Coral Gables, FL

Very High · 216

Florida · Population 49,243 · Updated March 2026

$2,121
Median Rent / Month
$130,803
Median Income
$1,007,500
Median Home Value
$2,517
Owner Costs / Month

Affordability

How far your income goes in Coral Gables

19.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$25,452
Annual Rent
$0
State Income Tax
$8,664
Property Tax (est.)

Cost of Living Overview

Coral Gables has a significantly higher cost of living than most US cities, driven largely by premium housing costs. With a cost index of 216 (where 100 equals the national median), Coral Gables residents can expect to pay median rent of $2,121/month while earning a median household income of $130,803/year.

The median home value in Coral Gables, FL is $1,007,500, with typical monthly owner costs around $2,517 including mortgage, insurance, and taxes. The median rent-to-income ratio of 19.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Coral Gables.

Frequently Asked Questions

Common questions about living costs in Coral Gables

What is the cost of living in Coral Gables, FL?
The cost of living index in Coral Gables, FL is 216 (US average = 100). Median monthly rent is $2,121, median household income is $130,803/year, and the median home value is $1,007,500.
Is Coral Gables, FL affordable?
No, Coral Gables is more expensive than the national average with a cost index of 216. The rent-to-income ratio is 19.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Coral Gables, FL?
The median gross rent in Coral Gables, FL is $2,121 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $25,452.
What is the median household income in Coral Gables?
The median household income in Coral Gables, FL is $130,803 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.