Cost of Living in Coral Terrace, FL

With a cost of living index of 132, Coral Terrace, FL is a notably expensive place to live. Living here is 32% more expensive than the national average and 21% above the Florida state average of 110. Coral Terrace is a smaller community of 24,051 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Coral Terrace's cost of living. The median monthly rent is $1,707 (29% above the US median of $1,319), and the median home value sits at $496,500 (63% above the national median of $304,900). At current prices, the median home costs roughly 6.4x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Coral Terrace is $77,396, which is 3% higher than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Everyday prices in the Miami-Fort Lauderdale-West Palm Beach, FL (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 5 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.