The typical owner-occupied home in Coral Gables is worth about $1,089,900, 3.0 times the Florida median of $359,000 and 3.3 times the national median of $332,700. Owners pay a median $9,124 a year in property taxes, about 0.84% of their home's value, higher than the Florida rate of 0.76%. The median household earns $134,216 a year, so the median home costs 8.1 times the median income (4.8 times for Florida). 64% of occupied homes here are lived in by their owners, and 55% of those owners still have a mortgage.
Coral Gables at a glance
| Coral Gables | Florida | U.S. | |
|---|---|---|---|
| Median home value | $1,089,900 | $359,000 | $332,700 |
| Median property tax paid per year | $9,124 | $2,730 | $3,119 |
| Property tax as a share of value | 0.84% | 0.76% | 0.94% |
| Median household income | $134,216 | $74,568 | $80,734 |
| Homes lived in by their owners | 64% | 68% | 65% |
| Owner homes with a mortgage | 55% | 56% | 61% |
| Median monthly costs, owners with a mortgage | $4,001 | $1,959 | $1,963 |
| Those costs as a share of the owners' income | 23.9% | 23.6% | 21.0% |
| Median rent | $2,373 | $1,669 | $1,413 |
| Rent as a share of renters' income | 33.1% | 35.2% | 30.6% |
| Median year homes were built | 1969 | 1988 | 1980 |
| Vacant homes | 12.8% | 14.7% | 10.1% |
| Population | 49,802 | 22,416,077 | 334,922,499 |
What a typical home costs per month in Coral Gables
At this week's average 30-year rate of 7.11%, buying the median Coral Gables home of $1,089,900 with 20% down costs about $7,083 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $9,073, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $303,537 for the 20%-down payment. That payment is 63% of the median Coral Gables household income of $134,216; at that income and 20% down, the 28% guideline points to a home of about $482,000.
The median rent here is $2,373 a month, so owning the median home costs about $4,710 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $217,980 |
|---|---|
| Loan amount | $871,920 |
| Principal and interest | $5,865 |
| Property taxes (0.84% a year) | $763 |
| Homeowners insurance (our estimate, 0.5% a year) | $454 |
| PMI | $0 |
| Total per month | $7,083 |
Change the numbers in the calculator
| Down payment | $38,146 |
|---|---|
| Loan amount | $1,070,159 |
| Principal and interest | $7,199 |
| Property taxes (0.84% a year) | $763 |
| Homeowners insurance (our estimate, 0.5% a year) | $454 |
| FHA mortgage insurance | $657 |
| Total per month | $9,073 |
Change the numbers in the calculator
Questions about home buying in Coral Gables
What is the median home value in Coral Gables?
About $1,089,900 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Coral Gables?
Homeowners pay a median $9,124 a year, which is about 0.84% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Coral Gables?
For the median home with 20% down at 7.11%, the payment is about $7,083 a month. Keeping that under 28% of gross income takes about $303,537 a year.
More about Coral Gables
- Mortgage Refinance in Coral Gables
- Debt Relief in Coral Gables
- Home Equity Loans in Coral Gables
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data