What is Cost of Living?
Cost of living
is the amount of money needed to maintain a certain standard of living in a specific location. This information is particularly useful if you are planning on moving to a new city, providing an accurate idea of how much it will cost you to live there since the price of goods and services vary from one city to another. The basic expenses that go in to determining cost of living include housing prices for renters or homeowners, food and groceries, transportation expenses, healthcare, and taxes.
The cost of living index provides the percentage difference in the cost of living between two or more locations. As an index, the cost of living of the primary location that is being compared to another is always 100. For example, if you are now residing in Miami, FL and are thinking of moving to Orlando, the cost of living index for your current location which is Miami would always be 100, while the figures for Orlando would be higher or lower than 100, depending on whether the items being compared to those of Miami’s are more expensive or cheaper in Orlando.
2018 Cost of Living Index in Orlando, Florida
If you are considering moving to Orlando, FL
, it would be good to check the cost of living index in this city before you make a final decision. The table below compares the cost of living in Orlando with the rest of the state of Florida and the United States. In this table, the primary location is the United States, so all of the values under this is set at 100, and the values under Orlando and Florida will vary, depending on whether the expenses in these locations are higher or lower compared to the rest of the country.
Cost of Living in Orlando, Florida
|COST OF LIVING||Orlando||Florida||USA
|Grocery||96.7 ||101.5 ||100
|Housing||122 ||119 ||100
As you can see, the overall cost of living in Orlando, Florida is 112 – a bit higher than that of the state and the whole US. However, while housing and transportation expenses in this city are relatively higher, groceries and healthcare cost lower in Orlando.
Orlando, Florida Housing Costs
Home values in Orlando have gone up by 9.7% over the past year and it is forecasted to rise by 4.7% within the next year. The median list price per square foot in Orlando is $150, higher than the Orlando-Kissimmee-Sanford Metro average of $145. The median price of homes currently listed in Orlando is $275,000 while the median price of homes sold is $226,100. The median rent price in Orlando is the same as the Orlando-Kissimmee-Sanford Metro median which is $1,550.
As of November 2018, the average monthly rent for an apartment in Orlando, FL
is $1,432. This has increased by 4.82% from last year’s average rent of $1,363. However, compared with the previous month, there has been a 0.42% decline from $1,438. The average monthly rent for one-bedroom apartments in Orlando, FL is $1,248. This has gone up by 3.93% from last year. For a two-bedroom apartment, the average monthly rent is $1,485 which is a 4.11% increase from the previous year. It is important to note, though, that despite the increase from last year’s figures, the average apartment rent in Orlando over the past six months has decreased by $43 (-2.9%). One-bedroom apartment rent on average has decreased by $55 (-4.2%) and rent for two-bedroom apartments have decreased by $27 (-1.8%). Orlando neighborhoods with the most expensive apartments for rent are Lake Formosa, Baldwin Park, and Central Business District, while the ones with the cheapest rents are Rosemont, East Park, and South Orange.
Utility Costs in Orlando, FL
The average monthly electricity bill in Florida is $129.86, 12% above the national average of $114.11. According to the U.S. Energy Information Administration (EIA)
, Florida residents pay an average of $24.41 per thousand cubic feet of natural gas. In Orlando, the average cost of monthly utilities including heating, electricity, and gas for two people living in an 85 sqm flat is $181. For a single person living in a 45 sqm studio, the average cost is $166.
Food and Groceries
The average cost of food and groceries in Orlando and the whole state of Florida are relatively lower than the national average by 3.3%. According to the Economic Policy Institute
, a single adult in Florida with no children needs to budget $271 for monthly food costs to maintain a “modest yet adequate standard of living”.
According to the Tax Foundation
, Florida’s overall tax burden has consistently ranked among the nation’s lowest for several decades. Major taxes collected in Florida include sales and property taxes, but it does not impose personal income tax, estate tax, or inheritance tax. The statewide sales tax in Florida is 6%, and while some counties add their own sales tax to this, the state has a top sales tax rate of 7.5%, which is comparatively lower than those in California and Illinois. The average effective property tax rate in Florida is 1.1%, which is below the national average.
Healthcare in Orlando, FL
The average cost of seeing a primary care physician in Orlando is $112, lower than in Tampa ($113) and Jacksonville ($136). The average monthly cost of health insurance in Florida
is $285, while the annual average cost is $3,420.
Based on the numbers provided by GasBuddy
, the average gas price in Florida is at $2.062 per gallon, almost the same as the U.S. average of $2.046. Commute time in this state averages 25.78 minutes, which is also almost the same as the national average of 25.4 minutes. As for public transportation, a monthly pass for public transit in Orlando also costs $50, or $25 for those who qualify for reduced fare. In Miami-Dade County, a monthly pass for public transit costs $112.50, $56.25 at reduced fare. A 31-day STAR card in Jacksonville costs $50, with a reduced fare of $30.
Moving to Orlando, Florida
If you are planning to relocate to Orlando, Florida, it would be best for you to know how the change in residence is going to affect your budget. And if you are considering buying a residential property in this city, a qualified and trustworthy real estate professional will be your best partner helping you make the right decision. I can help you achieve your dream of home ownership. Please contact me at 281-701-5117 or by clicking the button below: