Cost of Living in Coral Terrace, FL

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.