Cost of Living in Hollywood, FL

Knowing the cost of living is a must if you're considering moving to Hollywood, FL. Follow along as we discuss the cost of housing, transportation, groceries, and more. 

Hollywood, Florida, is an east coast city located between Fort Lauderdale and Miami. It is Broward Counties' third largest municipality spanning roughly 30 square miles. Hollywood is known for its beautiful seven miles of beaches, more than 60 parks, seven golf courses, and the Boardwalk. 

The history of Hollywood, FL, begins with its incorporation on November 28, 1925. It began as an undeveloped tract of pine forests, palmetto plants, and tangles undergrowth but quickly transformed itself and has become the second most populated city in Broward County and the ninth largest city in Florida. Hollywood was founded by Joseph Wesley Young, who hoped to create his "Dream City in Florida." Today you can see that he has, and Hollywood, FL, has become a beautiful city where countless people vacation annually.

If you're considering moving to Hollywood and trying to determine if it's affordable, you're in the right place. When planning a big move (or small), you'll first want to decide if your new area can afford your current lifestyle. When looking at the cost of living, it can be difficult imagining yourself paying for and living in the area. Factors you'll want to examine include the real estate market, the population, transportation, taxes, food/groceries, and more. Fortunately enough, we've compiled all things regarding the cost of living in Hollywood, FL, into one article! Continue reading to have all of your questions answered and learn more about living in Hollywood. 

Cost of Living

The cost of living in a particular area can largely be impacted by the population and the average income and prices in the area. With its pristine beaches and vintage feel, people are constantly moving to and vacationing in Hollywood, Florida. So, what can you expect to spend when being in the area? 

According to Livingcost and other reputable sources, Hollywood, Florida, is one of the most expensive cities in the world. It was ranked 173rd out of 9294 in the global list, 143rd out of 2202 in the United States, and 13th out of 125 in Florida. To put it into perspective, the cost of living in Hollywood is in the top 2% of the most expensive cities in the world. 

When it comes to Hollywood, the overall cost of living is 12% higher than the national average, housing costs are 15% higher, utilities are 6% higher, groceries are 19% higher, and transportation is 4% higher. Compared to last year, the largest cost increases were found in transportation, food, and housing. It is said that the average total cost of living with rent in Hollywood, FL is $2,513 per person and $803 per person without rent. The average rent in Hollywood is 69% higher than the national average. Looking beyond the average price,  apartments in City Center rent can be $4,000 and up. Rent in Hollywood, fl, is said to be 69% higher than the national average. While it can get expensive, look at your income, lifestyle, everyday expenses, household composition (single or married, number of kids), and home ownership status (renting vs. owning) before deciding if you should make the big move.

Take a look at some of the data gathered from the United States Census Bureau and RentCafe and the county of Broward.

*Denotes median rather than average

Income

The average personal income in Hollywood, FL, is $36,451. Income can fluctuate based on the economy, your career, your state, and more. So, before making a big move, you need to ask yourself a few questions. Can you afford to live off of the median income? Will your current or future job allow you to afford your basic necessities? Will sharing housing costs with a roommate be more affordable for you? The median household income is $64,522, which is $28,071 higher. To determine if you can afford your lifestyle, you can also use a cost of living calculator. It will give you a breakdown of your monthly spending on food, utilities, transportation, housing, and healthcare and estimate how much you need to make to live comfortably. 

Although living in Hollywood can get expensive, there are countless job opportunities and room for growth. The leading companies are:

• HEICO
• Memorial Healthcare System 
• Quantum 
• Diplomat Resort and Spa
• Margaritaville Hollywood beach resort 

HEICO is a successful technology-driven aerospace, industrial, defense, and electronics company. It is Holywood's number 1 best company, and employees average $61,512 per year. 

According to the County Office, the unemployment rate in Hollywood, Fl, is 6.9%, and 6.6% in Broward County. Hollywood is ranked 63rd out of 1036 in unemployment office per capita. They strive to help those that have been laid off by providing temporary monetary payments. 

Housing costs 

Housing is one of the most important things to decide on before deciding to move to a new area. It can depend on what part of the city you live in, your ownership status, family vs. single, and more. Hollywood, Fl, is currently experiencing a buyer's market that is shifting more towards a neutral market. A buyer's market means that the supply has exceeded the demand. When this happens, home prices tend to be lower, and homes stay on the market longer. Compared to last year, home prices were up 0% in February 2023, and the market is somewhat competitive. 

• Across the nation, 3% of homebuyers searched to move into Hollywood from outside metros. 
• New York homebuyers searched to move into Hollywood more than any other metro. 

Hollywood, Fl, housing expenses are 15% higher than the national average. As of February, the median sales price for all home types was $425,000. Looking at March, there were 1,006 homes for sale and 138 of those sold. 

