Monroe County, Florida: commercial real estate data.
Monroe County, Florida had an estimated 80,908 residents on July 1, 2024, down 2.4 percent since the 2020 census base of 82,870, across 983 square miles. County output reached $8.35 bn in 2024, 4,154 establishments operate here, and the SBA record carries 110 7(a) approvals worth $65.3 m since FY2020.
Underlined figures are computed by MMCG Analytics, not published by the agency.
Monroe County
How many people live in Monroe County
- Population, American Community Survey 2020-202481,860
- Households34,405
- Average household size2.38
- Median household income$87,738
- Median age49.2
- Median gross rent$1,999 per month
- Median owner-occupied home value$780,600
- Home value to household income8.9 times
- Annual rent as a share of median income27.3 percent
- Adults 25 and over with a bachelor degree or higher38.6 percent
- Adults 25 and over with a graduate degree15.3 percent
- Adults 25 and over64,618
- Population under 1812,831
- Share under 1815.7 percent
- Population 65 and over20,247
- Share 65 and over24.7 percent
- Working age population, 18 to 6448,782
- Civilian labor force42,729
- Unemployment rate2.9 percent
- Labor force participation, adults 18 and over61.9 percent
- Rank by population among Florida counties39th of 67
- Rank by population among US county-equivalents, Puerto Rico included715th of 3,222
Monroe County is the 39th largest of 67 Florida counties by population. A median home costs 8.9 times median household income, which is severely unaffordable by national standards. Residents 65 and over outnumber those under 18, at 24.7 percent against 15.7 percent, which points demand at health care, services and single story product rather than schools.
US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Monroe County
Is Monroe County's population growing?
- Population, July 1, 202480,908
- Census 2020 base population82,870
- Population change since the 2020 census base-2.37 percent
- Population change, 2023 to 2024-398
- Births, 2024736
- Deaths, 2024713
- Natural change, 202423
- Net domestic migration, 2024-1,374
- Net international migration, 2024942
- Total net migration, 2024-432
- Cumulative net domestic migration, 2021 to 2024-4,218
- Rank by growth among US county-equivalents2587th of 3,144
The county has lost 2.37 percent of its population since the 2020 census base. More people left than moved in during 2024 and births over deaths did not make up the difference, so the population fell.
US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
Monroe County
Where are people moving to Monroe County from?
- Tax returns filed by households arriving3,488
- People arriving, from those returns5,641
- Tax returns filed by households leaving3,700
- Net household movement-212
- Adjusted gross income arriving$915.6 m
- Net adjusted gross income movement$457.5 m
- Average income of an arriving household$262,503
- Average income of a leaving household$123,818
- Largest single originMiami-Dade County (464 households)
- Largest single destinationMiami-Dade County (360 households)
| Origin | Households | People | Adjusted gross income |
|---|---|---|---|
| Miami-Dade County | 464 | 743 | $55.7 m |
| Broward County | 156 | 241 | $27.6 m |
| Palm Beach County | 80 | 128 | $11.6 m |
| Lee County | 68 | 106 | $4.4 m |
| Pinellas County | 66 | 104 | $5.6 m |
| Orange County | 43 | 73 | $2.4 m |
| Foreign - APO/FPO ZIPs | 37 | 80 | $2.7 m |
| Los Angeles County | 35 | 48 | $5.0 m |
Households arriving report $138,685 more average income than households leaving, so the migration is raising local spending power rather than just moving it around. The largest single source of arrivals is Miami-Dade County, which is the catchment a retail or multifamily study should look at first.
US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Monroe County
What is the Monroe County economy?
- County GDP, 2024$8.35 bn
- County GDP, 2023$7.83 bn
- GDP change, 2023 to 20246.7 percent
- GDP change over five years56.7 percent
- Rank by GDP among the Florida areas BEA publishes31st of 67
- Rank by GDP among the US county areas BEA publishes511th of 3,127
- GDP per resident$102,001
Output grew 6.7 percent in the latest year and 56.7 percent over five, which is the trend line a lender will read behind any single year figure.
