Best Places to Live: Parkland, Florida

Deciding where to live is one of life’s most important choices. Whether you value affordability, vibrant culture, career opportunities, top-rated schools, or a peaceful retreat, Parkland, Florida, offers a unique blend of suburban charm and modern convenience. This guide explores Parkland’s neighborhoods, cost of living, quality of life, and housing market trends to help you make an informed decision.

Your ideal location depends on your lifestyle and priorities. Perhaps you’re:

• A young professional seeking a peaceful yet well-connected suburban environment.

• A growing family in search of safe neighborhoods with excellent schools and parks.

• A retiree looking for a warm climate, low taxes, and outstanding healthcare.

• A remote worker desiring high quality of life without sacrificing connectivity.

Balancing these priorities can be challenging, but Parkland offers something for everyone.

When buying a home, the neighborhood plays a pivotal role in property value, affordability, and long-term livability. Below, we analyze various buyer profiles—from first-time homebuyers to investors—with detailed insights.

For first-time buyers, affordability, safety, and investment potential are key. Consider these standout neighborhoods:

• Median Home Price: $750K

• Why? Gated community with excellent amenities, strong appreciation rates, and access to top-rated schools.

• Median Home Price: $725K

• Why? Affordable for Parkland standards, great for families, and offers a mix of single-family homes and townhouses.

• Median Home Price: $800K

• Why? Established neighborhood with spacious lots, excellent community facilities, and strong resale value.

Quick Tip: Parkland’s home values have appreciated steadily, making it a wise long-term investment.

Families often seek neighborhoods with:

• Top-rated schools (Parkland is served by A-rated schools such as Park Trails Elementary and Marjory Stoneman Douglas High School.)

• Low crime rates

• Community amenities (parks, shopping, entertainment)

• Strong property appreciation

• Median Home Price: $850K

• Highlights: Newer construction, resort-style amenities, and a strong sense of community.

• Median Home Price: $950K

• Highlights: Luxury homes, excellent schools, and beautiful lake views.

Quick Tip: Homes in top school districts tend to appreciate faster, making them an excellent long-term investment.

Retirees typically prioritize low living costs, accessible healthcare, and a pleasant climate. Consider these neighborhoods:

• Median Home Price: $725K

• Why? Gated 55+ community with resort-style amenities, social clubs, and easy access to healthcare.

• Median Home Price: $1.2M

• Why? Exclusive golf course community with luxury homes and top-tier amenities.

Quick Tip: Florida’s tax-friendly policies make Parkland an attractive option for retirees.

Investors should focus on fast-growing areas with strong rental demand and increasing home values:

• Median Home Price: $850K - $950K

• Highlights: New developments, high rental demand, and rising home values.

• Median Home Price: $750K

• Highlights: Strong appreciation rates, desirable for both renters and buyers.

Quick Tip: Parkland’s proximity to Boca Raton and Fort Lauderdale enhances its real estate value, making it a profitable market for long-term investors.

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Housing is typically the largest expense for residents. From home purchase prices to property taxes and mortgage rates, understanding the cost of living in Parkland, Florida, is essential whether you’re looking to buy or rent.

When purchasing a home, consider these key financial factors:

• Home Purchase Price: Varies based on neighborhood and home size.

• Down Payment: Typically 10-20% (some loan programs allow as low as 3%).

• Mortgage Payment (PITI): Principal, interest, taxes, and insurance.

• Closing Costs: Typically 2-5% of the home price.

• Maintenance & Repairs: Expect to spend around 1-3% of your home’s value annually.

Affordability Tip: Experts recommend spending no more than 28-30% of your income on housing costs.

Mortgage rates significantly affect monthly payments. Consider the following current rates and their effects:

• 30-Year Fixed: 6.5 - 7.2%

• 15-Year Fixed: 5.9 - 6.5%

Example Mortgage Comparison for Parkland Homes:

• A $900,000 home at 3% interest results in a monthly payment of $3,792.

• The same home at 7% interest increases the payment to $5,989—a difference of over $2,000 per month!

• Coconut Creek: Median home price ~$500K.

• Coral Springs: Offers more affordable housing options with excellent schools.

• Margate: Lower property prices with easy access to Parkland’s amenities.

