Nestled in the bustling southern region of Florida lies the lovely city of Coral Gables, which welcomes individuals and families looking for a new home in the Sunshine State.
It is a thoughtfully planned and developed area in Florida. Coral Gables is often known as the “City of Beauty” as it offers beautiful surroundings together with modern conveniences.
The person behind its development was George E. Merrick, who orchestrated its layout with a touch of 1920s Spanish architecture, adorned with vibrant jewel tones, Florida oaks, and lush greenery everywhere.
Nowadays, people living in Coral Gables enjoy lovely, green surroundings that wind through elegant waterfront homes, parks, historic buildings, shops, and other establishments.
But, while there are so many great things in the city, have you considered the cost of living and the money you need for everyday life here?
If you’re considering moving to the city, having a clear picture of the Coral Gables cost of living is important. It includes housing expenses, food and groceries, utility bills, as well as budgeting for leisure and recreational activities.
This article will help you understand your expenditures while living in Coral Gables to give you some helpful ideas for managing your finances in this vibrant city.
We also aim to help you plan your finances and determine whether relocating to Coral Gables is ideal for you and your family.
Overall Overview of Cost of Living in Coral Gables
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With beautiful homes and convenient access to amenities, are you wondering if Coral Gables is an expensive place to live? The cost of living in Coral Gables can be high, and the expenses have increased in recent years.
Coral Gables cost of living index is 173.6, 73% higher than the US average of 100, mainly because transportation, food, and housing cost a lot.
On average, living in the city costs around $2,647 a month. If you are single, you should expect to incur approximately $50,302 for yearly expenses covering food, utilities, transportation, housing, healthcare, and other essentials.
Meanwhile, an annual amount of $99,898 is advisable for families with children to meet their everyday needs and live comfortably in Coral Gables.
On a positive note, Florida is a state where you don’t have to pay any taxes except for the national fees that come from your paycheck. With this, you can have more disposable income for your other daily living needs!
Why You Need To Know Coral Gables' Cost Of Living
Understanding Coral Gables cost of living is essential as it provides a clear picture of how much money you will need to cover the basic needs and maintain the lifestyle you want while enjoying everything the city offers.
It helps you decide where to live, make a suitable financial budget, and how to plan for your future expenses.
Knowing the cost of living in Coral Gables will also help you avoid financial surprises and ensure you can comfortably afford necessities like housing, food, and transportation without straining your finances.
Breaking Down the Cost of Living in Coral Gables
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Food and Groceries
Food and groceries are a big part of the cost of living in Coral Gables, which are more expensive than the national average.
The index score for food and groceries in Coral Gables is 114.2, which means they’re about 14% higher than other cities in the country.
Let’s look at some numbers to help you estimate how much money you need to cover food.
💡 If you’re living alone, you need at least around $7,485 monthly, but if you have a family with kids, it could be even higher, at least approximately $15,168 per month.
Here are the average costs of some grocery staples in Coral Gables:
| Item | Average Cost |
|---|---|
| A Gallon of Milk | $3.19 |
| A Pack of Bread | $3.06 |
| 1 Kilogram of Rice | $4.24 |
| Dozen of Eggs | $5.05 |
| Fruits and Vegetables | $1.90 to $10 |
| Steaks | $12 to $14 |
If you prefer eating outside, here are the average costs of dining out in the city:
| Item | Average Cost |
|---|---|
| Dinner for Two in a Local Restaurant | $83.10 |
| Dinner for Two in Fine Dining or Specialty Restaurant | $50 per person |
| Fast Food Chains | $10 for one person |
Housing
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🏘️ Homebuying
In terms of homes for sale in Coral Gables, expect to pay a price for a cozy home. The housing cost index in the city is a whopping 322.8, which is way higher than the national average of 100. It is also significantly higher than Miami, Florida’s average of 142.7.
The median sale price of residences is about $1.3 million as of June 2023. If you are considering buying a house or a condo, listings in Coral Gables can start as low as $255,000 and can go up to $69.9 million!
🏘️ Renting
Costs can vary quite a bit if you are looking to rent a place in Coral Gables. The median rent in the city is about $2,500. So you might find a rental unit for as low as $1,250 to as high as $3,875, depending on how many bedrooms you have and the property type.
On average, a studio apartment is available for rent for $1,950, a one-bedroom apartment for $2,500, and a two-bedroom apartment typically costs $3,600.
Why are Housing Costs So High in Coral Gables?
If you are wondering why, here are two primary reasons.
