Cost of Living in Orlando, FL

An Overview of Cost of Living in Orlando, FL

Getting a feel for the cost of living in Orlando is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Orlando is 110, which is 10% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

Everyday expenditures like food, housing, goods and services, transportation and health care in Orlando are priced in a manner consistent with other areas. This means that residents of Orlando can anticipate their daily expenses remaining reasonably similar to those in an average city, thereby supporting a manageable cost of living.

Housing costs are a major factor in the Orlando cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 39.1% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

What Do Locals Say About the Cost of Living in Orlando?

When it comes to knowing a city, its residents are the experts. We conducted a survey with 36 locals to understand their opinions on the cost of living in Orlando. The results indicated that 31% found it reasonably priced with decreasing prices of goods and services, while 69% viewed it as quite expensive, with increasing prices.

Is Orlando Affordable?

Wondering if Orlando is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Orlando, for example, the median home price is 42.1% higher than what folks pay nationally, and monthly rent is 32% higher than the usual rates. Plus, income levels matter too, with Orlando boasting a median household income of $55,183, which is 0.3% lower than the national average.

What Factors can Influence the Cost of Living in Orlando?

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Orlando, healthcare costs are 7.6% lower than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Orlando, the transportation index is 4.8% lower than the national average.

Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.

Where is the Data From?

The Orlando cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.