Are you thinking of moving to Fort Lauderdale? Situated on Florida's southeastern coast, this sunny and dynamic city offers a blend of comfortable living, welcoming neighborhoods, and a growing housing market, including new construction homes, that caters to diverse lifestyles.
Whether you're a first-time buyer or relocating from out of state, this guide covers everything you need to know—the cost of living, the best neighborhoods in Fort Lauderdale, housing trends, and more.
The Cost of Living in Fort Lauderdale
The cost of living in Fort Lauderdale is 19% above the national average, mainly due to housing prices. However, many buyers find the lifestyle and amenities worth the investment.
Let's break down the average cost of some common expenses to give you a clearer idea of the necessary budget to buy a new home in Fort Lauderdale:
- Housing Costs: With a median home sale price of around $530,000, housing is the most significant expense for Fort Lauderdale residents. The area has various housing options, including new construction homes with modern designs and energy-efficient features. The new home market is especially popular in Flagler Village and Coral Ridge Isles.
- Transportation: Fort Lauderdale is mostly car-dependent, and fuel and insurance costs are higher than average. A Broward County Transit monthly pass costs about $70. This is relatively affordable if you use public transportation for your daily commute.
- Groceries and Dining: Grocery prices in Fort Lauderdale tend to be around 6% above the national average. Dining out can also be pricey, with upscale options on Las Olas Boulevard and waterfront restaurants in the Isles neighborhoods.
- Healthcare: Healthcare costs are 6% less expensive than the national average, and excellent facilities like Broward Health provide quality care. Premiums for health insurance vary, so researching options is crucial for new residents.
The Fort Lauderdale Housing Market
The Fort Lauderdale housing market is competitive but rewarding for those ready to invest. Home values have seen steady appreciation, particularly in desirable neighborhoods with waterfront access or proximity to the beach.
Here's a quick look at the current Fort Lauderdale housing market:
Key Housing Market Trends
- Rising Demand: Demand for the Fort Lauderdale housing market is fueled by local and out-of-state buyers looking for warm climates and a high quality of life. This demand keeps prices competitive, especially in prime areas.
- New Construction Homes: New developments in Fort Lauderdale are growing, especially in neighborhoods like Victoria Park and Rio Vista. These homes feature modern architecture and smart home technologies to meet the preferences of today’s buyers.
- Investment in Infrastructure: Fort Lauderdale has invested in new parks and improved roadways, focusing on sustainable development. This has made some neighborhoods more desirable for buyers interested in long-term property appreciation.
What Homebuyers Need to Know
The median home price in Fort Lauderdale is approximately $530,000 but luxury waterfront properties can be far more expensive. Working with a skilled agent or new home specialist who understands the nuances of the Fort Lauderdale housing market is essential.
Best Neighborhoods in Fort Lauderdale
The biggest decision when moving to a new city is choosing a neighbourhood. Here are some of the best neighborhoods in Fort Lauderdale for homebuyers:
- Victoria Park: Known for its historic charm and proximity to downtown, Victoria Park is a mix of quaint bungalows and upscale homes. As of 2024, the median home price is $965,250. The neighborhood’s central location and green spaces make it ideal for families and young professionals.
- Las Olas Isles: The median sale price in Las Olas Isles is around $4.3 million. Famous for its waterfront properties, Las Olas Isles offers direct water access and private docks, making it a top choice for boating enthusiasts. This upscale neighborhood is close to downtown and the beach.
- Flagler Village: This artsy, up-and-coming district has seen a surge in new condo construction, attracting young professionals and art lovers. The median listing home price here is $502K. It’s walkable and filled with galleries, breweries, and trendy cafés—making it one of the best neighborhoods in Fort Lauderdale.
- Coral Ridge: Coral Ridge is a family favorite due to its safe environment, top-rated schools, and spacious homes. With a median home sale price of $1.2M, it offers easy access to shopping centers and a suburban feel within reach of urban amenities.
Ultimately, choosing where to live in Fort Lauderdale depends on your lifestyle preference.
Important Considerations for Buying a Home in Fort Lauderdale
Flood Insurance
Due to its coastal location, Fort Lauderdale is prone to flooding, particularly during hurricane season. Most homebuyers need flood insurance, which costs an average of $782.42 annually, depending on the property’s location and flood risk level.
Schools and Family Amenities
If you’re moving to Fort Lauderdale with children, the area offers a mix of public and private schools. Top-rated public schools, including Bayview Elementary, and private institutions like Pine Crest School are well-regarded.
Commuting and Job Market
Commuters can reach Miami in under an hour via I-95 or the Brightline train, making Fort Lauderdale suitable for those working in both cities. Fort Lauderdale’s economy is strong in tourism, healthcare, technology, and marine services.
Job Opportunities in Fort Lauderdale
The median household income in Fort Lauderdale was recently listed at $75,376. Of course, income varies by industry and experience:
- Tourism and Hospitality: The city’s tourism sector employs thousands, with jobs in hotels, restaurants, and event planning.
