What $1 Million Really Buys You in the Florida Keys (And What It Doesn’t)

What $1 Million Really Buys You in the Florida Keys (And What It Doesn’t)

Click the Link Below to see some waterfront options across the Florida Keys for under $1,000,000

WATERFRONT HOMES!

When people ask, “Can I buy a waterfront home in the Keys for $1M?) In the short, yes, we can absolutely get you on the water, however size of the home and location are going to play the largest role for what you actually get for $1M.

In the Florida Keys, $1M is a strong budget, but it doesn’t stretch like it might on the mainland. This is a niche, high-demand market where waterfront property is gold, and land is limited.

Here’s a breakdown of what you can actually expect across different parts of the Keys — with real-world examples from April/May 2025 listings:

📍 Key Largo: Roomier Homes, Canal Living

Example Listing: $839,000 — 3 bed / 2 bath CBS home, 1,530 sq ft, Newer CBS construction, updated interior, dry lot home

Or

Example Listing: $1,100,000 — 2 bed / 2 bath Combo Construction home, 900 sq ft, updated interior, on a canal, 60 ft dock, no pool.

• What You Get:
  ✅ Ground-level or stilted home (often combo construction or manufactured homes)
  ✅ Direct boating access via canals

✅ Typically could use some TLC or have some renovations complete  
✅ Potential for great rental income

• What You Don’t Get:
  ❌ Open water views
  ❌ Large yard space or Pool
•  Key Largo Tip: Your dollar goes further here than in Key West. Great for boaters and second homeowners from Miami or other areas of Florida. $1M on the water offers many options for waterfront condos, frame or combo construction waterfront single family homes, as well as waterfront mobile homes that have been renovated beautifully. If you are not partial to being on the water $1M is a very strong budget for a dry lot home that is new construction or completely remodeled and often in a neighborhood that has access to a boat ramp!

📍 Islamorada: Prestige + Price Tag

• Example Listing: $920,000 — 3 bed / 2 bath, 1,400 sq ft updated CBS home on a dry lot in a popular neighborhood offering a homeowner’s park boat ramp
• What You Get:
  ✅ High-end neighborhoods (Port Antigua, Venetian Shores, Indian Mound)
  ✅ Charming and unique Keys style
  ✅ Dry Lot home opportunities with concrete construction

✅ Updated or Renovated homes 
✅ Neighborhood Homeowners association offering boat ramp access

• What You Don’t Get:
  ❌ Much square footage — 1,200 sq ft or less is common
  ❌ Canal front or open water property

💡 Islamorada Tip: You're paying for brand and exclusivity. It’s the “Beverly Hills of the Keys.”. Also very ideal to purchase a condo or townhome for the waterfront living without paying for a canal front home. Currently the least expensive waterfront single family home in Islamorada is listed at $1,360,000.

📍 Marathon: The Sweet Spot for Investors

• Example Listing: $925,000 — 2 bed / 2 bath, 1,038 sq ft, ground level, CBS home, legal vacation rental, canal access, no pool.
• What You Get:
  ✅ Legal transient rental licenses (This means short term rentals!!)
  ✅ Strong vacation income potential
  ✅ Walkability to beaches, shops, marinas
• What You Don’t Get:
  ❌ High elevation or ultra-modern finishes
  ❌ Large outdoor entertaining space

💡 Marathon Tip: This is where $1M can turn into a smart income-producing asset — especially if you’re looking at Airbnb’s. Likewise, to Key Largo, Marathon offers various options for getting on the water for $1M from townhomes, condos, single family mobile homes, combo construction residences and even a couple CBS homes. The least expensive Concrete construction single family waterfront home is currently listed at $925,000. Marathon is also very popular for owning duplexes or half duplexes, which are great for income producing purposes.

📍 Big Pine & Lower Keys: Peace, Nature & Value

• Example Listing: $865,000 — 3 bed / 2 bath, 1,068 sq ft, canal home with dock, frame construction, no pool, could use some updates, very private.
• What You Get:
  ✅ Larger lots, more privacy
  ✅ Solid bones for renovation
  ✅ Nature lovers' paradise
• What You Don’t Get:
  ❌ Nightlife, shopping, or fast-paced lifestyle
  ❌ Luxury finishes unless fully renovated

💡 Lower Keys Tip: Best for buyers who want space and serenity, not the party scene. Land here is a little less scarce, so often times properties have a little more to offer. Frame and modular construction are much more popular here. You can easily get on a canal front property for $700,000- $800,000.

📍 Key West: Charm Costs Extra

• Example Listing: $995,000 — 2 bed / 1 bath, 900 sq ft historic Conch house in Old Town.
• What You Get:
  ✅ Walkable lifestyle, nightlife, culture
  ✅ Historic homes with character
  ✅ Solid long-term property value
• What You Don’t Get:
  ❌ Parking, size, or water access
  ❌ Anything “new”

💡 Key West Tip: You’re buying lifestyle here, not square footage. Think charming, not sprawling. Key West has many opportunities that the other keys do not offer, however there are not many canal systems here. $1M offers many condo opportunities on the water, or stunning dry lot home opportunities. The building style here is a blend of Caribbean, Bahamian influence, and historic preservation. Many properties are nearly 100 years old, however that is what makes Key West so quaint, welcoming and timeless.

🧭 Final Thoughts:

In the Keys, $1M is a sweet spot — but every island tells a different story. Want space? Look to Big Pine or Marathon. Want walkability? Key West is calling. Want a boat in the backyard? Focus on Key Largo and Islamorada.

What makes the difference is knowing the trade-offs — and having an agent who helps you spot real value, not just pretty pictures.

Click the Link Below to see some waterfront options across the Florida Keys for under $1,000,000

WATERFRONT HOMES!