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I am moving to Ft Lauderdale in May. Yay! So excited. I have lived for around 5 months last year in Ft Lauderdale in various neighborhoods to get a feel for what I like. I am interested in: lake ridge, poinsettia heights, middle river terrace, wilton manors, oakland park, and victoria park. Being somewhat closer to wilton manors night life is one of the priorities in terms of the neighborhoods that I am interested in.
I am trying to decide if it's wiser to rent or buy in this market. I know south florida housing market is crazy right now especially Miami for both buyers and renters. What's it like in Ft lauderdale? To give you context, I am moving from southern california and have substantial savings and solid employment. The rents seem to be just as expensive in Ft lauderdale when compared to southern california but the home prices are somewhat cheaper in comparison. However, I am unsure about extra home buying costs such as hurricane insurance.
Is it wise to buy right now or wait it out till 2023 to see if the housing market cools off? What if a hurricane hits and the housing market changes? Most places require a 12 month lease which means I will be looking again next May if I decide to rent. Any thoughts?
I am moving to Ft Lauderdale in May. Yay! So excited. I have lived for around 5 months last year in Ft Lauderdale in various neighborhoods to get a feel for what I like. I am interested in: lake ridge, poinsettia heights, middle river terrace, wilton manors, oakland park, and victoria park. Being somewhat closer to wilton manors night life is one of the priorities in terms of the neighborhoods that I am interested in.
I am trying to decide if it's wiser to rent or buy in this market. I know south florida housing market is crazy right now especially Miami for both buyers and renters. What's it like in Ft lauderdale? To give you context, I am moving from southern california and have substantial savings and solid employment. The rents seem to be just as expensive in Ft lauderdale when compared to southern california but the home prices are somewhat cheaper in comparison. However, I am unsure about extra home buying costs such as hurricane insurance.
Is it wise to buy right now or wait it out till 2023 to see if the housing market cools off? What if a hurricane hits and the housing market changes? Most places require a 12 month lease which means I will be looking again next May if I decide to rent. Any thoughts?
Trying to time the housing market, just like the stock market, is typically a fools errand. My advice is, if you are ready and financial stable enought to purchase, and it meets you and your families needs, then go for it.
No one on here has a crystal ball to see into the future. All you can control is what is right for you given your current situation
I bought my house in 2015, and at that time I thought that prices were exorbitant and bloated. I am so thankful that I bought back then. You can never time the market. Even with interest rates increasing, the supply will never match the demand in South Florida. If you plan on staying for several years, buying is likely worth it. South Florida is likely going to develop into the elitist housing market that SoCal has experienced for the last 20 years. There are no reasons to expect any slowdown. Homeowners' insurance from Citizens will run you around $6000-$7000 a year for a home that has a dated four point inspection.
Drive through those neighborhoods at all times of day, in the middle of the night, weekdays and weekends, to see what they are truly like. Some of those neighborhoods have lots of multifamily housing and foot traffic adjacent to very expensive homes, while some of the neighborhoods are solely zoned for single family.
I couldn't agree more with the above post, especially the last paragraph. The only thing I would add is to also visit the local super markets in those areas, that's the true gauge of a community, if you don't like the kind of people you see there, most likely you are not going to like your neighbors.
Fort Lauderdale will always be slightly cheaper than Miami, which is more on par with the cost of living in LA. Fort Lauderdale has a more laid back vibe, but still plenty to do (I prefer it to Miami myself).
The average rent in LA is for an apartment is $2,563 whereas it is about $2,329 in Fort Lauderdale, so the difference in rent isn’t huge. As for housing, home prices will be a little less in Fort Lauderdale (median list price in FTL is $830k, vs $1m+ in LA according to Movoto market trends).
As for buying vs renting, it depends how long you plan to stay. If you don’t know Fort Lauderdale well, I strongly suggest renting for 6+ months so you can get to know the area. Once you know the area, if you plan to make this your full time home, buy. If this will be temporary (say, less than 5 years) then I would rent.
One thing I will caution is the homeowners insurance in FL is exorbitantly high. When I moved from the Northeast to South FL, my homeowners insurance went from ~$1,700 a year to approximately ~5k a year. It worked for us because we were saving a boatload on income tax, which FL doesn’t have (plus you can’t beat the tropical lifestyle).
The areas you’re looking at are a good start. Wilton Manors is known as the “gay area” of south FL with a strip of many gay bars, cafes and clubs. It’s very safe and nice (and expensive). Oakland Park is experiencing a renaissance, if you will. It’s a gritty town but it’s quickly changing into a decent upper middle class suburb of Fort Lauderdale and Miami. North Andrew’s Gardens is probably the most affordable place in Oakland Park to buy, but even there, you’re looking at a dated small ranch in the high 4’s to 500s. Eastern Oakland Park (Corals area) homes are commanding 700k+. They are planning on redoing Oakland Parks downtown area and I believe putting in a Brightline rail station. All good things for property values there.
I moved to south FL several years ago so if you have any questions, ask away (or DM me).
Last edited by kidyankee764; 02-18-2022 at 07:46 AM..