Florida is known for having no state income tax, but property taxes vary by location. In Broward County, where Parkland is located, the average property tax rate is approximately 1.08% of a home’s assessed value. Here’s how that compares:

• New Jersey: 2.49% (e.g., ~$8,362/year on a $350K home)

• Illinois: 2.27% (e.g., ~$7,945/year on a $350K home)

• New Hampshire: 2.18%

• Hawaii: 0.28% (but high home prices may offset the savings)

• Alabama: 0.41%

• Colorado: 0.51%

Quick Tip: While Florida has no state income tax, property taxes in some counties, including Broward, can be higher to compensate for lost revenue.

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• You need flexibility due to potential job relocation or uncertain plans.

• The 20% down payment and closing costs are too high.

• You prefer avoiding maintenance responsibilities.

• You plan to stay in Parkland for 5+ years.

• You can comfortably afford a mortgage, property taxes, and maintenance.

• You want to build equity over time instead of paying rent.

While Parkland is primarily known for its luxury homes and strong homeownership rates, rental prices remain competitive with surrounding areas:

• 1-Bedroom Apartment: $2,400 - $2,800

• 2-Bedroom Apartment: $3,000 - $3,800

• Single-Family Homes: $4,500+

• Fastest Rent Increases: Miami (+15%), Orlando (+12%), Tampa (+10%)

• More Stable Markets: Jacksonville, Tallahassee

Quick Tip: With rising rent prices, homeownership may become a better long-term investment in Parkland.

Beyond housing, consider these factors that impact affordability:

• Groceries: Florida's grocery prices are moderate, with lower costs compared to high-cost states like California and New York.

• Utilities: Florida's utilities can be higher due to air conditioning demand, with Parkland's average electricity bill ranging from $150 to $250 per month.

• Transportation: While public transit is limited, fuel costs are below the national average.

• Healthcare: Florida ranks among the higher-cost states for healthcare, so budgeting for insurance and medical expenses is essential.

Understanding whether it’s a buyer’s or seller’s market in Parkland—and how trends are shaping up—can greatly impact your homeownership decisions.

• Sellers’ Advantage: Due to limited inventory and high demand, Parkland remains a seller-friendly market. The city's desirable lifestyle, top-rated schools, and luxury housing market drive competition and price appreciation.

• Buyers’ Advantage: With mortgage rates stabilizing, buyers have some negotiating power, particularly for high-end properties that have been on the market longer.

• Price Appreciation: Home prices in Parkland increased by approximately 6-9% in 2023, with a steady but slower rise projected in 2024.

• Mortgage Rates: Rates have climbed from record lows in 2021 (~3%) to about 7% in 2023, affecting affordability.

• Inventory: Housing inventory is improving but still below pre-pandemic levels, keeping demand high.

Key Market Shift: The rapid price hikes and bidding wars of 2021-2022 have cooled slightly due to higher interest rates, but Parkland remains a high-demand area, particularly for families and luxury home buyers.

• South Florida: The influx of out-of-state buyers, strong job growth, and Florida’s tax advantages (nMedian Home Priceo state income tax) continue to fuel demand.

• Luxury Homes: Parkland’s gated communities and custom-built estates remain highly sought after.

• Higher-Priced Homes: Properties priced over $2M are experiencing slightly longer time on the market due to affordability concerns.

• Investment Properties: Rising mortgage rates are causing some investors to reassess purchasing rental properties.

Takeaway: Parkland remains a competitive market, especially for sellers, but rising mortgage rates may offer strategic opportunities for buyers looking for long-term investments. Those considering homeownership should evaluate their budget and market conditions carefully, keeping an eye on interest rate trends and local inventory shifts.

• 30-Year Fixed: 6.5 - 7.2%

• 15-Year Fixed: 5.9 - 6.5%

• 5/1 ARM: 5.5 - 6.0%

Impact Example:

For a $600K home loan in Parkland:

• At 3% interest: Approximately $2,529 per month.

• At 7% interest: Approximately $3,993 per month.

Quick Tip: Buyers who purchase now may consider refinancing if mortgage rates drop later in 2024-2025.

The Parkland real estate market has experienced a gradual increase in available homes, but inventory remains tight due to high demand.

• Increased Listings: Some neighborhoods have seen more homes hitting the market, but supply is still below pre-pandemic levels.

• New Construction: Limited new developments in and around Parkland, keeping demand high.

• Market Segments: Luxury home sales have slightly slowed, but family-friendly homes and gated communities remain highly competitive.

Parkland’s limited inventory and strong demand from families and professionals keep it a seller’s market.

