Neighborhood to Watch: Coral Terrace, Miami

coral-terrace-home

If you are considering moving to Florida, you should look into real estate in Miami’s Coral Terrace.  Coral Terrace is a non-incorporated community located in Miami-Dade County, Florida. While Coral Terrace is a relatively small community, it is surrounded by larger cities and towns. Over the past few years, more and more families have been moving to the area.  In fact it was ranked as one of the most up and coming neighborhoods in the next 25 years (Ranked #15 on Business Insider’s list of up and coming areas in the U.S.).  Let’s learn a little more about Coral Terrace

Demographics

As of 2010, there were 25,318 people living in Coral Terrace.  There were 7,744 households and 6,171 families. The racial makeup of the community varies, however, and it is predominantly white. Of the population, 93.06 percent are white, 1.15 percent are African-American, and the remaining percents are made up of Native Americans, Asian, and Pacific Islanders. The median age in this community is 43.3. The average household size is 3.35 and the married population is 46.7 percent.

Coral Terrace School Department

The Coral Terrace School Department is considered one of the best in Florida. The elementary school, Coral Terrace Elementary, is a public school for students grades Pre-K through 5th. The school is set on 5 acres of land and was built in 1956. The students who attend the school are required to wear uniforms. It is part of the Miami-Dade public school system. For high school, most students who live in this community will attend West Miami middle School and Southwest Miami Senior High School. Both are excellent schools systems with excellent teacher to student ratios in each class.

Of the residents in Coral Terrace, 22 percent have their Bachelor’s Degree and 76 percent have a high school education.

Crime Rate

Coral Terrace is safer than 27 percent of other cities in the United States. If you live in Coral Terrace, you have a one in 30 chance of being a victim of a crime. For every 100,000 people in the community, there are 9.35 crimes each day. The good news is that the crime rate in Coral Terrace has decreased by 4 percent over the past year.

Income

The median household income of residents in Coral Terrace is $48,938. The largest share of household in the community has an income of between $60,000 and $75,000 each year. Recent job growth in this community has increased by 0.18 percent over the past three years. The cost of living, however, is 19.40 higher than the United States average. The unemployment rate in this community is currently 6.6 percent.

Housing

The average cost of a home in Coral Terrace is $236,700. This is higher than the average in Miami-Dade County, in the state of Florida, and in the United States. For non-homeowners, there are several apartment buildings and complexes in the community. In this community, 67.75 percent of the residents own their own home and 32.25 percent of the residents rent. A large population of Florida and several in Coral Terrace are part-time residents.

This means that they spend the warmer months in their home states and they spend their winter months in Florida. They do this because the winters in Florida are very warm and mild. Florida is a great place to go to escape from the states with harsh, cold winters. It is a good time to buy a home in Coral Terrace. The home appreciation has gone up 16.5 percent over the past 12 months.

Pros and Cons of Buying a Home in Coral Terrace

When it comes to buying a home in Coral Terrace, there are advantages and there are downsides.

Pros:

  • Cultural diversity: Coral Terrace is a very culturally diverse community. This is great, especially if you have children. Tolerance is a lesson that cannot be learned in school.
  • Beaches and water recreation: Anyone who loves the beach and the water will love living in Coral Terrace. This community is in close proximity to a variety of beaches and water parks.
  • Entertainment: Coral Terrace is close to a variety of entertainment venues, making it a fun and exciting place to live. There may not be much entertainment or nightlife in Coral Terrace, however, it is just a few miles to some of Florida’s most popular hot spots.

Cons:

  • Hurricane risk: Anyone who purchases a home in Florida needs to worry about the risk of their homes being damaged in hurricanes. Each year, a hurricane or tropical storm or what is left of one hits Florida.
  • Cost of living: The costing of living in Coral Terrance is higher than the national average, therefore, it is an expensive place to live.
  • Crime rate: Coral Terrace does not have the best crime rate in the world. This is one of the things that turn people off from buying a home in this community.

Healthcare in Coral Terrace, Florida

If you purchase a home in Coral Terrace, there are a variety of healthcare options available within 60 miles of the community. There are 39 acute care hospitals, and 1 veteran’s hospital. There are also several physicians and specialists close by.

Industry Facts in Coral Terrace

In Coral Terrace’s Miami-Dade County, there are 363,906 businesses with fewer than 10 employees. It is a community with good entrepreneurship There are 67,284 businesses with between 10 and 50 employees. There are 14,088 businesses with 50 to 250 employees and 1,902 large businesses with over 250 employees.

Final Thoughts

The real estate market in Coral Terrace is excellent right now. Housing costs are down and appreciation levels are up. The school systems are excellent and it the community is close to many recreational venues. If you are looking to buy a new home, you should consider a home in Coral Terrace, Florida. As long as you can handle the hot summers and relatively warm winters, this could be a great place for you to live.

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