Fort Lauderdale, one of the most popular cities in Florida, is famous for its beaches, entertainment opportunities, and water sports. But for many people, the city is their forever home, not just a holiday destination. Many people are drawn to Florida because of its warm climate and year-round prospects, particularly those who are considering moving there.
You need to think about the cost of living in Fort Lauderdale before relocating to this wonderful Florida city. The cost of living in Fort Lauderdale with regard to food, housing, transportation, and other expenses will be addressed in this article.
The location has a major effect on the cost of living in Fort Lauderdale. The cost of living will be lesser if you move to a suburban neighborhood. It can be far more costly if you want to relocate to downtown Fort Lauderdale. In comparison to other Florida cities, Fort Lauderdale’s average cost of living, which is $28,300, is not thought to be too high.
In general, Fort Lauderdale’s cost of living is higher than the average American city. 7.2 points greater than the national average, its cost of living index is 117.9. Thus, if you want to relocate to Fort Lauderdale, you should know that your cost of living will be higher than in other Florida towns like Tampa Bay and Saint Petersburg. But, because this city is situated along the Florida coastline, the prices are pretty reasonable.
If you’re considering hiring a moving company due to your relocation to Fort Lauderdale, our advice is to hire one of the best Fort Lauderdale movers companies.
COST OF LIVING IN FORT LAUDERDALE, IS IT EXPENSIVE?
One of your biggest worries when relocating to Fort Lauderdale is housing. Luckily, Fort Lauderdale has a lot of different housing alternatives, including townhouses, condos, single-family homes, etc. Finding a room for rent in Fort Lauderdale is also an easy option if you are looking to save on rent and live with a roommate.
In this city, the median price of a property is $314,300. Due to an inflow of new inhabitants during the previous year, the cost of homes and condos has gotten higher. One factor which contributes to Fort Lauderdale’s thriving home market is the state’s fast-expanding population.
Here, real estate brokers regularly promote costly coastal residences. Your budget for a condo in Fort Lauderdale should be between $1,600 and $2,700, and for a townhouse or home, between $300,000 and $1.5 million. Of course, you can attempt to minimize expenses on things such as agency fees and closing costs for a home.
It is known that in this city, groceries may cost you more than rent because they are 26% more expensive than they are in the entire nation. You should anticipate paying more for everything once you move to this place, from bread and veggies to meat and fruits.
Depending on how many people live in your household, the typical monthly food cost may vary from $350-$500. Because the cost of living in Fort Lauderdale is far higher than the national average rate, you must be ready to spend more money on food here than in other cities in Florida.
Remember to set aside money for transportation if you’re moving to Fort Lauderdale because it’s a big metropolis with not all areas being accessible by public transportation. You should reside somewhere where public transportation is available to go anywhere if you want to cut some costs on your daily commute.
In Fort Lauderdale, having a car is regarded as crucial because the city’s public transportation system isn’t as good or dependable as it is in other Florida cities. Gasoline prices have risen as well, reaching a high of $3.00 per gallon.
WAGES IN FORT LAUDERDALE
You would anticipate earning more money given the high cost of living on Florida’s coast to meet the costs. Still, that’s not the case because the locals find it challenging to make ends meet due to the area’s low level of income.
Fort Lauderdale’s median annual household income is $55,000. The city’s living wage percentage is 29%, and this percentage rises when you take into account other family members who are as well earning a living.
In comparison to other Florida cities, Fort Lauderdale’s job market is booming and offers more options. Even though it’s regarded as a good location for living, many people nevertheless make low salaries there.
One of the major factors for this city’s higher-than-average unemployment rate in the nation is the poor wages.
Because Florida does not have a state income tax, residing in places like Fort Lauderdale is pretty desirable. But still, there are other taxes that citizens must pay. Both property taxes and sales taxes on automobiles belong to this category.
Although there is no state income tax in Fort Lauderdale non-residents are nevertheless required to pay 6% of their income. If you stay there for more than 183 days each year, your taxes can be lower. Almost all goods bought in the city are subject to a 7% sales tax.
You must be mindful of the high property taxes in the city, which amount to 0.8% of your property worth annually if you are considering investing in rental homes here. Although property taxes can be costly, there are some ways to reduce them, one of which is by acquiring a homestead exemption.
The entire cost of living, which includes accommodation, utilities, food, transportation, and other expenses, can vary from $28,300 to $51,800 per year.
Because of the large number of swimming pools in the residential neighborhoods, utilities like electricity might become pricey here. Be ready to pay more on these bills than in other Florida towns because the cost of gas and electricity alone will be $1,000 per month.
Generally speaking, Fort Lauderdale is a great city to live in if you seek good weather, attractive homes, and entertaining things to do. Fort Lauderdale may be one of Florida’s most costly cities to live in, but the seaside lifestyle and numerous attractions compensate for it.