Homes for Sale in Cape Coral, FL: What You Need to Know
Are you considering relocating to Cape Coral? Here is a look at the monthly expenses you can expect in this "Waterfront Wonderland." Prices for food and transportation are somewhat above the national average; however, housing and utilities are a bit cheaper. Overall, the cost of living in Cape Coral is lower than both the U.S. and Florida average. Below we compiled the monthly expenses for the essentials.
Median Home Price: $231,700
Phone Bill: $157.63
Gas: $2.80 a gallon
Food & Groceries: 5% higher than the national average
Healthcare: 4% lower than the national average
Sales Tax: 6%
Cape Coral Real Estate: Housing Availability
Despite a desirable beach location and the world's largest canal network, Cape Coral real estate is quite affordable. The city was only founded in 1957, and so far, supply and demand have kept home prices below the Florida average. But as the population continues growing, so do home values. Prices have doubled over the past 20 years, and home appreciation has been 4.9% for the past 12 months. With this said, Cape Coral real estate makes for good long-term investments, and there is a high homeownership rate of 72%. Another benefit of such a relatively new city is that homes are more modern, too—over 90% of houses were built after 1970.
Shopping in Town
Cape Coral has many shopping attractions both on the waterfront and inland. One of the central shopping districts is the downtown area called The South Cape, located between Cape Coral Parkway and SE 47th Terrace. Two popular shopping centers are Coralwood and the nearby Coralpointe. Here, you can find department store and restaurant chains like JC Penney, Homegoods, Ulta, Publix, Staples, Starbucks, more. Cape Harbour is perfect for shopping with more local flair. Located at the yacht harbor, its boutiques, shops, and galleries come with stunning marina views.
The Local Population
Cape Coral has a population of just below 200,000. Considering the city's size of 120 square miles, this equals an average population density of 1,835 people per square mile. Less touristy and quieter than nearby Fort Myers, Cape Coral is a popular retirement location. As such, the median age is an "old" 45.9 years—almost a decade above the national average.
72.8% of residents are White, 20.2% are Hispanic, 4.1% are Black, 1.6% are Asian, the remainder is of mixed or other race. 23% of locals hold a bachelor's degree or higher. The median household income is $57,125, with a poverty rate of 12.7%.
Cape Coral’s Climate and Weather
Cape Coral residents enjoy South Florida's typical tropical climate. Summers are hot and quite humid, with average highs of 92°F in July. Winters are warm, and lows rarely drop below 50°F. Cape Coral gets an average annual rainfall of 53 inches, most of which occurs between May and October. During these months, storms happen frequently. Also, June through November is official Hurricane Season in Florida. Cape Coral's location on the Gulf coast puts it in a flood-risk area, should a hurricane make landfall in the region.