Real Estate Prices and Overview
Coconut Grove median real estate prices are $867,002, which is more expensive than 99.4% of the neighborhoods
in Florida and 98.4% of the
neighborhoods in the U.S.
Average rental prices in Coconut Grove are currently
$2,127, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 96.8%
of the neighborhoods in Florida.
Coconut Grove is a suburban neighborhood (based on population
density) located in Miami, Florida. This is a coastal neighborhood (i.e., is on the ocean, a bay, or inlet).
Coconut Grove real estate is primarily made up of medium sized (three or four bedroom) to large (four, five or more bedroom) single-family homes and townhomes.
Most of the residential real estate is owner occupied. Many of
the residences in the Coconut Grove neighborhood are older, well-established, built between 1940 and 1969. A number of residences were also built between 1970 and 1999.
Coconut Grove has a 17.2% vacancy rate, which is
well above average compared to other U.S. neighborhoods (higher than
79.3% of American neighborhoods). This could either
signal that there is weak demand for real estate in the neighborhood,
or that much of the housing stock is seasonally occupied,
which can occur in some markets dominated by colleges or vacation homes.
Either way, if you live here year round, you will find many of the homes
or apartments are empty for all or a portion of the year.
Notable & Unique Neighborhood Characteristics
The way a neighborhood looks and feels when you walk or drive around it, from
its setting, its buildings, and its flavor, can make all the difference. This
neighborhood has some really cool things about the way it looks and feels as
revealed by NeighborhoodScout's exclusive research. This might include anything
from the housing stock to the types of households living here to how people
Notable & Unique: Real Estate
Do you like a coastal setting? If so, this neighborhood may be to your liking.
The Coconut Grove neighborhood is on the ocean, a bay, or inlet.
Often such coastal places have amenities and recreational activities on the waterfront
that are attractive to residents and visitors alike.
Notable & Unique: People
A majority of the adults in the Coconut Grove neighborhood
are wealthy and educated executives. They own stately
homes that tend to maintain high real estate appreciation rates. Their
upper-level careers keep them busy, but allow them to live comfortably.
If you're an executive and want to keep similar company, consider settling
in this neighborhood, rated as an executive lifestyle
"best choice" neighborhood for Florida by NeighborhoodScout's analysis,
which rated it as better for executive lifestyles than 99.4%
of the neighborhoods in Florida.
In addition to being an excellent choice for highly educated executives, this
neighborhood is also a very good choice for urban sophisticates and families with school-aged children.
In addition, the rate of college educated adults in the Coconut Grove neighborhood
is a unique characteristic of the neighborhood. 75.3% of
adults here have received at least a 4-year bachelor's degree, compared to
the average neighborhood in America, which has 22.6% of the adults with a
bachelor's degree. The rate here is higher than NeighborhoodScout found in
98.1% of all U.S. neighborhoods.
Also, Coconut Grove has the amazing distinction of housing more same
sex couples living together than 97.8% of neighborhoods
in the U.S. If you are seeking such a neighborhood, NeighborhoodScout's
analysis shows that this is one place that you should consider.
Finally, wealth makes most things in life easier, and a few things harder.
If you are wealthy and enjoy keeping up with the Jones', this neighborhood
will interest you. In fact, according to NeighborhoodScout's research,
the Coconut Grove neighborhood is wealthier than 97.5%
of the neighborhoods in the United States. Residents here are truly in
a unique situation even when compared to other Americans, based on the
shear amount of wealth concentrated here. Even in times of economic
downturn, residents of this neighborhood, as a group, suffered less
and recovered more quickly. This is indeed a stand-out characteristic
of this neighborhood.
Notable & Unique: Diversity
Did you know that the Coconut Grove neighborhood has more
Cuban and British ancestry people living in it than nearly
any neighborhood in America? It's true! In fact, 11.7% of
this neighborhood's residents have Cuban ancestry and 2.4% have British ancestry.
Coconut Grove is also pretty special linguistically. Significantly, 1.9% of its residents five years old and above primarily
speak Portuguese at home. While this may seem like a small percentage, it is higher
than 97.6% of the neighborhoods in America.
