Nestled on the southeastern coast of Florida, the city of Fort Lauderdale is a dream come true for many home buyers. In addition to its wide variety of attractions such as its vibrant culinary scene and enthusiastic boating culture, there is also a long list of compelling practical benefits to living in Fort Lauderdale.
Where should we begin? There’s so much to talk about! From its relatively affordable median home price to its excellent investment value, there are a plethora of reasons why you should consider making the city of Fort Lauderdale your home.
However, before you make a decision as important as where to live, you’ll need to know a bit more about the city. Buying a home is a big endeavor, and any sensible adult will want to have as much information as possible before making the call. That being the case, here’s everything you need to know before buying a home in Fort Lauderdale FL!
All about Fort Lauderdale
The city of Fort Lauderdale is quite populous, with nearly 190,000 residents. The number is rapidly growing, primarily due to an influx of “snowbirds”, elderly retirees who come seeking warmer weather and lucrative investment opportunities. This notwithstanding, the city of Fort Lauderdale is great for home buyers of any age!
As for the local economy, most of the local GDP is attributable to the tourism sector. Fort Lauderdale is a famed tourist destination, and visitors come from across the country to experience its many beautiful beaches and many other attractions. Each year, over 13 million tourists come and go!
The weather in Fort Lauderdale is almost always sunny, with over 3,000 hours of sunny weather each year. Residents also benefit from an average temperature of 75 degrees Fahrenheit, all but eliminating cold-weather discomfort.
The housing market in Fort Lauderdale
If you’re in the market for a home, now is a great time to buy! Homes prices are well within reason, property appreciation rates are high and there’s a great deal of variety in the marketplace. Let’s take a closer look at the real estate market in Fort Lauderdale and find out a bit more about why you should consider making this city your home.
The median home price in Fort Lauderdale is a cool $348,000, which is somewhat higher than the national median home price of $320,000. But don’t let this deter you from buying in Fort Lauderdale; when compared to other cities of similar size, this median home price is actually quite minimal!
“What about investment?” you ask. Well, first and foremost is the enormous investment potential that the city of Fort Lauderdale has to offer. While you may spend slightly more breaking into the Fort Lauderdale housing market, the city has stellar appreciation rates which make the possibility of seeing high returns on real estate purchases very likely.
For anyone planning on renting in Fort Lauderdale, things aren’t quite as promising. With an average monthly rent price of over two thousand dollars, rentals in Fort Lauderdale might not be a viable option for anyone on a budget. If you’re planning on moving to this city, buying is the way to go.
If you want to make this beautiful city your home, you’ll want to get in touch with one of the real estate agents in Fort Lauderdale FL. These skilled, experienced real estate professionals will do everything within their power to make sure that you find a home that is suitable not only for your needs but your budget as well. Before you know it, you might just be calling the city of Fort Lauderdale home!
Other factors to consider
Of course, you’ll need to consider more than just the state of the real estate market if you’re potentially looking to make the city of Fort Lauderdale your home. There are several important factors to take a look at before moving, but we’ll focus on these three: crime rates, public schools and cost of living. Let’s get into it!
Public schools
If you have children, you’ll be happy to know that Fort Lauderdale has excellent public schools. Among the many things that can be said in praise of the local public schools are high standardized test scores, small class sizes, immaculate facilities, and dedicated, hard-working faculty and staff.
Once your children graduate high school, they’ll be free to pursue higher education at one of the many excellent colleges in and around Fort Lauderdale, if they choose to do so. What’s more, all of these colleges offer scholarships and financial aid for any students that meet their admission requirements but lack the financial resources to pursue higher education.
Cost of living
Although its economy is based around tourism, the cost of living in Fort Lauderdale is surprisingly reasonable, with most basic necessities costing no more than you would expect in any other place. If you move to Fort Lauderdale you can rest easy knowing that food, fuel and many other miscellaneous necessities won’t prove overwhelmingly costly.
Surprisingly, you can actually expect some necessities to be less costly than you might have expected. Utilities, for example, are significantly more affordable than the national average, primarily due to the mild winter season.
The one area where the cost of living is above average, however, is housing. As we discussed earlier, the cost of a home in Fort Lauderdale is only slightly higher than the national median. Rentals, on the other hand, are significantly above the U.S. average, making this a very expensive place to live as a renter.
Crime rates
One area where Fort Lauderdale is less than ideal is that of public safety. Like many similar tourist hotspots, this city is plagued by consistently high rates of both violent and property crime. Although there are certain measures that can be taken to reduce one’s chances of becoming the victim of such crime, this should nonetheless be taken into account when deciding whether or not you want to make this city your home.
So how bad is it, exactly? Let’s start with property crime. Per 1,000 residents, Fort Lauderdale records slightly over 50 property crimes per year, as compared to the national median of 24 incidents per 1,000 residents per year. These crime rates are due in large part to the large number of travelers that pass through the city each year, and the inherent difficulty that law enforcement faces when dealing with this reality.
Violent crime, while not nearly as common as property crime, is still an issue in Fort Lauderdale. With a rate of over 5 incidents per 1,000 residents per year, the city is far from the most dangerous in Florida; regardless, you should take this into consideration before you make your final decision.
Conclusion
After reviewing all this information, we think you’ll agree when we say that Fort Lauderdale is not just a great place to buy a home; it’s a great place to live! Although the city may not be perfect in every way, there’s enough here to capture any home buyer’s attention. We hope you’ll find the city of Fort Lauderdale to your liking!
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