US Bureau of Economic Analysis, Regional, table CAGDP2, CAGDP2, through 2024.
Monroe County
Employment by industry in Monroe County
- Covered employment, annual average47,058
- Establishments reporting5,008
- Average annual pay$58,702
- Average weekly wage$1,129
- Accommodation and food services, employment16,956
- Accommodation and food services, average annual pay$45,797
- Retail trade, employment5,568
- Retail trade, average annual pay$41,773
- Construction, employment3,328
- Construction, average annual pay$62,084
- Health care and social assistance, employment2,623
- Health care and social assistance, average annual pay$70,274
- Professional, scientific and technical services, employment1,720
- Administrative and support and waste management services, employment1,542
| Sector | Employment | Establishments | Average annual pay |
|---|---|---|---|
| Accommodation and food services | 16,956 | 664 | $45,797 |
| Retail trade | 5,568 | 632 | $41,773 |
| Construction | 3,328 | 565 | $62,084 |
| Health care and social assistance | 2,623 | 276 | $70,274 |
| Professional, scientific and technical services | 1,720 | 583 | $84,948 |
| Administrative and support and waste management services | 1,542 | 320 | $67,781 |
| Other services, except public administration | 1,516 | 395 | $52,967 |
| Real estate and rental and leasing | 1,399 | 425 | $53,984 |
Accommodation and food services is the largest private sector at 16,956 jobs, 36.0 percent of covered employment.
US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
Monroe County
How many businesses are in Monroe County?
- Establishments, all industries4,154
- Employment at those establishments37,134
- Annual payroll$1.78 bn
- Establishments per 1,000 residents50.7
These are counts of establishments physically operating in the county, not listings, so they are the supply side a feasibility study measures demand against. County Business Patterns counts private establishments with paid employees in March 2023, while the Quarterly Census of Employment and Wages above counts every unemployment-insured employer, public ones included, as a 2024 annual average, so the two establishment and employment counts differ.
US Census Bureau, County Business Patterns, 2023.
Monroe County
Building permits in Monroe County
- Housing units authorized by permit, 2024334
- Declared construction value permitted$222.6 m
- Single family units authorized245
- Multifamily units authorized89
- Multifamily share of units26.6 percent
- Average declared value per unit$666,488
- Units authorized per 1,000 households9.7
Single-family homes are 73.4 percent of units authorized, so the pipeline is predominantly single-family.
US Census Bureau, Building Permits Survey, 2024 annual.
Monroe County
SBA loans in Monroe County (7(a) and 504)
- 7(a) approvals recorded110
- 7(a) gross approval dollars$65.3 m
- Average 7(a) approval$593,466
- Median 7(a) approval$251,500
- 10th percentile approval$44,250
- 90th percentile approval$1,839,700
- Largest single approval$3,514,600
- Jobs reported supported, 7(a)833
- Jobs per approval7.6
- Distinct 7(a) lenders active47
- Distinct industries receiving approvals67
- Median 7(a) term120 months
- Share of loans on real estate terms, 240 months or longer15.5 percent
- Loans on real estate terms17
- Loans on working capital terms, 120 months or shorter89
- Franchise loans2
- Franchise share of approvals1.8 percent
- Leading industry by approval countFull-Service Restaurants (10)
- Most active lenderReadycap Lending, LLC (10)
- 504 approvals recorded40
- 504 gross approval dollars$42.7 m
- Average 504 approval$1,066,925
- Median 504 approval$563,000
- Distinct CDCs active4
- 504 jobs per approval7.0
- 504 jobs per million dollars approved6.6
- Most active CDCFlorida First Capital Finance Corporation, Inc. (18)
- Combined SBA approval dollars, 7(a) FY2020 to FY2026 and 504 FY2010 to FY2026$108.0 m
The average approval of $593,466 sits well above the median of $251,500, pulled up by a few larger deals, so the median is the better guide to what a typical borrower here gets. Only 15.5 percent of approvals run on real estate terms, so SBA credit here is mostly working capital and equipment rather than property acquisition.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30. US Small Business Administration, 504 FOIA release, FY2010 to FY2026 year to date, as of 2026-06-30.
