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Fort Lauderdale Introduction
Fort Lauderdale, a city in Broward County, is located on Florida's southeast coast. Known as the "Venice of America" because of its intricate canal system, Fort Lauderdale is only a half an hour north of Miami and thirty minutes south of Boca Ratan. Fort Lauderdale is located just east of Interstate 95, and north of Interstate 595.
Fort Lauderdale Neighborhoods
Fort Lauderdale has an official Neighborhood Organization Recognition Program that recognized 60 distinct neighborhoods in Fort Lauderdale. In addition, there are 25 to 30 more neighborhoods that are not recognized by the city but shown on official neighborhood maps.
Some of the more affluent neighborhoods (as measured by household and family income) in Fort Lauderdale include Golden Heights, Melrose Park, Palm Aire Village East and West, Riverland Village, and Twin Lakes North.
Fort Lauderdale Real Estate
The US Census Bureau estimated in 2005 that there were approximately 80,239 housing units in Fort Lauderdale, Florida. Of these, 58% were owner occupied and 42% were renter occupied. A surprisingly high 19.4% of Fort Lauderdale's housing was vacant. The owner occupancy rate in Fort Lauderdale was below the national average of 66.9% as of 2005.
The majority of Fort Lauderdale housing was built in the 1960s and 1970s (53.9%). 29.3% was built prior to that, and only 16.9% has been built since. The typical Fort Lauderdale residence is 2 or 3 bedrooms and 4 to 7 total rooms in size. Less than 10% are larger than that. Electricity is the dominant form of heat for a Fort Lauderdale residence.
A Fort Lauderdale owner occupied residence had a median value of $334,800 in 2005 (US Census estimates). This was over two times the national average at the time. This is also over double what the value was in 2000 when the value of a Fort Lauderdale home was $150,100. According to the National Association of Realtors (NAR), the median price of a Fort Lauderdale home was over $380,000 by the end of the Q1 2007.
In Fort Lauderdale, 64.7% of the owner-occupied residences have a mortgage. A large percentage (27.6%) of Fort Lauderdale homeowners are also tapping into their home's equity with equity loans and/or second mortgages. Median monthly owner costs for a residence in Fort Lauderdale were $1,675 in 2005, well above the average for the US as a whole.
Fort Lauderdale Property Taxes
The Broward County Property Appraiser's Office is responsible for valuing all real and personal property within Broward county for tax purposes. The Broward County Revenue Collector collects the property taxes for Fort Lauderdale and Broward County. As of 2005, the median annual real estate taxes for an owner occupied home in Fort Lauderdale were $3,076 (US Census Bureau estimates).
Fort Lauderdale Schools
The Broward County Public School system serves the City of Fort Lauderdale. The Broward County Public School system is the 6th largest school system in the United States.
Nearly 84% of the schools in Broward County earned A and B grades in 2006 under the state’s A+ Plan for Education, with 68% earning an A grade.
Institutions of higher learning in Fort Lauderdale include: The Art Institute of Fort Lauderdale, Broward Community College, Florida Atlantic University, Florida International University, and Nova Southeastern University.
Fort Lauderdale Economy
As is true of much of the southeast coast of Florida, tourism is a major driver of the Fort Lauderdale economy. Fort Lauderdale also has a large manufacturing sector based on the manufacture and maintenance of luxury yachts. It is also emerging as a center for Latin-American headquarters for many companies.
Large companies based in Fort Lauderdale include: AutoNation, Citrix Systems, DHL Express, Spirit Airlines, and National Beverage Corp.
According to US Census Bureau data, as of 2005 the median family income in Fort Lauderdale was $50,640. This was below the national average ($55,832) but slightly above the average for Florida ($50,465).
Fort Lauderdale and Florida Mortgage and/or Real Estate Organizations
| Category | Value |
|---|---|
| Homes With No Mortgage | 25% |
| With A Mortgage | 75% |
| First Mortgage Only | 59% |
| Second Mortgage or Home Equity Loan | 16% |
| Second Mortgage Only | 8% |
| Home Equity Loan Only | 7% |
| Category | Value |
|---|---|
| Owner Costs as % of Income | 22.6% |
| Median Real Estate Taxes (2000) | $1,948 |
| Category | Value |
|---|---|
| Total Occupied | 68,448 |
| 1-Person Households | 41% |
| 2-Person Households | 33% |
| 3-Person Households | 11% |
| 4-Person Households | 8% |
| 5-Person Households | 4% |
| 6-Person Households | 2% |
| 7+-Person Households | 1% |
| Category | Value |
|---|---|
| Median Year Built | 1965 |
| Median Year Built (Owner Occupied) | 1964 |
| Median Year Built (Renter Occupied) | 1966 |
| Category | Value |
|---|---|
| Using Utility Co. Gas Heat | 2% |
| Using Bottled/Tank Gas Heat | 1% |
| Using Electric Heat | 92% |
| Using Oil Heat | 0% |
| Using Coal | 0% |
| Using Wood Heating | 0% |
| Using Solar Heat | 0% |
| Other Heating | 0% |
| No Heating | 4% |
| Category | Value |
|---|---|
| No Bedrooms | 2% |
| 1 Bedroom | 14% |
| 2 Bedrooms | 42% |
| 3 Bedrooms | 32% |
| 4 Bedrooms | 9% |
| 5+ Bedrooms | 2% |
Rate quotes from multiple lenders for the Fort Lauderdale area:
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