Margate, FL

Average · 105

Florida · Population 58,418 · Updated March 2026

$1,662
Median Rent / Month
$60,852
Median Income
$286,200
Median Home Value
$1,509
Owner Costs / Month

Affordability

How far your income goes in Margate

32.8%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Florida

State-level tax rates that affect your costs

0%
Income Tax (Top Rate)
6.0%
Sales Tax
0.86%
Property Tax Rate

Estimated Annual Costs

$19,944
Annual Rent
$0
State Income Tax
$2,461
Property Tax (est.)

Cost of Living Overview

Margate is more expensive than the national average. Higher housing costs are typically the primary driver. With a cost index of 105 (where 100 equals the national median), Margate residents can expect to pay median rent of $1,662/month while earning a median household income of $60,852/year.

The median home value in Margate, FL is $286,200, with typical monthly owner costs around $1,509 including mortgage, insurance, and taxes. At 32.8% rent-to-income ratio, residents of Margate are spending more than the recommended 30% of income on housing, indicating moderate cost burden.

Florida has no state income tax, which can represent significant savings compared to high-tax states. Combined with a 6.0% sales tax rate and 0.86% effective property tax rate, the overall tax environment helps keep costs manageable in Margate.

Frequently Asked Questions

Common questions about living costs in Margate

What is the cost of living in Margate, FL?
The cost of living index in Margate, FL is 105 (US average = 100). Median monthly rent is $1,662, median household income is $60,852/year, and the median home value is $286,200.
Is Margate, FL affordable?
No, Margate is more expensive than the national average with a cost index of 105. The rent-to-income ratio is 32.8%—above the 30%% affordability threshold.
What is the average rent in Margate, FL?
The median gross rent in Margate, FL is $1,662 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $19,944.
What is the median household income in Margate?
The median household income in Margate, FL is $60,852 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Florida?
Florida has a top income tax rate of 0%, a sales tax of 6.0%, and an effective property tax rate of 0.86%. Notably, there is no state income tax.