Monroe County
SBA loan default and charge-off rates in Monroe County
Do SBA loans in Monroe County get paid back?
- Loans with a final outcome recorded13
- Paid in full13
- Charged off0
- Status: Paid in full13
- Status: Exempt from disclosure75
- Status: Cancelled17
- Status: Committed, not yet disbursed5
Only 13 loans have reached a final outcome, fewer than the 30 a charge-off rate needs, so no rate is published.
Compare against the national and state SBA charge-off rates, computed the same way over resolved loans only.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Monroe County
SBA lending by place in Monroe County
- Borrower cities with recorded lending10
- Key West, approvals38
- Key Largo, approvals27
- Marathon, approvals18
- Islamorada, approvals8
- Tavernier, approvals7
- Summerland Key, approvals6
| Borrower city | Approvals | Gross approval dollars |
|---|---|---|
| Key West | 38 | $24,630,200 |
| Key Largo | 27 | $21,114,200 |
| Marathon | 18 | $7,198,500 |
| Islamorada | 8 | $3,798,400 |
| Tavernier | 7 | $3,470,000 |
| Summerland Key | 6 | $1,748,000 |
| Ramrod Key | 3 | $2,334,000 |
| Big Pine Key | 1 | $646,000 |
| 2 other borrower cities | 2 | $342,000 |
Key West accounts for 38 approvals against 27 in Key Largo. County level figures average over that gap, which is why a site decision is made at the submarket rather than the county.
US Small Business Administration, 7(a) FOIA release, FY2020 to FY2026 year to date, as of 2026-06-30.
Monroe County
How large is Monroe County?
- Land area983 sq mi
- Rank by land area among Florida counties17th of 67
- Width, east to west124.8 mi
- Height, north to south87.1 mi
- Geographies sharing a boundary2
- Residents per square mile of land83
- Establishments per square mile4.23
US Census Bureau county boundary geometry, TIGER, adjacency computed from shared boundary vertices, TIGER county boundaries. US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year. US Census Bureau, County Business Patterns, 2023.
Monroe County
Flood risk in Monroe County
- Participation of the county's own NFIP community Monroe County, unincorporated areasParticipating, community 125129
- Community Rating System class of the county's own communityClass 3
- Communities in the county in the NFIP Community Status Book6
- Of those, participating in the NFIP6
- NFIP participation rate100.0 percent
- Best Community Rating System class in the county A lower CRS class is a larger flood insurance premium discount.Class 3
- Communities carrying a CRS class6
- Radon levels in Monroe County, EPA zone predicted average indoor radon screening level less than 2 pCi/LZone 3
The county's own community in the status book, unincorporated Monroe County (community 125129), participates in the National Flood Insurance Program and carries Community Rating System class 3, a flood insurance premium discount for policies written there. The EPA places Monroe County in radon zone 3, a predicted average indoor radon screening level less than 2 pCi/L. The zone is a screening prediction for the county and does not substitute for a test at an address. The best Community Rating System class among the county's communities is 3, which carries a flood insurance premium discount for policies written in that community. 100.0 percent of the county's listed communities participate in the National Flood Insurance Program, per Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26.
Federal Emergency Management Agency, NFIP Community Status Book (OpenFEMA), as of 2026-09-26. US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Coverage
What this page does not hold.
Traffic counts, zoning and the flood zone at an address are not on this page; they resolve at the address in the platform. How this page was built →
Feasibility studies
When a Monroe County site needs a document a lender will accept.
The same data layer behind this page is the one the studies are written from. A study for a Monroe County site starts with the figures you are reading, carrying the same source and period into the credit file.
- Population, American Community Survey 2020-202481,860
- Households34,405
- Average household size2.38
- Median household income$87,738
- Median age49.2
Common questions
Monroe County questions, answered from the record.
How many people live in Monroe County, Florida?
The Census Bureau estimates 80,908 residents on July 1, 2024 (US Census Bureau, Population Estimates Program, Vintage 2024). The American Community Survey 2020-2024 five-year estimate is 81,860, in 34,405 households, ranking 39th of 67 Florida counties. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
Is Monroe County's population growing?
