Living In Fort Lauderdale
As of July 1st, 2019 Fort Lauderdale has a population of 182,595 residents. Ft. Lauderdale’s population accounts for just under 10% of the entire population of Broward County. In the past, Ft. Lauderdale took the backseat to Miami, it was considered secondary. As prices continued to rise in Miami, investors and developers searched elsewhere to invest capital and build. Fort Lauderdale was the next best place.
The exciting thing about Ft. Lauderdale is that it continues to grow. The potential of what the city could be is very exciting. Ft. Lauderdale may still be in its early phase of potential if you consider the recently improved roadways, the Brightline (high-speed luxury train), and the growing international airport.
An external factor of growth is that with tax rates rising in the North East we are seeing a consistent migration. Income tax rate when residing in Florida is 0.0% whereas the average across the county is about 4.5%.
The Fort Lauderdale economy has earned bragging rights of some impressive statistics in recent times. Fort Lauderdale boasts a 3.4% unemployment rate compared to the mid 5% range you may see in parts of Miami-Dade. On top of the unemployment statistic, future job growth is projected at 37.9% where the average throughout the United States falls to 33.5%. This means that we can expect future economic growth.
Fort Lauderdale Cost of Living
The cost of living in Fort Lauderdale is above average. The average cost of a 2-bedroom apartment is $1,413.00 a month. This is much less than Miami’s average $1,608.00, but much more than the State of Florida’s average of $1,174.00.
Realistically, housing is the main item that raises the cost of living. Other things like groceries and transportation are just about on average with the rest of the country. The items that are below average are utilities and healthcare, which could be big incentives for someone to be looking to relocate.
Fort Lauderdale, like many cities, can be tricky when it comes to crime rate. On the east side of town in places such as Birch Ocean Front, Harbor Beach, Bal Harbor, Ocean Blvd the crime rate is quite low. Statistically, the most crime ridden areas of Ft Lauderdale are as follows: Homes Beautiful Park, Durrs, Lake Aire Palm View, Dillard Park, Dorsey-Riverbend, Poinciana Park, North Golf Estates.
In a survey conducted early December of 2019, WalletHub.com evaluated 182 major cities. With number 1 being the safest, they placed Fort Lauderdale 169th on the overall safety rating. Statistics will say that the violent crime rate in Fort Lauderdale is 312.7 while the United States average is at 207.3. That statistic alone would identify that there is 66% more violent crimes in Fort Lauderdale than your average city.
Education is an interesting field to explore in Fort Lauderdale. Some may consider the schools crowded with about 17.3 students per teacher, compared to a city like West Palm Beach averages about 14.5. The school ratings are also sub-par with only 7 schools rating above a 7/10 out of 219. The overall ratings fall very far below in comparison to Miami who boasts 5 out of the 10 best schools in the entire state of Florida according to USNews.com.
Fort Lauderdale is an incredible city with tons of potential for growth. There are thousands of restaurants and endless attractions. An international airport that ranks as the 18th busiest airport in the nation. A rapidly developing high-speed luxury train that will go from Miami to Orlando with a stop in Ft. Lauderdale. If you have a home in Fort Lauderdale that you are looking to sell, give us a call today and let us make you a no commitment, all cash, no closing cost offer! We buy houses cash and we close fast!