Cost of Living in Fort Lauderdale, Florida

Fort Lauderdale was once a relatively secluded coastal town, a well-kept Florida secret. Nice weather, calm breezes, just an all-around good weekend escape. Then the college kids started showing up for Spring Break and everything changed; well, not everything, the weather is still good, and the breeze is still calm. The upside is that Fort Lauderdale is still a great place to live, but it comes with some finical challenges. Here is the cost of living in Fort Lauderdale, Florida.

The Job Market in Ft. Lauderdale is Average

Let’s be honest; Fort Lauderdale isn’t the #7 Best City to Retire in America because of the job market. Most folks who live here left the 9-to-5 grind behind years ago. There’s not a lot of manufacturing in this part of Florida either. What you get is a job market that’s tepid at best. That being said, there are many opportunities for entrepreneurs here, especially in the food and water sports industries. Tourism is huge in Fort Lauderdale, and most businesses that cater to tourists do quite well.

The Income Level Here is On the Low-ish End

The job market affects the cost of living in Fort Lauderdale, Florida of course, as well as housing, home costs, and more. It also affects the income levels. The median household income in Ft. Lauderdale is just over $55,000, which is not a king’s ransom by any means. (The city makes up for it with fantastic weather and magnificent beaches, of course.)

If you’re moving to Fort Lauderdale to retire, the job market doesn’t affect you nearly as much. But if landing a high-paying corporate job is your goal, Fort Lauderdale might not be the best choice. Below are some of the average incomes and salaries here in Fort Lauderdale:

The Average Income Per Year in Fort Lauderdale = $36,400 (Higher than the national average of $28,500.)
The Median Household Income = $48,900 (U.S. national average = $53,500)
9% of the population earns more than $200,000 per year.
13% of the population earns less than $15,000 per year
11.2% of the population works in the healthcare industry, the largest percentage.
10.4% of the population work in the hospitality (tourism) industry in some form. (Restaurants, hotels, etc.)

Unemployment Numbers are Skewed Due to A High Population of Retirees

With an annual unemployment rate hovering just over 3.4%, Fort Lauderdale isn’t the best or the worst. The numbers are skewed just a bit by the high population of retirees, however. They make up a sizable percentage of the population but only a tiny percentage of the workforce. By the way, the national average is 3.7%, making Fort Lauderdale’s unemployment rate slightly better.

Cost of Living in Fort Lauderdale Florida

What Are the Biggest Industries in Ft. Lauderdale?

Like any major city, there are a plethora of industries here in Ft. Lauderdale. No, you won’t find aerospace jobs here, but there are many rewarding professions nonetheless. Due in part to the city being a tourist mecca, one of the biggest industries is the retail industry. After that, the following nine sectors are the biggest, including:

Hospitality
Healthcare
Professional
Education
Administrative
Construction
Other services
Transportation
Real estate

Cost of Living in Fort Lauderdale, Florida vs. The Job Market

One of the drawbacks of living in Fort Lauderdale, frankly, is that costs and income levels don’t match very well. That makes it difficult for some to afford living here, especially young families. For example, housing prices are 52% higher than the national average, but income levels are below the national average. That’s a disparity that’s difficult for some families to overcome.

Transportation costs here are also 8% higher than the national average, and groceries 3% higher. What you end up with is Fort Lauderdale being about 16% higher than the national average overall. Yes, Fort Lauderdale is a beautiful city with many amenities and excellent weather. That being said, income levels here don’t match very well with living costs, which causes some families’ difficulty financially.

Cost of Living in Fort Lauderdale, Florida: Housing

Unfortunately, the cost of living in Ft. Lauderdale, Florida is a bit higher than the national average. Indeed, with a score of 117.9, it’s nearly 18 points higher. One of the reasons is that housing costs here are also high. In fact, some would consider them very high at 135.9, nearly 36 points above the national average. Whether you rent or own, a good chunk of your monthly budget will be spent on your domicile. Here are the numbers:

The average cost of a home in Fort Lauderdale = $318,200
The median rent in Fort Lauderdale = $1224.00 per month

Both of these numbers are quite a bit higher than the national average. One would argue that it’s the price you pay to live in paradise. Others would say that, with a score of 135.9, living in this particular Florida city is simply too expensive. On the other hand, if you can afford it, the lifestyle here is one of the best in the country.

The Average Utility Costs Are Slightly Lower Here

One good thing about our city is that the cost to light your home and cook your meals is lower. With a score 0f 96.4, it’s not much lower, but every little bit helps. The most significant utility cost, not surprisingly, is electricity. That’s because you need to run the A/C here practically all year.

Cost of Living in Fort Lauderdale, Florida: Groceries

One of the biggest (and most important) costs of living is one that every family has, no matter where they live; groceries. The cost to feed yourself and your family is vital to take into consideration when planning your budget. In Fort Lauderdale, that means spending 7% more than the national average, unfortunately. (It could be worse, but it could also be better.) Below are the average costs on several essential foodstuffs that all families purchase:

Bread = $$3.50
Eggs = $2.65
Milk = $4.19
Bananas = $.96
Hamburger = $4.35
Apples = $2.73
Rice = $3.19
Chicken filets = $5.71
Beef = $8.00
Lettuce = $2.20
Cheese = $5.11
Domestic Beer = $5.79

Taxes in Fort Lauderdale? Not Bad at All

One of the best reasons to retire in Fort Lauderdale is that Florida has no state income tax. (It’s not bad if you’re still working either!) The sales tax rate here is also very reasonable at 6%. (There are no sales taxes on most groceries and medicine.) The news gets better for retirees, who stop paying property taxes after age 65. Also, there are no estate taxes in Florida. Any monies or property that Grandma and Grandpa give to their family goes 100% to their family.

Property Taxes Are a Bit Steep in Fort Lauderdale

One drawback is that property taxes in Fort Lauderdale are some of the highest in the U.S. This can be problematic (and expensive) for many folks who live here, of course. However, several exemptions help to lower them. If you’re moving to Fort Lauderdale, we highly suggest you find out more about them, including:

Homestead exemptions
Widow and widower exemptions
Senior citizen exemptions
Blind person exemptions
Total and permanent disability exemptions
Veteran exemptions

Cost of Living in Fort Lauderdale, Florida: All The Rest

Here’s a list of the other significant costs of living in Fort Lauderdale, Florida. Remember, the numbers are based on a scale of 100, the National Average.

Healthcare- 96.8 / 100
Transportation- 130.8 / 100 (That’s a considerable score, especially if you commute or use mass transit)
Miscellaneous Costs- 103.5 / 100
Fort Lauderdale’s Overall Score- 117.9 / 100

In Closing, We Love Ft. Lauderdale

If you move out to Ft. Lauderdale and find that you just need a little more space in your new home, check out iStorage. Also, there are plenty of storage solutions to fit any need, including drive-up and climate-controlled storage. Check them out!

If you have questions about Fort Lauderdale storage, you can chat with us online anytime. You can also stop into our Fort Lauderdale self storage location and meet the on-site manager. They will be more than happy to show you around and help you get the rental process started. Until then, best of luck finding something fun, romantic, and exciting to do in Fort Lauderdale! We can assure you; it will be effortless!