Key Market Insights:

• High Demand: Families are drawn to Parkland for its top-rated schools, parks, and suburban lifestyle.

• Limited Supply: Few available homes, leading to competitive bidding.

• Price Stability: Home values continue appreciating, though at a slower pace compared to 2021-2022.

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• Coral Springs, FL: Median price around $500K, offering slightly more affordability than Parkland.

• Margate, FL: Median price approximately $400K, with steady appreciation.

• Coconut Creek, FL: A balanced market with homes around $450K and a strong community vibe.

• Boca Raton, FL: A booming luxury market with continued price appreciation.

• Weston, FL: Excellent schools and family-friendly neighborhoods, with high competition.

• Fort Lauderdale, FL: A mix of urban and suburban living, with a strong job market driving demand.

Where to Watch:

Cities like Davie, Pembroke Pines, and Wellington are emerging as attractive options for buyers seeking affordability and long-term investment potential near Parkland.

Homeownership isn’t solely about cost—it’s also about livability. This guide explores key quality-of-life factors in Parkland, FL, including affordability, schools, healthcare, and community amenities.

• Average Homeownership Rate: Approximately 74%

• Higher than Florida’s state average (67%)

• Attracts families and professionals seeking a suburban lifestyle

• Coral Springs – Median home price: ~$550K

• Coconut Creek – Median home price: ~$500K

• Tamarac – Median home price: ~$400K

• Median Home Price: ~$900K (above state and national averages)

• Higher-end market with luxury properties

• Strong appreciation potential due to demand and limited supply

Access to quality healthcare is a major factor in choosing a home, and Parkland residents benefit from top-rated medical facilities in nearby areas.

• Parkland is in proximity to leading hospitals like Cleveland Clinic Florida (Weston) and Memorial Regional Hospital.

• The region offers a stable home value appreciation, partly due to healthcare accessibility.

• Lowest Monthly Insurance Premiums: Florida’s average premiums are moderate compared to states like Wyoming or West Virginia.

• Highest Monthly Premiums: Florida sees higher healthcare costs in specific regions due to demand and hospital system variations.

Takeaway: Reliable healthcare access enhances long-term affordability and home value retention in Parkland.

The quality of schools significantly affects home values, making Parkland a top choice for families.

• Marjory Stoneman Douglas High School

• Westglades Middle School

• Heron Heights Elementary School

• Homes in well-rated school districts, like those in Parkland, tend to appreciate 10-15% faster.

• Nearby private and charter schools further boost the area’s desirability.

Takeaway: Investing in a home in Parkland means benefiting from high-quality education and strong home value appreciation.

Efficient transportation options influence home values and daily convenience.

• Parkland offers short commute times to major employment hubs like Fort Lauderdale and Boca Raton.

• Public transit options are limited, but easy highway access (via Sawgrass Expressway) improves connectivity.

• Walkability: Parkland is known for its suburban feel with ample green spaces but lower walkability compared to major cities.

Takeaway: While Parkland is car-dependent, its proximity to major highways enhances home values.

Weather and disaster risk affect insurance costs and overall livability.

• Warm temperatures year-round with lush greenery and outdoor activities.

• Hurricane Risk: As with much of Florida, Parkland experiences storms, requiring hurricane-resistant homes.

• Flood Zones: Certain areas may require additional flood insurance.

Takeaway: Homebuyers should assess insurance costs when purchasing in Parkland.

Parkland is known for its tight-knit community and upscale suburban lifestyle.

• Family-friendly parks, golf courses, and local events.

• Close to cultural hubs like Boca Raton and Fort Lauderdale.

• Safe neighborhoods with low crime rates.

• Strong sense of community and annual events for residents.

Takeaway: Parkland’s high-quality lifestyle and strong community engagement make it one of South Florida’s top residential destinations.

When deciding on a place to live, consider key factors:

• Affordability: While home prices are higher than average, strong appreciation makes Parkland a smart investment.

• Job Opportunities: Close to Fort Lauderdale, Miami, and Boca Raton job markets.

• School Quality & Safety: Excellent schools and low crime rates enhance its appeal.

• Climate & Natural Risks: Beautiful weather with hurricane preparedness needed.

Need More Help? Explore local neighborhood profiles, visit open houses, and consult with a real estate expert. Your dream home in Parkland is waiting—start your journey today!

Save Big when you Buy a Home with reAlpha!

Discover how our all-in-one homebuying platform can increase your buying power and put money back in your pocket. Start your journey today!

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