1. High Demand, Low Inventory
First and one of the significant reasons why housing costs in Coral Gables are expensive is that there is a lot of demand for homes in the city, coupled with the limited availability of properties. The competition among buyers can significantly drive up the prices.
2. Home Features and Elements
In addition to high demand and low inventory, certain features and elements can make a home more pricier. It includes waterfront amenities, total lot size, architectural style, year built, number of stories, rooms, bathrooms, and the overall condition and amenities it offers.
Here’s the thing! While finding the perfect home in Coral Gables might take some time and effort, it is DEFINITELY all worth it! The unique architecture and the way the town has been developed make it one of the sought-after places to live in Florida.
Even though housing costs seem high, the attractiveness and amenities of Coral Gables could justify the investment!
Utilities
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Utility costs in Coral Gables are reasonable, having an index cost of 93.6, which means they are lower than the national average.
To cover utilities like electricity, water, heating, and gas, a single person might need around $3,000, while a family with children may require at least $5,004.
Electricity bill in the city is usually about $151.49. At the same time, people in Miami-Dade County, where Coral Gables is located, often pay $4.43 for water when using around 2,244 gallons or 3 ccf (centum cubic feet).
Meanwhile, if you are looking for internet service, it could cost you between $55 and $70 monthly, depending on the service provider you go with.
Transportation
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Coral Gables’s index cost for transportation is 133.4, which is higher than the national average. You may need around $7,951 monthly to cover transportation expenses for those going solo. But if you’ve got a family, especially with kids, costs could go up to $17,271 monthly.
Transportation Options in Coral Gables
Residents of Coral Gables have several choices to get around the city.
1. Trolleys
Trolleys are one of the most popular among locals. These are like small buses, but they’re open and breezy, allowing you to enjoy the scenery as you travel.
The Coral Gables Trolley carries more than a million passengers each year. It’s free from Monday to Saturday, starting at 6:30 in the morning and going until 10 at night. There are two routes it covers: Ponce de Leon and Grand Avenue.
Aside from that, there’s the Miami Trolley, too! It gives free rides from 8 in the morning to 11 at night.
2. Metro Rail
If you’re looking for other transportation, the metro rail goes from Kendall through South Miami, Coral Gables, and downtown Miami. If you’re planning a shorter local transport trip, the ticket is about $2.30.
3. Taxis and Personal Cars
If you’re considering taking a taxi, an 8-kilometer ride could cost around $15.80, but if you have a personal car, your estimated costs for gas or petrol could come at around $0.93 per liter.
Whatever way you move around in Coral Gables, it’s good to have these numbers in mind to plan your budget wisely.
Healthcare
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Healthcare costs in Coral Gables are slightly above the national average by 4%. A single person could spend around $3,742 to cover healthcare expenses, while a family with children requires about $6,687.
Education
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Most children at Coral Gables go to the Miami-Dade County Public School District, the largest school district in the state. The city has many public schools covering different grade levels, from elementary to high school.
Public schools in Coral Gables are free for residents. Notable elementary schools in the area include the following:
George Washington Carver Middle School is famous for middle school students, while International Studies Preparatory Academy is a common choice for high school students.
In terms of colleges, the costs for attending colleges in Coral Gables are higher than the national average. The average cost of tuition for undergraduate programs in Coral Gables, Florida, is $57,194, compared to the national average of $12,914.
If a student lives on campus, they’ll need about $16,910 to cover all expenses, but if you plan to live off-campus, costs can rise to around $21,150.
Besides the public schools, Coral Gables also has several highly regarded private schools.
Some of the most sought-after ones include:
For private schools, tuition fees for preschool to elementary levels usually vary, with the highest cost falling around $43,420, while high school tuition approximately ranges from $12,300 to $15,580.
Entertainment and Leisure
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The cost of having fun and enjoying yourself in Coral Gables, Florida, varies greatly on what you want to do and where you want to go.
For instance, if you want to catch a movie, it might be about $8 to $20 for a ticket, depending if you are going to a standard or a premium show.
Exploring parks, gardens, or other open areas is often free in Coral Gables, but some places, like Fairchild Tropical Botanic Garden, might require entrance fees.
Shopping expenditures vary depending on individual tastes. The city boasts an array of boutiques and stores, each offering products with diverse price ranges.
You can also enjoy the fun and enjoyable nightlife scene in the city. Drinks at bars or clubs cost about $7 to $25 or more. Some excellent spots to check out in Coral Gables include Copper 29 and The Biltmore Bar.
Meanwhile, for those inclined towards maintaining their fitness, becoming a gym member or attending fitness classes may cost approximately $44 or higher monthly.
Taxes
Florida, including Coral Gables, does not impose state income tax, making it an ideal location for those looking to save money. So, if you’re employed in Coral Gables, your paycheck won’t have extra taxes, just the federal income tax.
It boosts your take-home pay, giving you more money to cover your living costs. Florida is also friendly in terms of taxes for retirees, as it doesn’t levy a tax on retirement or pension benefits.
However, keep in mind that the state has a statewide sales tax of 6%. But don’t worry! Many necessities like food, medical supplies, and farm production supplies aren’t part of this tax.
Property taxes in Coral Gables are the highest compared to the rest of the Miami-Dade area, with a tax rate of 1.83%.
Comparing the Cost of Living in Coral Gables to a Nearby City and Neighborhoods
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What is the Cost of Living in Coral Gables Compared to Miami?
When comparing Coral Gables to Miami, the overall cost of living index is 41.8% higher in Coral Gables. The general index for Coral Gables is 173.6, while Miami has 122.4.
However, note that the total cost of living index doesn’t include taxes. Housing expenses in Coral Gables are significantly higher, with a housing cost index of 322.8 than in Miami, having 142.7.
The median home value in Coral Gables is $1.3 million, while Miami has an average of $580,000. Meanwhile, in terms of food and groceries, Coral Gables sees a 6.4% increase in costs, with a cost index of 114.2, in contrast to Miami’s 107.3.
Utilities in Coral Gables are 2% lower compared to Miami, with a utility cost index of 93.6, whereas Miami’s is 95.5.
Transportation, on the other hand, is pricier in Miami than in Coral Gables. Miami’s transportation cost index is 144.5, while Coral Gables has a lower index of 133.4, making it 7.7% less expensive than Miami.
Cost of Living in Coral Gables vs. Coconut Grove
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Living expenses in Coconut Grove tend to be pricier than in Coral Gables. The median cost of homes in Coral Gables is estimated to be about $1.3 million, while in Coconut Grove, the median price is higher at $2.49 million.
Coral Gables and Coconut Grove usually fall in the same range when we talk about buying food and groceries. There might be slight differences, but generally, you can expect similar costs for everyday essentials and groceries in both places.
The utility cost index in Coconut Grove is 102, which is higher than in Coral Gables. This utility cost includes things like electricity, water, and heating.
Final Thoughts
Coral Gables offers a unique blend of beauty and convenience. However, amidst its beautiful surroundings and sought-after amenities, it is important to understand the financial factors of residing in the city.
Expenses have risen in Coral Gables, and the cost of living index is higher than the national average, driven primarily by housing, transportation, and food costs.
But despite that, Florida is a tax-friendly environment, with no state income tax and favorable conditions for retirees, easing financial burdens for Coral Gables’ residents.
Having your finances in order will help you fully enjoy the many opportunities and experiences that Coral Gables offers.
We hope this article helped you be armed with knowledge about Coral Gables’ cost of living. If you are interested to know more about your home options in Coral Gables, our team is always ready to help!
You can call us at (786) 321-9115 or email us at beatriz@antilles-realty.com to get started with your home exploration in Coral Gables! Get in touch with us by following us on our social media platforms below:
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Frequently Asked Questions
Is Coral Gables an expensive place to live?
Yes, Coral Gables is generally considered an expensive place to live. The cost of living, including housing, food, groceries, and other expenses, tends to be higher than in many nearby areas.
It is evident with housing costs, where median home prices and rental rates are often above average.
While the exact level of expense can vary depending on individual lifestyle and preferences, Coral Gables is known for its upscale and affluent reputation, contributing to its higher cost of living.
How does the cost of living in Coral Gables compare to other cities in Florida?
Coral Gables costs more to live in than many other Florida cities. It’s 67.4% pricier than Tampa, 42% more costly than Miami, 68% more expensive than Orlando, and 46% higher than Jacksonville.
What is the average rent for a one-bedroom apartment in Coral Gables?
As of August 2023, the average cost to rent a one-bedroom apartment in Coral Gables, FL, is around $2,500.
Is it expensive to buy a home in Coral Gables?
Yes. Coral Gables is recognized as an affluent area. There is also high demand and low inventory of homes in the city, which can lead to higher house costs. In 2023, the median price for homes sold in Coral Gables is $1.3 million.
