When you think about Fort Lauderdale and finding a rent to own home, what first comes to mind is typically either the city's reputation for holding some of the world's wildest beach parties or the fact that this ocean side mecca is home to some of the most impressive yachts and sailing you can find. Sure, the beachfront area and iconic downtown attract the masses, but this city has so much more to offer. From its tranquil neighborhoods and Intracoastal Waterway to offering you the ability to step out your backdoor and onto your boat, Fort Lauderdale is one of the most unique places you can live.
Fort Lauderdale, FL is a great place for affordable rent-to-own homes! With a median household income of over $64,313 and a median rent of $1,353, the Fort Lauderdale, FL rent-to-own market is more affordable than the traditional housing market which has shown tremendous growth across the U.S. and with it, aggressive competition for home purchases. With the current housing shortage trend it can make it harder to become a homeowner, including in Fort Lauderdale, FL. This means higher than average down payments for homes and higher qualification standards for conventional home loans. With a rent-to-own property, tenants are also buyers. You can live in the house for a set amount of time before you purchase it, meaning that you get to know the house, your neighbors, and your community before making the final purchase. This enables you and your family to make the right choice based on both information and experience. Rent-to-own is also a great alternative way to get into a home if you have bad credit or don't have enough saved for a down payment.
Fort Lauderdale, FL is seeing rapid growth and Fort Lauderdale, FL's' housing market remains not optimal with an average home price that is 61% above the 2023 national average. Fort Lauderdale, FL is part of Broward county and taxes are an important factor to consider when purchasing a home whether through rent to own or a traditional purchase. The average tax rate as of 2023 for county Broward is 1.08% which is above the national average, which is 0.99%.
Housing Statistics The average listing price for homes in the city has dropped about 2 percent recently to an average of about $871,958. The median sales price is up 19.8 percent from last year to around $225,000 and the average price per square foot is up 15.7 percent from last year to an average of $214 a square foot. In addition, the market sees an average of 1,478 sales a month, which is also up 26.4 percent from last year. 69.3 percent of the homes in Fort Lauderdale are owner occupied, 18 percent are rental property and the remaining 12.5 percent of homes are vacant.
Local Shopping For traditional shopping needs like groceries to ultra-trendy fashion, Fort Lauderdale has it all. Shoppers looking for more posh boutiques, unique one of a kind shops, or fancy art galleries should make their way over to Las Olas Boulevard. Just a block off the Federal Highway on SE Eighth Street, buyers will find hundreds of tempting storefronts and fascinating goods. Gallery at Beach Place, north of Las Olas Boulevard on Florida A1A, has more than 100,000 square feet of beachfront shopping. For bargain shoppers, there are shops located on Hallandale Beach known as "Schmatta Row." Here you can pick up everything from a pair of new shoes, a unique bag, or deeply discounted jewelry. Sawgrass Mills, a factory outlet, has over 350 renowned brand names available.
Local Events and Festivals Throughout the year, Fort Lauderdale hosts great events, festivals, and community charity opportunities. One of the first big events of the year is the Florida Renaissance Festival and Crafts Village. Held every year at Quiet Waters Park, the month-long festival is filled with jousting, medieval crafts, and food fit for a king. The Humane Society of Broward County also holds an annual "Walk for the Animals" event that attracts thousands of dog lovers to take part in a hike through Fort Lauderdale's Huizenga Plaza. There are dozens of other local events, including the traditional Fourth of July celebration and the December holiday tree lighting. And don't forget about the Broward Beautiful Annual Reef Sweep & Beach Cleanup. Taking place all over the county and in association with the Ocean Watch Foundation, this clean up project is responsible for both educating locals about the area's natural coral reefs, as well as addressing any of the community-related environmental concerns.
Neighborhood Guide From the annual Viva Broward Spanish Heritage event and the IGFA Fishing Hall of Fame to the Flamingo Gardens and Broward Center for Performing Arts, Fort Lauderdale is home to some of the most active neighborhoods in the state. Of all the neighborhoods in Fort Lauderdale, the most popular communities seem to be in and around areas like Coral Ridge, Central Beach, and the Victoria Park area. Homes in these areas have seen recent listing prices of between $502k and $1.09 million. The more expensive the house, the less likely it'll be available for rent, but you certainly will be able to purchase something stunning.