Cost of Living in Lauderdale Lakes, FL

An Overview of Cost of Living in Lauderdale Lakes, FL

Are you thinking about relocating, but curious about the potential cost of living in Lauderdale Lakes? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Lauderdale Lakes stands at 97, making it 3% lower than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

The cost of living in Lauderdale Lakes closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Lauderdale Lakes can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Lauderdale Lakes Affordable?

Wondering if Lauderdale Lakes is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Lauderdale Lakes, for example, the median home price is 33.8% lower than what folks pay nationally, and monthly rent is 18.3% higher than the usual rates. Plus, income levels matter too, with Lauderdale Lakes boasting a median household income of $36,103, which is 34.7% lower than the national average.

What Factors can Influence the Cost of Living in Lauderdale Lakes?

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Lauderdale Lakes, the transportation index is 1.1% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Lauderdale Lakes, the housing index is 18.1% lower than the national average.

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Where is the Data From?

The cost of living in Lauderdale Lakes, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.