Coronado real estate is sought after by those who relish a peaceful, serene, and tranquil life. Homebuyers can choose between various housing options, including beach houses, single-family homes, townhomes, and condominiums.
Residents can also visit several attractions in the surrounding area, including Silver Strand State Beach and the historic Hotel del Coronado. Coronado also has an elegant clubhouse at the Coronado Municipal Golf Course, a popular gathering spot for residents. The following analysis explains the living expenses you can expect to face if you purchase a home in this lovely community.
Housing costs in Coronado
California accounts for about 70% of the most expensive real estate in the U.S. Affluent buyers are attracted by its upscale cities and communities with high median home values. With its stunning beaches, unique geography, and lovely real estate, Coronado certainly fits the bill.
Housing is the most significant expense in most households, and Coronado real estate holds to that axiom. Home prices here start in the low seven figures, much higher than California’s average. For a 1,800-square-foot home like this one, you can expect to pay about $1.7 million. That works out to about $930 per square foot.
The high home prices in Coronado mainly result from the fact that many homes are located on a waterfront area with high demand among homeowners. The high cost of housing can also be attributed to the luxurious designs of the houses, the community's exclusivity, and the stunning ocean views. In addition, Coronado is a relatively small community with a limited supply of homes. This increases the demand among potential buyers, which drives up the home values in the community.
Food and grocery costs in Coronado
In Coronado, food and grocery costs are 12% higher than the national average. We can attribute that discrepancy to Coronado being a waterfront community on the expensive California coast. You can shop for fresh ingredients grown in California (like avocados, almonds, grapes, and much more) or imported from elsewhere.
Residents here have access to high-end grocery stores, fine restaurants, and exquisite eateries. Most of these establishments are on the pricier side, forcing residents to shell out extra cash while on their grocery shopping trips or grabbing a bite at a local restaurant.
A family of four can spend around $1,429 per month on food, while a single person can spend around $549 per month. When dining out, you can expect to pay about $20 for a solo lunch, about $75 for dinner for two, and $8 or so for a beer. During the holidays, such as Thanksgiving and Christmas, residents will experience higher food costs because of the increase in demand. Establishments located in more upscale areas may have higher prices due to the demographics and the increased cost of doing business in the area.
Transportation and parking expenses in Coronado
Coronado transportation expenses are 32% higher than the national average. Residents typically use cars to get around as there are limited public transportation options available in this area. There are also very few bike lanes and paths for residents to get around without using their cars. The price of gas in this region is about $4.50 per gallon. Parking fees also add to the transportation expenses. The parking costs range from free at places like the Coronado Golf Course to $25 for two hours at the Coronado Plaza.
However, many locals find parts of Coronado highly walkable. The Village has a 93 walk score, for example. Once you arrive at The Village, whether by car or bike, you’ll find most attractions and necessities are an enjoyable stroll away. And if you live in Coronado Cays, you can easily walk to Silver Strand Beach or go boating from your private slip.
Electricity costs and other utilities
Electricity is the major utility used by house owners in this community and the entire country. Coronado residents spend an average of $259 per month on electricity, which adds up to over $3,100 per year. Other utility costs include heating fuels, water, waste management, and healthcare costs, which are 4% higher than the national average.
Utility costs in Coronado are 13% higher than the national average. Larger homes generally require more energy to maintain a comfortable living environment, which can lead to higher utility costs. Generally, most of the homes in Coronado are luxurious and have more amenities, such as heated pools and hot tubs, which can increase water and electricity usage, therefore adding to the overall cost of utilities.
The average salary in Coronado
According to the Census Bureau, the median household income in Coronado from 2017 to 2021 was $114,559, and per capita income for the same period was $66,476. These values are higher now, thanks to the booming economy. However, salaries vary greatly depending on a person's profession, experience level, education, and other factors, with some industries such as technology, health care, and finance offering higher salaries.
Coronado has a small population of over 20,000 residents and abundant employment opportunities. The main industries in this area include technology, retail, tourism, construction, and real estate. This community is only six miles from San Diego, where residents can find additional employment opportunities.
Ready to find your next home?
If you're interested in moving to Coronado, work with The Clements Group, a team of experienced and top-performing realtors who are dedicated to helping you find the perfect Coronado real estate for your needs and wants. Contact The Clements Group today to begin the search for your next home.