Notable & Unique: Occupations
Executives, managers and professionals make up 69.0% of the workforce
in the Coconut Grove neighborhood which, according to
NeighborhoodScout's exclusive analysis, is a higher proportion of such
high-level people than is found in 97.9% of the neighborhoods
in America. For this reason, this neighborhood really stands out as unique.
Notable & Unique: Modes of Transportation
A unique way of commuting is simply not to. And in the Coconut Grove
neighborhood, analysis shows that 12.5% of the residents work
from home, avoiding a commute altogether. This may not seem like a large number,
but it is a higher proportion of people working from home than is found in
96.7% of the neighborhoods in the United States.
One thing NeighborhoodScout's research reveals is that the wealthier and/or
more isolated the neighborhood, the greater the proportion of residents who
choose to work from home.
The Neighbors: Income
There are two complimentary measures for understanding the income of a
neighborhood's residents: the average and the extremes. While a neighborhood
may be relatively wealthy overall, it is equally important to understand
the rate of people - particularly children - who are living at or below the
federal poverty line, which is extremely low income. Some neighborhoods with
a lower average income may actually have a lower childhood poverty rate than
another with a higher average income, and this helps us understand the
conditions and character of a neighborhood.
The neighbors in the Coconut Grove neighborhood in Miami are wealthy, making it among the 15% highest income neighborhoods in America.
NeighborhoodScout's exclusive analysis reveals that this neighborhood has
a higher income than 97.5% of the neighborhoods in America.
In addition, 8.0% of the children seventeen and under
living in this neighborhood are living below the federal poverty line, which
is a lower rate of childhood poverty than is found in 67.6%
of America's neighborhoods.
The Neighbors: Occupations
A neighborhood is far different if it is dominated by enlisted military personnel
rather than people who earn their living by farming. It is also different if
most of the neighbors are clerical support or managers. What is wonderful is
the shear diversity of neighborhoods, allowing you to find the type that fits
your lifestyle and aspirations.
In the Coconut Grove neighborhood, 69.0%
of the working population is employed in executive, management, and professional occupations. The second most important occupational group in this neighborhood is
sales and service jobs, from major sales accounts, to working in fast food restaurants, with 19.5% of the residents employed.
Other residents here are employed in clerical, assistant, and tech support occupations
(8.0%), and 3.5% in manufacturing and laborer occupations.
The Neighbors: Ethnicity / Ancestry
Boston's Beacon Hill blue-blood streets, Brooklyn's Orthodox Jewish enclaves,
Los Angeles' Persian neighborhoods. Each has its own culture derived primarily
from the ancestries and culture of the residents who call these neighborhoods
home. Likewise, each neighborhood in America has its own culture – some more
unique than others – based on lifestyle, occupations, the types of households
– and importantly – on the ethnicities and ancestries of the people who live
in the neighborhood. Understanding where people came from, who their grandparents
or great-grandparents were, can help you understand how a neighborhood is today.
In the Coconut Grove neighborhood in Miami, FL, residents
most commonly identify their ethnicity or ancestry as Cuban
(11.7%). There are also a number of people of South American ancestry (9.9%) , and residents who report English roots (6.8%) , and some of the residents are also of German ancestry (6.2%) , along with some Italian ancestry residents (6.1%), among others. In addition, 26.0% of the residents of this neighborhood were born in another country.
The Neighbors: Languages
The languages spoken by people in this neighborhood are diverse. These are
tabulated as the languages people preferentially speak when they are
at home with their families.
The most common language spoken in the Coconut Grove
neighborhood is English, spoken by 51.1% of households. Other important languages spoken here include Spanish and French.
Getting to Work
How you get to work – car, bus, train or other means – and how much of your
day it takes to do so is a large quality of life and financial issue. Especially
with gasoline prices rising and expected to continue doing so, the length and
means of one's commute can be a financial burden. Some neighborhoods are physically
located so that many residents have to drive in their own car, others are set
up so many walk to work, or can take a train, bus, or bike.
The greatest number of commuters in Coconut Grove neighborhood spend
between 15 and 30 minutes commuting one-way to work (42.5% of working
residents), which is shorter than the time spent commuting to work for most Americans.
Here most residents (84.1%) drive alone in a private automobile to get to work.
In addition, quite a number also carpool with coworkers, friends, or neighbors to get to work (10.7%) . In a neighborhood like this, as in most of the nation, many residents find owning
a car useful for getting to work.