The population has fallen 2.37 percent since the 2020 census base of 82,870, to 80,908 on July 1, 2024. In 2024 there were 736 births against 713 deaths, with net migration of -432. Source: US Census Bureau, Population Estimates Program, Vintage 2024, Vintage 2024, estimates 2020 to 2024.
What is the median household income in Monroe County?
$87,738. The median owner-occupied home is valued at $780,600, which is 8.9 times income, and median gross rent is $1,999 per month. Source: US Census Bureau, American Community Survey 5-Year Estimates, 2020-2024 5-year.
How many businesses are in Monroe County?
4,154 establishments, employing 37,134 people with an annual payroll of $1.78 bn. These are establishments physically operating in the county, not listings. Source: US Census Bureau, County Business Patterns, 2023.
What is employment by industry in Monroe County?
Accommodation and food services is the largest private sector at 16,956 jobs, 36.0 percent of covered employment. Covered employment averages 47,058 jobs at an average annual pay of $58,702, or $1,129 a week. Source: US Bureau of Labor Statistics, Quarterly Census of Employment and Wages, 2024 annual averages.
How much SBA lending happens in Monroe County?
110 7(a) approvals totaling $65.3 m since FY2020, across 47 lenders, with a median approval of $251,500, plus 40 504 approvals worth $42.7 m since FY2010. These are approvals recorded in the release, not loans disbursed.
How many building permits were issued in Monroe County?
334 housing units were authorized by permit in 2024, with a declared construction value of $222.6 m. Multifamily was 26.6 percent of units. Source: US Census Bureau, Building Permits Survey, 2024 annual.
What is the radon zone for Monroe County?
Zone 3, a predicted average indoor radon screening level less than 2 pCi/L. Source: US EPA, Map of Radon Zones, county spreadsheet, 2024-05 publication, EPA 402/A-16/001.
Where do people moving to Monroe County come from?
The largest single origin is Miami-Dade County, with 464 households. Arriving households report an average income of $262,503 against $123,818 for those leaving. Source: US Internal Revenue Service, Statistics of Income county migration flows, 2021 to 2022 filing years.
Are traffic counts available for Monroe County on this page?
No. Annual average daily traffic resolves in the platform rather than in this dataset, so no AADT figure is printed here. It is a gap we know about rather than a figure we estimated.
Is zoning published for Monroe County?
No. Nothing on this page presents parcel level zoning, and where a statutory framework applies it is marked as the statewide frame, to be confirmed locally.
Monroe County
Cities and places in Monroe.
13 Census places lie wholly or partly in Monroe County. All 13 carry enough published place level data for a page of their own and are linked.
| Place | Type | Population | SBA 7(a) approvals, projects in this county | Lies in |
|---|---|---|---|---|
| Key West | city | 25,720 | 38 | Wholly in this county |
| Key Largo | CDP | 13,026 | 27 | Wholly in this county |
| Marathon | city | 9,914 | 18 | Wholly in this county |
| Islamorada, Village of Islands | village | 7,068 | None recorded | Wholly in this county |
| Big Pine Key | CDP | 4,258 | 1 | Wholly in this county |
| Stock Island | CDP | 4,162 | None recorded | Wholly in this county |
| Big Coppitt Key | CDP | 3,109 | None recorded | Wholly in this county |
| Cudjoe Key | CDP | 2,492 | None recorded | Wholly in this county |
| Tavernier | CDP | 2,413 | 7 | Wholly in this county |
| North Key Largo | CDP | 1,808 | None recorded | Wholly in this county |
| Duck Key | CDP | 647 | None recorded | Wholly in this county |
| Key Colony Beach | city | 511 | None recorded | Wholly in this county |
| Layton | city | 118 | None recorded | Wholly in this county |
A further 19 of the county's 110 SBA 7(a) approvals are to borrowers in cities that match no Census place in Monroe County, the largest being Islamorada (8), Summerland Key (6), Ramrod Key (3). Those are postal cities, unincorporated areas and cities outside the county, so no place row claims them; they are counted in the county total above.
Nearby