When we are looking at places to retire to, one of the first factors most of us consider is the cost of living there. Fortunately, Orlando is right on par with the rest of the country when it comes to the cost of living, and the expenses that most seniors face are even more affordable.
According to Forbes, the cost of living in Orlando is 0.4 percent above the nationwide average. Let’s examine how the “Theme Park Capital of the World” stacks up to the rest of the country when it comes to key costs.
Both the housing prices and rent within Orlando are showing a healthy upward trend, and this is likely to continue for the foreseeable future as the city shows record job growth and new residents stream in. The median home price in Orlando is $165,700 according to Forbes in July of 2016. For older adults who prefer to rent, you can expect to pay $1,135 per month for a one-bedroom apartment in Orlando or $1,347 for two bedrooms.
According to Sperling’s Best Places, groceries tend to run slightly more expensive in Orlando than in the rest of the United States. On average, Orlandoans need to spend 1.4 percent more for groceries than the national average. What does this look like when it comes to the prices of common grocery items? In Orlando, a gallon of milk costs $3.72 on average, a dozen eggs runs $2.68, and boneless, skinless chicken breasts are $4.16 per pound.
In Orlando, you can expect to pay about the same for transportation as you would in the rest of the country. And, transportation is even less expensive if you are retired and do not have a daily commute. As of July 2016, the gas prices in Orlando range from $1.81 per gallon to $2.59 with an average of about $2 even. The average car insurance rate in Orlando is higher than the US average. In Orlando, you can expect to pay $1,302 per year for insurance versus the average of $1,099 nationally. This number may vary based on your driving habits, history, and type of vehicle.
Orlando is a bit of a mixed bag when it comes to the cost of senior care. Home health care, adult day health care, and assisted living are all less than the national median. Home health care averages about $44,500 per year in Orlando versus $46,000 nationally. Adult day health care is $15,600 in Orlando compared to $17,680 in the rest of the country. And, assisted living facility rooms are about $4,500 less than the national median. Nursing home care is a different story. Private rooms are $103,113 and semi-private rooms are $91,250 per year in Orlando versus $92,378 and $82,125 respectively nationally.
Comparison shop for housing based on pricing, walkability, and inexpensive transportation options to make sure you get the most out of your retirement funds.
Find assisted living in Orlando near you.