What Is The Cost of Living In Fort Lauderdale?

What Is The Cost of Living In Fort Lauderdale?

The median cost of living in Fort Lauderdale is $28,300, which is not seen as highly costly compared to other cities in Florida.

The cost of living in Fort Lauderdale majorly depends on the neighborhood. If you decide to move to a suburban area, then the cost of living will be cheaper. If you plan to move to downtown Fort Lauderdale, it can be highly expensive.

Being one of the hottest destinations in the state, Fort Lauderdale is famous for its entertainment options, water sports, and beaches. However, Fort Lauderdale is not only a vacation destination but also a place where many people call home. The year-round opportunities and warm weather draw lots of people, especially people thinking about relocating to Florida.

Before you relocate to this city, you have to take the cost of living in Fort Lauderdale into consideration. That is why we will be talking about the cost of living in Fort Lauderdale as regards housing, transportation, food, and other expenses.

Cost of Living in Fort Lauderdale

The cost of housing, amenities, and others in Fort Lauderdale is higher than the national average. The high cost of living is a result of the city’s popularity as well as high standards of living. The only pocket-friendly expense is in the utility costs which will cost you 4% below the national average. You will pay more for food and transport than in other places in the city. Aside from utility, you also can save on yearly taxes, thanks to the default exemption as a resident of Florida.

Cost of Housing in Fort Lauderdale

Housing is one of your first concerns if you are relocating to Fort Lauderdale. One positive thing about the city is that there is a lot of housing options to choose from, including condos, single-family homes, townhouses, and so on. The average value of homes in Fort Lauderdale is $314,300. The price of homes and condos has gone up during the past year because of an influx of newcomers.

The population of people relocating to the state has increased drastically, which is just one reason why the city’s housing market is thriving. You will find realtors here even offering costly beachfront properties every day. If living in Fort Lauderdale is within your plan, your budget should be in the range of $1,600 – $2,700 for a condominium and $300,000 to $1.5 million for a home or townhouse. You surely can try to save on agent fees and home closing costs.

Cost of Food in Fort Lauderdale

Food costs are one other major part of a monthly budget. Food costs in the city are above the national average and are increasing. However, residents can discover means to economize when eating in restaurants or shopping in grocery stores. Groceries in Fort Lauderdale are around 17% above the cost in the nation in general and around 19% higher than in the state. Median prices for popular belongings are:

  • A pound of chicken breast cost $4.20
  • A quart of whole fat milk cost $1
  • A dozen eggs cost $2.60
  • 2 pounds of tomatoes cost $3.50
  • A pound of local cheese cost $5.20
  • 2 pounds of potatoes cost $1.80
  • 2 pounds of apples cost $2.90

Transportation Cost in Fort Lauderdale

If you plan to move to Fort Lauderdale, remember that you will also have to budget money for commuting around since this metro area is vast, and not all areas are accessible through public transport. If you want to save some money on your everyday putting, you should reside in a place where you can access everything through public transport. A car is considered necessary in Fort Lauderdale since the public transport system is not great or reliable compared with other major cities in the state. The cost of gas is on the high side, reaching the highest prices at $3.00 per gallon.

Utilities Costs in Fort Lauderdale

These are also vital factors in figuring out the amount a person will spend on housing. Utilities in Fort Lauderdale are around 4% cheaper than the country average and around 5% cheaper than in Florida as a whole. Two people living in an apartment that measures 900-sq-ft would spend a median amount of $164 per month for heating, gas, and electricity. The cost of the internet at 8mbps would be $40. Those residing in larger homes of paying more; people living in smaller homes will pay less.

Surely, energy costs are also based on the building’s energy efficiency. The cost of water per month is based on usage. A person who doesn’t use up to 3,000 gallons of water per month and resides in a single-family home will pay around $2.50; a person who uses above 20,000 gallons will spend $14. Sewer charges are also dependent on consumption. People that are using less than 3,000 gallons every month pay around $4.50. People that use above 3,000 gallons will spend around $10   

Transportation Costs in Fort Lauderdale

Transportation costs in the city are around 30% higher than the national average and around 18% above the state average. On weekdays, those who commute in public transport will find many routes to pick from, with some running on 30-minutes schedules. 1-way cash fare on a normal bus for adults from age 19 – 64 costs $2, but these adults can purchase a 3-day unlimited pass which costs $12, or a 31-day unlimited pass that costs $70. Seniors and people below the age of 19 get a discount. Express bus fares for people from age 19 – 64 are around $2.65 for a 1-way cash fare and a 31-day unlimited pass cost $95

Entertainment Costs in Fort Lauderdale

There are many reasonably-priced activities in the city. Adults will spend $20 to tour the historic Bonnet House Museum and Gardens in the city and it features two 90-mins tours. A boat tour of the Intracoastal Waterway will cost adults $24, and children $14, even though family packages are sometimes available. The Museum of Discovery and Science costs $17 for adults and children pay $14.

You can expect to spend around $24 on two tickets to the movies. You can also get highly expensive entertainment. Excellent seats plus two theater tickets might cost around $250. Two tickets to watch the Florida Panthers of NHL might cost about $200. Each drink at a local club might cost $11, while a cover charge per person at $20

Healthcare Costs in Fort Lauderdale

The cost for healthcare in Fort Lauderdale is 4% cheaper than the country’s average. The median cost of a primary well exam is at 96USD. However, costs can be different for similar procedures. For instance, there are dental offices that charge $35 for each office visit with no x-rays and $79 for a visit with complete x-rays, while others charge $25 for new patient specials.

Health insurance also varies based on the type of coverage, age, deductible, as well as insurer. A 40-year-old person will pay an average monthly premium of $500. Insurance with a reasonable deductible and moderately low maximum out-of-pocket yearly cost will be covered by $500. However, a catastrophic policy that features an $8,500 deductible could be purchased by a 40-year-old for just $200 per month. 

What is Fort Lauderdale’s Living Wage?

With the high cost of living on Florida’s coast, you would expect to earn huge income to cover the expenses. But the case is different because the income level in Fort Lauderdale is considered low, making locals find it hard to make ends meet. The average yearly income in Fort Lauderdale is around $67,000, which is slightly above the average in the country. The unemployment rate is around the same as the national amount, and the number of employment is projected to increase about 38% over the next few years, which is above the national growth prediction.

Are you ready to move to Fort Lauderdale?

Fort Lauderdale is surrounded by many great cities including Orlando, Miami, Tampa, and Jacksonville. In general, Fort Lauderdale is a great place to reside if you hope to find nice weather, amazing homes, and lots of fun things to do. While the city may be one of the places that cost the most to reside in Florida, the coastal lifestyle, as well as bountiful attractions, covers the cost of living.

If you concluded a plan to move to Fort Lauderdale, check our network of affordable Fort Lauderdale moving companies to help you streamline the moving process.  

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