Florida is for many people one of the most desired places for a vacation and for good reasons. The state of Florida holds attractions that are unique in the country. The climate makes for the perfect escape for people coming from places that are freezing in the winter. The diversity and culture make the state of Florida one of the most vibrant places in the USA.
Aside, from the coastline where you can find all these world-class beaches, the heart of the state has something to offer as well. The city of Orlando, Florida is located in central Florida in the Orlando metropolitan area. The metropolitan area has a population of about 2.5 million people and Orlando is one of the most important cities of the metropolis.
If the best gift for your kids is a trip to Disneyworld you will probably end up spending a minimum of a weekend in Orlando with your kids, to make that dream come true. This along with many other attractions makes the city of Orlando one of the best places to be in Florida. But, what about living in Orlando, Florida? Is Orlando a good place to live? Most people think that it is but, if that is the case, how much does it cost to live in Orlando? Is living in Orlando, expensive?
When calculating the costs of living there are several factors that come into play. Groceries, health, housing, utilities, and transportation are some of the aspects that are taken into consideration. The cost of living in Orlando makes it one of the most affordable places to live in Florida. The cost of living in Orlando is about 3% lower than the national average.
Some of the higher expenses in Orlando are utilities which according to payscales.com are 11% higher than the national average. Overall the city of Orlando is affordable to live in, therefore, many who relocate here shouldn’t encounter financial difficulties along the way.
The costs for housing, according to many major listing sites are a bit lower than the national average. Home prices in Orlando, are about 3% lower than the average in the USA. The median home price in Orlando according to Zillow is about $247,000 and the price has seen an increase of about 3% over the past year. Home prices are expected to increase in the future. The average cost per square foot is about $145.
While home prices are affordable, it is important to be aware of the fact that prices have slowly increased over the past year. Also, the housing market in Orlando is a seller’s market which means that there are more buyers than homes for sale. If you are in the process of buying a home, contact one of our real estate agents in Orlando FL for some good deals in the area.
Although, home prices are accessible for most people, not the same can be said about rent. Rent is expensive in Orlando, Florida. According to U.S Census data, between the years 2013 and 2017, the median rent was about $1,100 per month. The rent in Orlando is about 10% higher than the national average.
Rent prices will also vary based on unit type and location. Most people prefer to be close to the main attractions of the city, therefore, this area comes with higher rent prices. If that is not necessarily important you might be able to find affordable rent at a reasonable distance to allow for an easy commute.