Home Affordability in Fort Lauderdale, FL
The median home price in Fort Lauderdale is $450,000 with a median household income of $56,135. Housing is significantly stretched relative to local incomes.
Median Home Price
$450,000
Median Income
$56,135
Price-to-Income Ratio
8.0x
Est. Affordable Home
$218,000
Property Tax Rate
0.95%
Annual Property Tax
$4,275
Sales Tax Rate
7.00%
Cost of Living Index
122
Buying a Home in Fort Lauderdale
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $56,135 in Fort Lauderdale can afford a monthly housing payment of approximately $1,310. This translates to a home price of roughly $218,000, which is below the median home price of $450,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Fort Lauderdale would be approximately $4,275 per year ($356/month) at the effective rate of 0.95%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $13,500 | $436,500 | Yes |
| 5% | $22,500 | $427,500 | Yes |
| 10% | $45,000 | $405,000 | Yes |
| 20% | $90,000 | $360,000 | No |
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