F
27%
Overall NAT. AVG.
6%
Goods & Services NAT. AVG.
81%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Coral Terrace Florida National
Cost of living12798100
Goods & Services10698100
Groceries10499100
Health care9696100
Housing18196100
Transportation10399100
Utilities10397100

An Overview of Cost of Living in Coral Terrace, FL

Are you thinking about relocating, but curious about the potential cost of living in Coral Terrace? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Coral Terrace stands at 127, making it 27% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you prioritize affordability when seeking a new place to live, Coral Terrace may not be your ideal choice, as it ranks among the most expensive locations in the entire United States. A very small amount of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Coral Terrace falls into this category, which may not align with your preferences for a budget-friendly living environment.

Housing costs make up a big chunk of the cost of living in Coral Terrace, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 80.8% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Coral Terrace Affordable?

Is Coral Terrace an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Coral Terrace, the median home price is 92.4% higher than what most folks pay across the country, and monthly rent prices are 53.7% higher than the usual rates. Income levels in Coral Terrace come in at $64,436, which is 16.5% higher than the national average.

What Factors can Influence the Cost of Living in Coral Terrace?

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Coral Terrace, healthcare costs are 4.2% lower than the national average.

Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Coral Terrace, the groceries index is 4% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Coral Terrace comes in at 2.8% higher than the national average.

Where is the Data From?

The Coral Terrace cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Coral Terrace is 30% higher than the Florida average
  • The cost of living in Coral Terrace is 27% higher than the national average
  • Coral Terrace housing is 81% higher than the national average
  • Florida general sales tax is 18% higher than the national average
  • Florida state income tax is 100% lower than the national average

Most Affordable Places to Live in and Around Coral Terrace

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Compare Coral Terrace, FL Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$79,701$6,642$1,860$2,391
      Renters$51,638$4,303$1,205$1,549
      A good indicator of the general affordability of housing in Coral Terrace, FL, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Coral Terrace, the median monthly income is $79,701 for those who own their own homes. Under the standard rule, that income level would allow for $1,860 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $51,638, per the median income in the area. That would allow for renters to spend up to $1,205 on monthly rental expenses.

      Florida Sales Tax

      State General Sales Tax With Max Surtax
      Florida 6% 7.5%

      Florida Income Tax

      State Income Tax (Low) Income Tax (High)
      Florida 0% 0%

      Goods & Services

      Item Coral Terrace National avg. Difference
      Haircut $20.53$24.2615.4%
      Beauty Salon $88.07$45.5693.3%
      Toothpaste $3.51$3.705.2%
      Shampoo $1.53$1.2819.7%
      Movie $14.35$12.1318.2%
      Bowling $23.67$18.0031.5%

      Groceries

      Item Coral Terrace National avg. Difference
      Ground Beef $6.11$5.844.6%
      Fried Chicken $1.40$1.5711.2%
      Milk $4.60$4.671.5%
      Potatoes $5.24$4.936.2%
      Pizza $14.13$12.0916.9%
      Beer $11.44$10.419.9%

      Health Care

      Item Coral Terrace National avg. Difference
      Optometrist $98.49$125.6821.6%
      Doctor $127.08$135.786.4%
      Dentist $107.83$113.294.8%
      Ibuprofen $11.10$10.654.2%
      Lipitor $490.35$468.604.6%

      Housing

      Item Coral Terrace National avg. Difference
      Home Price $355,400.00$184,700.0092.4%
      Avg. Mortgage Payment $3,109.00$2,346.6932.5%
      Apartment Rent $1,459.00$949.0053.7%

      Transportation

      Item Coral Terrace National avg. Difference
      Gasoline $3.49$3.460.8%
      Tire Balancing $64.09$59.927.0%

      Utilities

      Item Coral Terrace National avg. Difference
      All Electricity $200.94$193.993.6%
      Phone $194.37$192.251.1%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Medley, FL1,0538712.6%
      Gladeview, FL13,490981.8%
      Opa-locka, FL16,0081010.7%
      West Little River, FL32,2931033.3%
      Brownsville, FL17,4751055.1%
      Coral Terrace, FL25,52912727.2%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Lockport, IL25,49911111.2%
      Starkville, MS25,4958910.8%
      McDonough, GA25,572990.5%
      South Pasadena, CA25,478225124.8%
      Lochearn, MD25,6121088.1%
      Coral Terrace, FL25,52912727.2%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.