Ever since the Hotel del Coronado became a beloved seaside destination in 1888, Coronado Island has been a haven for out-of-state residents to soak up the refreshing atmosphere.
From the quaint main street and historical background, to the moderate 70 degree coastal weather, there are several reasons why Coronado is the destination of choice for those looking to buy a summer vacation home.
With 2 million visitors coming to the island annually, Coronado is not short of appeal for out-of-staters.
About 28% are out of state homebuyers
According to recent data from the California Association of Realtors, approximately 28% of homebuyers in California are from out of state. This trend is especially true in luxury real estate markets like Coronado, where many affluent buyers are looking for second homes in locations that are vastly different from where their primary home is located.
But, what does availability and affordability look like for those wanting to purchase a second-home for the sole purpose of thawing out in winter months, or cooling down from the desert heat in the summer?
With a slightly less than average land area compared to other zip codes in the United States, Coronado also has a slightly higher than average population density.
With a population of 23,575 people within the 7.75 square miles of the 92118 ZIP code, there is a density of 3,042 people per square mile, according to the United States ZIP Code stats and demographics report for the 92118 ZIP code. (This study was conducted with data from the U.S. Census Bureau, the United States Postal Service, Yahoo and the IRS).
Majority of households are rented
The same report stated that the majority of households are rented, and the median home value is extremely high compared to the rest of the country and nearby ZIP codes.
While there may be a higher than average population density per square mile, the 92118 ZIP code does have a slightly higher than average percentage of property vacancies, meaning that those with a higher budget will be able to find the right second-home for them on the island.
Let’s take a look at the breakdown of those moving to Coronado from in and out of state in past years:
According to data gathered from the 2020 American Community Survey, 16,032 people lived in the same house in Coronado as they did the year prior, meaning that 78.16% of the island’s population remained in their respective households.
Of the remainder, 1,550 people, 7.56% of the total population, moved to Coronado from a different state.
Properties available in Coronado
As the trend continues, out-of-staters can be assured that Coronado will have properties available.
The same survey reported that of the 2,225 vacant properties on the island, 79% are unoccupied for seasonal recreational or occasional use. There are 192 places available for rent, and 89 places are available for purchase.
If you’re considering purchasing a place this spring for the upcoming summer months, don’t hesitate to reach out to me for more information on how you can take advantage in the market and sell your property successfully.
As a trusted and experienced real estate agent in your area, I’m here to help guide you through the process and ensure a smooth and successful purchase. Contact me today to get started on your home selling journey! (619) 568-0568 info@simonerealestategroup.com.
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