The estimated monthly cost of living in Orlando for a family of four is $4,361 and $2,284 for a single person. With a living cost of 2% lower than the national average and 3% lower than the state of Florida average, we can conclude that living in Orlando is reasonably affordable.
The city became popular as the home for Universal and Disney World, but apart from these world-famous tourist attractions, there is more to offer by Orlando. Between nightlife, shopping malls, golf courses, and popular theme parks, Orlando receives up to 60 million visitors every year.
Are you getting set to move to Orlando, FL, and don’t know if it is a costly place to reside? We’ll calculate Orlando’s cost of living by providing answers to these important questions: what cost of living should I expect in Orlando, what is the average salary in Orlando, what salary is considered livable in Orlando, and what are the median rent and prices of home in Orlando? Read on!
Housing Costs in Orlando
All over the country, lots of cities see a great reduction in prices of rent during the peak of the COVID-19. As life starts to reopen, however, prices are starting to return to normal again. There was a great reduction of prices again in Orlando beginning from August of 2020, which started the trend at the beginning of the New Year. The latest Rent Report on Orlando revealed that the average rent index in Orlando is $1,271 for a 1-bedroom apartment and $1,511 for a 2-bedroom.
Even with the reduction in prices in the last 6 months of the year, rates have started to take a turn and have continued to rise for the past 6 months. In total, the yearly rent growth of the city falls under 15.1% which is the state’s average. Rent growth in Orlando is at 12.6% and is 4.6% more than the national average of 8.4%. There is no surprise that most of the major cities in Florida have experienced huge increases in rent prices as regards such increased rent growth average all over the state.
The city with the most cost in Florida is Miami which has experienced a 20.2 percent increase in rent prices for years, with the current average rent for a 2-bedroom apartment costing $1,815.
Jacksonville and St. Petersburg are other major cities that have experienced 15.9% and 17.1% growths, respectively. The housing market in Orlando is also experiencing continuous growth, with average home prices now at $290,447.
These prices are not up to competing locations like Miami and St. Petersburg, with average prices of homes at $606,090 and $310,000 and more than Jacksonville which is now at $230,180.
Transportation Costs in Orlando
According to the report from Gasbuddy.com, regular unleaded gas costs an average of $2.57 per gallon in Orlando. This is well on the same level as the country’s average of $2.60 for each gallon (as at the time of putting this article together). While the gas cost in Orlando is not significantly costly, it is not also cheap.
The median commute time in Orlando is 25.6 minutes, as provided in Orlando Sentinel. Lots of residents choose to travel on the bus or shuttle by LYNX (Orlando’s public transit provider) as other choices to driving. Fixed route all-day pass is available for riders to buy at $2.25. Residents of downtown Orlando can also benefit of a free bus transit service known as LYMMO.
Food Costs in Orlando
Together with the entertainment options, the city of Orlando has to give its great diverse and attractive culinary landscape. While you live in the city, you should visit some of the popular dishes such as Nashville Hot Chicken served at Cask & Larder, Pig Floyd’s Butter Chicken, and Morimoto Asia’s rib. Fortunately, it is relatively cheap to dine out in Orlando and it cost an average of $15.00 per meal at a cheap restaurant.
Two people’s 3-course dinner at a mid-level restaurant will cost you $50.00 with no dessert or alcohol. Single adults with no kids in Orlando can prepare to spend a minimum of $3,177 on food per annum.
However, if you have a size-4 family with 2 working adults and 2 kids, you will be paying around $9,305 for food per annum. You can expect costs like or a bit less than the national average for food items bought from the local Whole Foods, Orlando Publix, or Lucky’s Market. For instance, you will spend $3.46 for a gallon of regular milk in the grocery store, with the country’s average at $3.58.
Healthcare Costs in Orlando
The healthcare cost index considers the price of trips to the doctor, optometrist, and dentist, including the price of two popular drugs: Lipitor and Ibuprofen. Orlando, Celebration, and Altamonte Springs all keep a 96 on the healthcare index cost. This is 4% lesser than the national average and 1% lower than Florida’s average. Great healthcare is much affordable in Orlando: you will pay less for visiting doctors and optometrists than the country’s average, about $90 or less per visit. The prescriptions you receive may be much expensive at the pharmacy, but the savings on each appointment might just match the difference.
Orlando Utilities Costs in Orlando
Lots of people move to Florida because the state is famous for its continuous warm and sunny weather all through the year. Orlando is particularly famous for long, hot summers and cool, short winters. January is the coldest month in the city, with its median overnight low temperature at 49.30. Mid-June through September is the hottest summer months, where the median daytime high I normally 820. Since the summers are humid and muggy, you will need to add in the cost for higher utilities to maintain coolness.
Basic utilities in Orlando are cooling, electricity, water, heating, and garbage, costing about $175.90 for an apartment that measures 915-sq-ft. when you add internet with 60Mbps or more that offers unlimited data, you will pay an additional $70.50 for cable/ADSL for an overall amount of $246.40 per month.
As you might expect, these costs can quickly increase over time, which is why it is a great idea to know better the cost of utilities in an apartment before the move. Fortunately, knowing this will enable you to plan your budget well for this much-overlooked expense.
Employment, Income, and Other Related Costs
If you work in the tourist industry, there is no shortage of employment in Orlando. Disney employs roughly 1 million people in 2011, and there are lots of restaurants, golf courses, and other attractions in the location that keep the residents of the residents employed all through the year. One of those attractions is the Kennedy Center, so if you dream of working at NASA, consider this place.
Together with the streams of income, residents of Orlando are kind of lower than the national average with an average household income of $41,900 – that is around 22% cheaper than the country’s average. But maybe the sun will let you forget those.
Taxes in Orlando
Orlando residents can be happy that they won’t be paying state income taxes during tax season. Similar to the case of full-time residents of Florida, this no income tax enables residents to save a lot of their income for education, vacation, retirement and fun activities. Most other states in the country have income tax rate of around 1 to 13%. You should however know that residents of Florida must pay property and sales taxes, among others.
FAQ about cost of living in Orlando
What is the amount needed for comfortable living in Orlando?
Living closer to Disney world must be a dream for everyone, but because of the high cost of living, it might not become a reality for everyone. Immediately you consider the average income, the average homeowner in Orlando is a huge $40,000 per annum set back of the amount they need for comfortable living.
Is living in Atlanta cheaper than Orlando?
Orlando has been named among the best cities in America to live in, as shown in a new report. Orlando ranked 17th on the 2019 list of best places to live in America, topping over 1,000 cities with populations between 20,000 t0 1 million people as reported on Livability.com.
What wage is considered livable in Orlando?
Orlando’s living wage is $15.55 for each hour, which is the basic wage needed to cover essentials like food, housing, and necessities.
Are you ready to move to Orlando?
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