square mile in the neighborhood, it is more packed with people than 97.3% of the nation's neighborhoods. Do you like a coastal setting? If so, this neighborhood may be to your liking. The Key Colony neighborhood is on the ocean, a bay, or inlet. Often such coastal places have amenities and recreational activities on the waterfront that are attractive to residents and visitors alike. In addition to being coastal, Key Colony is a very nautical neighborhood, meaning that it is somewhat historic, walkable, densely populated and on the water. This gives the neighborhood a very nautical feel, with some seaside and shipping feel, which some may really enjoy the sights and sounds of.
In addition, the real estate in the Key Colony neighborhood really stands out in the way it looks for a unique reason: this neighborhood has a higher proportion of apartment complexes or high-rise apartments than nearly every neighborhood in the country. Most neighborhoods are a mixture of real estate and housing types, but here it is almost entirely dominated by big apartment buildings and complexes. In fact, 96.3% of the real estate here is classified as apartment complexes or high-rise apartments, which is more than is found in 99.3% of American neighborhoods.
Furthermore, most neighborhoods are composed of a mixture of ages of homes, but the Key Colony stands out as rather unique in having nearly all of its residential real estate built in one time period, namely between 1970 and 1999, generally considered to be established, but not old housing. What you'll sense when you look around or drive the streets of this neighborhood is that many of the residences look the same because of this similarity of age. In fact, 91.1% of the residential real estate here was built in this one time period.
Also of note, vacant homes and apartments are a significant characteristic of this neighborhood. In fact, with 41.7% of the residential real estate vacant, the Key Colony neighborhood claims the distinction of having a higher vacancy rate than 97.8% of the neighborhoods in America. This can either be because much of the property is seasonally occupied, like in many vacation areas, or that much of the real estate is more permanently abandoned.
Some neighborhoods have residents that are more educated than others. But in this neighborhood there is a dramatic difference. NeighborhoodScout's exclusive analysis reveals that 49.3% of the adults here have earned a Masters degree, medical degree, Ph.D. or law degree. This is a higher rate of people with a graduate degree than is found in 99.1% of U.S. neighborhoods, where the average American neighborhood has 13.4% of its adults with a graduate degree. If you are highly educated, you may have much in common with many of your neighbors here.
In addition, if you come to know the people here, you will recognize that you're in the company of one of the wealthiest communities in the nation. In fact, a mere 3.8% of America's neighborhoods are wealthier than the Key Colony neighborhood. Real estate here is exceedingly well-maintained, and similarly, tends to maintain its value over time. The cars driven are mostly luxury brands like Mercedes, Audi, BMW, and Lexus. If the public schools aren't up to snuff, the residents of this neighborhood preferentially send their children to private preparatory schools. Vacation to Disney? Yes, but equally popular are summers in Europe.
Also, if you're a regular supporter of the arts and enjoy outings to the theatre, weekend boutique-ing, or even a finely aged wine with dinner, than you're in good company with the people of the Key Colony neighborhood. This neighborhood is uniquely immersed with more "urban sophisticates" than 95.0% of neighborhoods across the country. The people here truly stand out as a class among their own. They are an exclusive community characterized by refined tastes, cultural inclinations, and the means to live well. Urban sophisticates live a big city lifestyle, whether or not they live in or near a big city. They are educated executives or managers by week, and serial patrons of the arts by weekend. If this lifestyle pertains to you, than you'll certainly feel right at home in the Key Colony neighborhood. In addition to being an excellent choice for urban sophisticates, this neighborhood is also a very good choice for highly educated executives and college students.
Did you know that the Key Colony neighborhood has more South American and Cuban ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 41.2% of this neighborhood's residents have South American ancestry and 9.3% have Cuban ancestry.
Key Colony is also pretty special linguistically. Significantly, 76.9% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 98.3% of all U.S. neighborhoods.
Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Key Colony neighborhood has a greater percentage of residents born in another country (58.3%) than are found in 99.0% of all U.S. neighborhoods.
How wealthy a neighborhood is, from very wealthy, to middle income, to low income is very formative with regard to the personality and character of a neighborhood. Equally important is the rate of people, particularly children, who live below the federal poverty line. In some wealthy gated communities, the areas immediately surrounding can have high rates of childhood poverty, which indicates other social issues. NeighborhoodScout's analysis reveals both aspects of income and poverty for this neighborhood.
The neighbors in the Key Colony neighborhood in Key Biscayne are wealthy, making it among the 15% highest income neighborhoods in America. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 96.2% of the neighborhoods in America. With 13.4% of the children here below the federal poverty line, this neighborhood has a higher rate of childhood poverty than 56.9% of U.S. neighborhoods.
What we choose to do for a living reflects who we are. Each neighborhood has a different mix of occupations represented, and together these tell you about the neighborhood and help you understand if this neighborhood may fit your lifestyle.
In the Key Colony neighborhood, 68.6% of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is sales and service jobs, from major sales accounts, to working in fast food restaurants, with 23.7% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (5.8%).
Languages
The languages spoken by people in this neighborhood are diverse. These are tabulated as the languages people preferentially speak when they are at home with their families. The most common language spoken in the Key Colony neighborhood is Spanish, spoken by 76.9% of households. Other important languages spoken here include English, Italian and Portuguese.
Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves, Los Angeles' Persian neighborhoods. Each has its own culture derived primarily from the ancestries and culture of the residents who call these neighborhoods home. Likewise, each neighborhood in America has its own culture – some more unique than others – based on lifestyle, occupations, the types of households – and importantly – on the ethnicities and ancestries of the people who live in the neighborhood. Understanding where people came from, who their grandparents or great-grandparents were, can help you understand how a neighborhood is today.
In the Key Colony neighborhood in Key Biscayne, FL, residents most commonly identify their ethnicity or ancestry as South American (41.2%). There are also a number of people of Spanish ancestry (14.6%), and residents who report Cuban roots (9.3%), and some of the residents are also of Italian ancestry (5.8%), along with some English ancestry residents (5.7%), among others. In addition, 58.3% of the residents of this neighborhood were born in another country.
How you get to work – car, bus, train or other means – and how much of your day it takes to do so is a large quality of life and financial issue. Especially with gasoline prices rising and expected to continue doing so, the length and means of one's commute can be a financial burden. Some neighborhoods are physically located so that many residents have to drive in their own car, others are set up so many walk to work, or can take a train, bus, or bike. The greatest number of commuters in Key Colony neighborhood spend between 15 and 30 minutes commuting one-way to work (36.8% of working residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (66.2%) drive alone in a private automobile to get to work. In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.1%) . In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.