• 91 homes were sold under asking: 65.9%
• 30 homes were sold at asking 
• 17 homes were sold over asking 

When looking for the best neighborhoods and areas to live in, the most desired areas tend to be in the northeastern parts of the city, and more affordable homes are in the southwest regions. Lake Eden is one of Hollywood's most popular (and expensive) neighborhoods. The median home price is $1,296,274, and the median rent is $1,461. Another popular neighborhood is Oakridge, with a median home price of $749,382 and a rent price of $1,613. 

To determine if you can afford a house, try using the 28% rule: this says that your monthly rent or the sum of your monthly mortgage, property taxes, and insurance should not exceed 28% of your gross income (income before taxes). You can also use the 50-30-20 rule, which says that 50% of the net income (income after tax) should be spent on needs, 30% on wants, and 20% on savings and investments. 

Utilities

When making a big move, people often forget to factor in that your cost of utilities can significantly change. The costs of utilities in Hollywood, FL, is 6% higher than the national average. EnergySage says the average Hollywood resident spends roughly $173 per month and $2,076 per year on electricity. The cost of living chart shows that the average electric rate is 0.13 per kWh, meaning the average resident used 1,333 kWh of electricity per month. 

Another bill that's needed to be considered is water usage. The average single-family home uses 600 cubic feet (4,500 gallons) of water per month. That breaks down to $26.76. Internet is also a primary concern. Hollywood, FL, has many providers, but Xfinity tends to be the cheapest costing roughly $29.99 a month. 

Food

Although it's a life necessity, it's essential to budget for how much you'll spend on food and groceries when making a move. The price of groceries in Holywood, Florida, is 19% higher than the national average. The cost of food can vary from city to city and town to town. On average, a single adult in Hollywood, FL, spends roughly $3,500 annually, and a family spends around $10,000. 

Loaf of bread: $4.61

A gallon of milk: $2.88

Carton of eggs: $2.67

Bunch of bananas: $3.99

Hamburger: $6.09

When looking at the state of Florida, the Bureau of Economic Analysis estimates that the average Floridian spends $3,886 annually, so $324 per month on groceries. 

Taxes

Taxes are extremely important and vary from state to state. The state of Florida has no state income tax. This means that federal income taxes are the only thing you will see on your paycheck, and your take-home income will be higher. The state-wide sales tax is 6%; however, food, medical supplies, and farm production supplies are excluded. The average working adult pays roughly $5,600 annually. 

Transportation

Having a way to get around town and get from point A to point B is essential. It is said that families benefit economically when they are able to reduce vehicle trips or opt out of car ownership entirely. So, it's safe to say that even if you don't own a vehicle, you are still able to get around Hollywood, Florida. 

The Tri-Rail connects Hollywood to the larger tri-county region. The tri-rail can bring you to hotels, restaurants, and destinations from three international airports. The tri-rail stations are located on Hollywood Blvd and Sheridan St. 

You can also take the Broward County Transit (BCT), which runs nine routes and connects to other local destinations. They offer nine routes, the 441, the US1 Breeze busses, and the 95 express. 

Additionally, you can take the Sun Shuttle, which is an environmentally-friendly, electric public transportation option that takes you through service areas in downtown Hollywood, on Hollywood Beach, and along Federal Highway. 

FAQ

Does Hollywood, Florida, have a good beach? 

Hollywood is known for its beautiful stretch of beach. Hollywood Beach is nearly 2.5 miles along the Atlantic Ocean with a one-of-a-kind boardwalk, oceanfront hotels, bars, excellent restaurants, and more. Hollywood Beach has also been named one of America's Best Beach Boardwalks by Travel + Leisure Magazine. 

What is Hollywood, Florida, known for? 

Hollywood, Florida, has many fun things to do and is known for its beautiful beach, 60 parks, seven golf courses, the Broadwalk, and spectacular views.  

Is Hollywood, FL, a suburb of Miami? 

Hollywood is the principal city of the Miami metropolitan area. 

Is it expensive to live in Hollywood, Florida? 

Depending on your career, income, lifestyle, and everyday expenses, it can be. Hollywood's overall cost of living is 12% higher than the national average, and the housing expenses are 15% higher. 

Is it good to retire in Hollywood, Florida? 

Hollywood, Florida, is one of the best places to retire, with their excellent healthcare system and low tax rates. 

Cost of Living in Hollywood, FL - Final Thoughts

Hollywood, Florida, is a beautiful place to live and vacation, where pristine beaches, nature, and more will surround you. Although the cost of living is 12% higher than the national average, it can be managed with the proper budget, planning, etc. When making a big move, researching the cost of living is essential. You need to know beforehand if you can afford housing, utilities, groceries, transportation, and more. Living in Hollywood, Florida, brings you a welcoming community, serene surroundings, various forms of entertainment, great restaurants, and so much more.

If you're ready to take the next steps after reading our article on the cost of living in Hollywood, Florida, feel free to contact us! We have a team of experienced real estate agents at our fingertips that can help you find the home of your dreams.