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Real Estate Prices & Overview

Coral Way West median real estate price is $423,288, which is more expensive than 50.2% of the neighborhoods in Florida and 57.3% of the neighborhoods in the U.S.

The average rental price in Coral Way West is currently $3,811, based on NeighborhoodScout's exclusive analysis. The average rental cost in this neighborhood is higher than 87.1% of the neighborhoods in Florida.

Coral Way West is a densely urban neighborhood (based on population density) located in Miami, Florida.

Coral Way West real estate is primarily made up of small (studio to two bedroom) to medium sized (three or four bedroom) apartment complexes/high-rise apartments and townhomes. Most of the residential real estate is renter occupied. Many of the residences in the Coral Way West neighborhood are newer, built in 2000 or more recently. A number of residences were also built between 1970 and 1999.

Coral Way West has a 11.0% vacancy rate, which is well above average compared to other U.S. neighborhoods (higher than 65.9% of American neighborhoods). Most vacant housing here is vacant year round. This could either signal that there is a weak demand for real estate in the neighborhood or that large amount of new housing has been built and not yet occupied. Either way, if you live here, you may find many of the homes or apartments are empty.

Notable & Unique Neighborhood Characteristics

Many things matter about a neighborhood, but the first thing most people notice is the way a neighborhood looks and its particular character. For example, one might notice whether the buildings all date from a certain time period or whether shop signs are in multiple languages. This particular neighborhood in Miami, the Coral Way West neighborhood, has some outstanding things about the way it looks and its way of life that are worth highlighting.

Real Estate

If you love row houses and attached homes, you will probably really like the Coral Way West neighborhood. The ambiance, the charm, of row houses is something special. And in sheer abundance of row houses, this neighborhood truly stands out. The real estate here has a higher proportion of row houses and attached homes than nearly any neighborhood in America. In fact, 25.9% of the residential real estate here is classified as row houses and attached homes.

In addition, if you like crowded places, then you will probably enjoy the the Coral Way West neighborhood. According to NeighborhoodScout's exclusive data analysis, this neighborhood is more densely populated than 95.2% of neighborhoods in the U.S., with 21,183 people per square mile living here.

People

According to NeighborhoodScout's research, Coral Way West is better suited for first-time home buyers than 85.0% of neighborhoods in the state. Most homes here are priced below the state's median house value, yet maintain comparably good appreciation rates over the last decade relative to other neighborhoods in Florida. Along with an exclusive multi-metric measure of neighborhood quality developed by NeighborhoodScout that scores high here in this neighborhood, this means that buying into the neighborhood is not only an accessible option but considered a decent first time home buyer choice for building equity in your first home, while being in a quality neighborhood

Diversity

Did you know that the Coral Way West neighborhood has more Brazilian and Cuban ancestry people living in it than nearly any neighborhood in America? It's true! In fact, 8.8% of this neighborhood's residents have Brazilian ancestry and 28.0% have Cuban ancestry.

Coral Way West is also pretty special linguistically. Significantly, 72.6% of its residents five years old and above primarily speak Spanish at home. This is a higher percentage than 97.8% of all U.S. neighborhoods.

Migration / Stability

Do you like to be surrounded by people from all over the country or world, with different perspectives and life experiences? Or do you instead prefer to be in a neighborhood where most residents have lived there for a long time, creating a sense of cohesiveness? NeighborhoodScout's analysis reveals that this neighborhood stands out among American neighborhoods for the uniqueness of the mobility of its residents. What is interesting to note, is that the Coral Way West neighborhood has a greater percentage of residents born in another country (49.5%) than are found in 97.5% of all U.S. neighborhoods.

The Neighbors

There are two complementary 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 Coral Way West neighborhood in Miami are middle-income, making it a moderate income neighborhood. NeighborhoodScout's exclusive analysis reveals that this neighborhood has a higher income than 45.3% of the neighborhoods in America. In addition, 2.9% 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 71.7% of America's neighborhoods.

The old saying "you are what you eat" is true. But it is also true that you are what you do for a living. The types of occupations your neighbors have shape their character, and together as a group, their collective occupations shape the culture of a place.

In the Coral Way West neighborhood, 35.2% 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 29.3% of the residents employed. Other residents here are employed in clerical, assistant, and tech support occupations (21.3%), and 14.2% in manufacturing and laborer occupations.

Languages

The most common language spoken in the Coral Way West neighborhood is Spanish, spoken by 72.6% of households. Some people also speak English (16.0%).

Ethnicity / Ancestry

Culture is the shared learned behavior of peoples. Undeniably, different ethnicities and ancestries have different cultural traditions, and as a result, neighborhoods with concentrations of residents of one or another ethnicities or ancestries will express those cultures. It is what makes the North End in Boston so fun to visit for the Italian restaurants, bakeries, culture, and charm, and similarly, why people enjoy visiting Chinatown in San Francisco.

In the Coral Way West neighborhood in Miami, FL, residents most commonly identify their ethnicity or ancestry as Cuban (28.0%). There are also a number of people of South American ancestry (11.6%), and residents who report Brazilian roots (8.8%), and some of the residents are also of Russian ancestry (5.7%), along with some Puerto Rican ancestry residents (4.0%), among others. In addition, 49.5% of the residents of this neighborhood were born in another country.

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 Coral Way West neighborhood spend under 15 minutes commuting one-way to work (33.9% of working residents), one of the shortest commutes across America.

Here most residents (57.1%) 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 (10.0%) and 6.7% of residents also hop out the door and walk to work for their daily commute. In a neighborhood like this, as in most of the nation, many residents find owning a car useful for getting to work.


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