- Marine Industry: Fort Lauderdale boasts a robust marine industry that contributes over $12 billion annually to the local economy.
- Aviation and Technology: Fort Lauderdale-Hollywood International Airport and companies like Citrix Systems make technology and aviation prominent sectors.
Taxes in Fort Lauderdale: What Homebuyers Should Know
- Property Taxes: Property taxes in Broward County, which includes Fort Lauderdale, are relatively high compared to other regions in the country. Fort Lauderdale's current median property tax rate is around 1.55% of a property's assessed value. For example, if a home is valued at $500,000, the annual property tax would be approximately $7,750.
- Sales Tax: The state sales tax rate is 6%, which increases to 7% for Fort Lauderdale residents. This tax applies to a wide range of purchases, but certain essential items, such as prescription medications, are exempt from this tax in Florida.
- Income Tax: Florida is among the few U.S. states without a state income tax, helping residents save substantial money. This means that people living in Fort Lauderdale don't have to pay state income tax on their wages or salaries.
- Capital Gains Tax: While there is no state income tax, homebuyers must note that federal capital gains taxes may apply when selling a property. The federal capital gains tax on the sale of a primary residence is typically 0% - 20% based on income thresholds.
Fun Things to Do in Fort Lauderdale
Fort Lauderdale is not a boring city. Whether you love the outdoors, shopping, or just relaxing by the water, there are always fun things to do in Fort Lauderdale.
Here are a few places and attractions you shouldn’t miss:
Fort Lauderdale Beach
The beach might be the biggest draw for residents or those considering moving to Fort Lauderdale. Fort Lauderdale Beach is famous for its clear water and soft golden sand. It’s the perfect spot to swim, lounge, or try out some watersports.
Las Olas Boulevard
Las Olas Boulevard is the place to be when you’re in the mood for shopping, eating, or just taking in the sights. This lively street is filled with everything from art galleries to charming boutiques. It’s also home to some of the best places to eat in Fort Lauderdale, especially if you're craving fresh seafood. Coconuts and Louie Bossi’s are local favorites. Whether you’re here for the food, the shopping, or the vibrant atmosphere, Las Olas has something for everyone.
Parks and Nature Reserves
Fort Lauderdale features lovely parks and nature spots that let you escape the city without traveling far. Hugh Taylor Birch State Park is one of the places to enjoy walking trails, wildlife, and a bit of calm away from the hustle and bustle. If you’re into birdwatching or want to explore more of the natural side of Fort Lauderdale, Secret Woods Nature Center is another excellent option.
Bonnet House Museum & Gardens
For a unique experience in Fort Lauderdale, Bonnet House Museum & Gardens is a must-visit. Tucked away from the busier parts of the city, this place combines art, history, and stunning gardens. It’s the perfect way to spend an afternoon if you want something relaxed and beautiful.
Best Places to Eat in Fort Lauderdale
Restaurants in Fort Lauderdale offer everything from casual bites to fine dining experiences.
Here are some of the best restaurants in Fort Lauderdale:
- Louie Bossi’s Ristorante Bar Pizzeria in Las Olas is a top spot for Italian cuisine. It serves wood-fired pizzas and handmade pasta.
- Casa Sensei offers an extraordinary fusion of Asian and Latin flavors and is famous for its creative sushi rolls.
- The Foxy Brown is perfect for comfort food with a gourmet twist. It features brunch favorites like short rib Benedict.
- El Vez is Known for its Mexican flair. This spot offers bold flavors and a fun, festive environment.
Why Move to Fort Lauderdale?
Fort Lauderdale offers natural beauty, a rich cultural scene, a robust infrastructure, and a strong new home market. If you’re moving to Fort Lauderdale, be prepared to enjoy a balance of recreation and relaxation.
FAQs
What is the cost of living in Fort Lauderdale compared to other Florida cities?
Fort Lauderdale’s cost of living tends to be higher, especially for housing. The price of homes, particularly in desirable areas near the beach, can be steep. However, the city offers a high quality of life, strong housing appreciation, great job opportunities, and plenty of amenities, making it worth the investment.
Which neighborhoods in Fort Lauderdale are best for families?
Neighborhoods like Coral Ridge and Rio Vista are great for families. They offer a safe, welcoming environment with good schools, parks, and other family-friendly features. These areas balance residential comfort and access to the city’s best amenities.
What are the best places to eat in Fort Lauderdale?
If you love food, you’ll love Fort Lauderdale. The city has a diverse culinary scene. For seafood lovers, Coconuts is a must-visit with its fresh catches and beautiful views. Louie Bossi offers excellent Italian, while El Camino serves delicious Mexican food.
Are there fun things families can do in Fort Lauderdale?
Fort Lauderdale is full of family-friendly activities. You can spend the day at the beach, visit Butterfly World, or take a nature walk through Hugh Taylor Birch State Park. There’s no shortage of things to do with kids, and the family-friendly vibe in the city makes it easy to enjoy.