Fort Lauderdale will always be slightly cheaper than Miami, which is more on par with the cost of living in LA. Fort Lauderdale has a more laid back vibe, but still plenty to do (I prefer it to Miami myself).
The average rent in LA is for an apartment is $2,563 whereas it is about $2,329 in Fort Lauderdale, so the difference in rent isn’t huge. As for housing, home prices will be a little less in Fort Lauderdale (median list price in FTL is $830k, vs $1m+ in LA according to Movoto market trends).
As for buying vs renting, it depends how long you plan to stay. If you don’t know Fort Lauderdale well, I strongly suggest renting for 6+ months so you can get to know the area. Once you know the area, if you plan to make this your full time home, buy. If this will be temporary (say, less than 5 years) then I would rent.
One thing I will caution is the homeowners insurance in FL is exorbitantly high. When I moved from the Northeast to South FL, my homeowners insurance went from ~$1,700 a year to approximately ~5k a year. It worked for us because we were saving a boatload on income tax, which FL doesn’t have (plus you can’t beat the tropical lifestyle).
The areas you’re looking at are a good start. Wilton Manors is known as the “gay area” of south FL with a strip of many gay bars, cafes and clubs. It’s very safe and nice (and expensive). Oakland Park is experiencing a renaissance, if you will. It’s a gritty town but it’s quickly changing into a decent upper middle class suburb of Fort Lauderdale and Miami. North Andrew’s Gardens is probably the most affordable place in Oakland Park to buy, but even there, you’re looking at a dated small ranch in the high 4’s to 500s. Eastern Oakland Park (Corals area) homes are commanding 700k+. They are planning on redoing Oakland Parks downtown area and I believe putting in a Brightline rail station. All good things for property values there.
I moved to south FL several years ago so if you have any questions, ask away (or DM me).
Great insights and thanks. I have lived in various neighborhoods: wilton manors, lake ridge, middle river terrace, poinsettia heights etc last year via airbnb ( a total of 6 months). The gay night life in wilton manors is a huge draw for me. So, I am very familiar with the areas. The only caveat is that I haven't experienced a major storm or hurricane.
I am moving from San Diego where the prices are slightly higher compared to most of LA. So, in comparison Ft lauderdale home prices are cheaper for sure.. Right now a 700 square foot one bed room condo in San Diego is $550k - 600k. Crazy! Rents seem pretty similar in both cities.
I am leaning towards renting first for a year although still undecided. As far as homes go, is it true that living in a condo level 2 or up is better/safer in situations when there is a hurricane/storm surge/flood? I see that a lot of homes in FL are right on the ground level and I am concerned that flooding may be an issue in SFH. I need to do more research on this. Any insight appreciated.
Great insights and thanks. I have lived in various neighborhoods: wilton manors, lake ridge, middle river terrace, poinsettia heights etc last year via airbnb ( a total of 6 months). The gay night life in wilton manors is a huge draw for me. So, I am very familiar with the areas. The only caveat is that I haven't experienced a major storm or hurricane.
I am moving from San Diego where the prices are slightly higher compared to most of LA. So, in comparison Ft lauderdale home prices are cheaper for sure.. Right now a 700 square foot one bed room condo in San Diego is $550k - 600k. Crazy! Rents seem pretty similar in both cities.
I am leaning towards renting first for a year although still undecided. As far as homes go, is it true that living in a condo level 2 or up is better/safer in situations when there is a hurricane/storm surge/flood? I see that a lot of homes in FL are right on the ground level and I am concerned that flooding may be an issue in SFH. I need to do more research on this. Any insight appreciated.
Actually, the median list price in San Diego is much less than LA at 829k, so a bit closer to Fort Lauderdale. I believe San Diego has always been a bit more affordable than LA but both will be slightly higher than Fort Lauderdale, although coming from San Diego it should be less of a sticker shock.
As for hurricanes, there are plenty of websites you can look at in reference to flooding. The further inland you are (Wilton Manors, Oakland Park as opposed to Victoria Park) the less likely you are to experience flooding. Each neighborhood is zoned specifically so you should be able discern whether or not flood insurance is needed (which is really only about ~500 extra a year depending on your insurance company).
Just FYI, in all those neighborhoods within the city of Fort Lauderdale mentioned above like Lake Ridge, Poinsettia Heights, Middle River Terrace and Victoria Park the homeowners have to pay home flood insurance because they are located east of the I-95 expressway. Wilton Manors also because the entire municipality is east of the I-95. The municipality of Oakland Park has a section on the west side of the I-95 that is exempt of the flood insurance.
Just FYI, in all those neighborhoods within the city of Fort Lauderdale mentioned above like Lake Ridge, Poinsettia Heights, Middle River Terrace and Victoria Park the homeowners have to pay home flood insurance because they are located east of the I-95 expressway. Wilton Manors also because the entire municipality is east of the I-95. The municipality of Oakland Park has a section on the west side of the I-95 that is exempt of the flood insurance.
Good information, but will correct that there are several areas east of 95 in Oakland Park (most of North Andrew’s Gardens, at least) that are exempt from flood insurance.
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