Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Housing Market Overview
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,128,465 | $293,727 | $242,182 |
| Price Trend (Annual %) | 21.4% | 12.0% | 8.2% |
| Median Gross Rent | $1,784 | $1,564 | $1,342 |
| Rent Trend (Annual %) | 5.9% | 6.1% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Coral Terrace is about 284% higher than in Florida. Rent is about 14% higher than the Florida average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Coral Terrace, up about 21.4% and 5.9% a year respectively. Home prices are changing faster.
Median rent in Coral Terrace rose about 45.3% between 2015 and 2023, from $1,227 to $1,784. Over the same span, rent in Florida rose about 56.0%.
Affordability
On average, housing unit costs 14.1 yearly household incomes in Coral Terrace.
Buying the median-priced home in Coral Terrace costs roughly 52.7 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Coral Terrace. The price-to-rent ratio in Florida is about 15.7.
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Median Home Price | $1,128,465 | $293,727 | $242,182 |
| Median Household Income | $79,847 | $71,865 | $78,145 |
| Price-to-Income Ratio | 14.1 | 4.1 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Coral Terrace fell about 1.6%, while median household income rose about 74.5% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 57.4% | 57.1% | 58.2% |
| Rental Rate | 37.3% | 27.7% | 31.3% |
| Vacancy Rate | 5.3% | 15.2% | 10.6% |
| Median Tenure (years) | 15.0 | 13.0 | 15.0 |
| Median Year Moved In | 2011 | 2013 | 2011 |
Coral Terrace has a homeownership rate of 57.4%, about the same as the Florida average of 57.1%. Its housing vacancy rate is 5.3%, compared with 15.2% in Florida.
Housing Stock
| Metric | Coral Terrace | Florida Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.92 people | 2.51 people | 2.54 people |
| Median Structure Built Year | 1962 | 1987 | 1978 |
| Median Number of Rooms | 5.2 | 5.2 | 5.5 |
The typical housing unit in Coral Terrace was built around 1962. On average, 2.9 people live in a home with about 5.2 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Coral Terrace, Florida.
What is the median home price in Coral Terrace, Florida?
The median home price in Coral Terrace, Florida is $1,128,465, higher than the Florida average of $293,727.
What is the average home price in Coral Terrace, Florida?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Coral Terrace, Florida?
The median gross rent in Coral Terrace, Florida is $1,784 per month, higher than the Florida average of $1,564.
What was the median gross rent in Coral Terrace in 2020?
In 2020, the median gross rent in Coral Terrace, Florida was $1,488 per month.
What is the price-to-rent ratio in Coral Terrace, Florida?
The price-to-rent ratio in Coral Terrace, Florida is about 52.7, meaning it would take roughly 52.7 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Coral Terrace.
Are home prices or rent rising faster in Coral Terrace, Florida?
Both home prices and rent are rising in Coral Terrace, up about 21.4% and 5.9% a year respectively. Home prices are changing faster.
What is the homeownership rate in Coral Terrace, Florida?
57.4% of households in Coral Terrace, Florida own their home, higher than the Florida average of 57.1%.
What is the vacancy rate in Coral Terrace, Florida?
The housing vacancy rate in Coral Terrace, Florida is 5.3%, lower than the Florida average of 15.2%.