Key Largo's housing is shaped by water. Canal-front and oceanfront single-family homes, many with private boat docks, form a large part of the market, alongside condominiums, townhomes, and older Keys cottages on the island's narrow buildable land. The northern end of the island is anchored by Ocean Reef, a private, members-only 2,500-acre club community with its own marina, airstrip, and amenities that operates apart from the broader Keys market. Elsewhere, neighborhoods string along the Overseas Highway and the canals that reach inland from the bay and ocean sides. Because the island is long and narrow, homes frequently offer water access or views, and the housing stock spans modest Keys-era homes to newer elevated construction built to modern coastal standards.

Key Largo's neighborhoods follow the island's geography, spreading along the Overseas Highway and the canal systems on either side. The northern reaches are dominated by Ocean Reef, an exclusive private club community with gated access, its own marina and airstrip, and no public entry. Farther south, communities such as Rock Harbor and a series of waterfront subdivisions line the bayside and oceanside shores, many with canals and boat docks. The mix ranges from older, tightly clustered Keys neighborhoods to larger estate homes on open water. The linear layout means most residents live within a short distance of the highway and the water, giving the island a connected, marine-oriented residential pattern rather than a centralized downtown.

Life in Key Largo is oriented toward the water and the outdoors. Boating, fishing, kayaking, and paddleboarding are woven into daily life, and the community's marinas, charter fleets, and waterfront restaurants support a relaxed, island-paced Keys lifestyle. The diving and snorkeling scene is the area's signature, with reef trips, sunset sails, and waterfront dining forming the social rhythm. Despite its island setting, Key Largo is close enough to Miami that residents can reach mainland services and the airport within about an hour, which gives it a blend of Keys seclusion and practical convenience. The community attracts a mix of year-round residents, seasonal visitors, and water-sports professionals drawn to the reefs and the laid-back coastal atmosphere.

Public school students in Key Largo attend the Monroe County School District, which operates schools across the entire Florida Keys from Key Largo to Key West. The district's campuses serve the upper Keys, providing elementary, middle, and high school options for island families, with some students traveling between Keys communities for upper grades and specialized programs. The island also has private school options, including facilities associated with the Ocean Reef community. Given the Keys' linear geography, school commutes along the Overseas Highway are a normal part of family life, and the district's single-county structure keeps public education coordinated across the island chain.

The Overseas Highway, U.S. 1, is Key Largo's lifeline, running the length of the island and connecting the Keys to the mainland. It places Miami about 60 miles to the north, roughly an hour's drive, and Key West about 98 miles to the south. Because the island chain is linear, nearly all travel, commerce, and commuting moves along this single corridor, and the highway doubles as the community's main street for much of its length. Miami International Airport is the nearest major airport, while the island's private facilities, including the Ocean Reef airstrip, serve general aviation. Driving is essential, and residents plan around the highway's two-lane sections and seasonal traffic flows.

Recreation in Key Largo is dominated by the sea. John Pennekamp Coral Reef State Park anchors the diving and snorkeling scene with its coral reefs, glass-bottom boat tours, and the Christ of the Abyss statue, while charter operators run reef trips, fishing excursions, and sunset sails across the upper Keys. Backcountry fishing in Florida Bay and the Everglades-adjacent flats is a local tradition, and kayaking and paddleboarding explore the mangroves and nearshore waters. Beyond the water, the island's parks and the Overseas Heritage Trail provide cycling and walking routes, and the proximity of Everglades National Park and the rest of the Keys extends the recreational reach. The marine environment is the centerpiece of both daily life and tourism.