It seems to be a trend when visiting a city on vacation many of us say, “I could move here!” We navigate to realtor.com at a local coffee shop, pull up Zillow radius searches, peruse through home photography, and dream. Well, Orlando, FL is a city that’s seeing some follow-through from residents. In 2023, Orlando was ranked #3 in the top 20 cities people are moving to.
Orlando, FL is centrally located in the state and is well-known as a tourist destination. But driving through the city, you’ll find so much more than just Hidden Mickeys. As you research Central Florida real estate, take a look at a few reasons why residents, from families to couples and single individuals, are calling Orlando their new home.
Job Market
Part of your Central Florida real estate online search likely encompasses what the local lifestyle looks like. A job is pretty vital to our day-to-day. That’s why young professionals are drawn to Orlando. Major corporations like Disney, Lockheed Martin, Verizon, and many others are headquartered in the city, and large entertainment facilities call Orlando home. As a result, the unemployment rate is significantly lower than other areas in the country (2.6%) and at least 88% of the population makes higher than the national average.
As of January 2023, the Orlando area added 75,300 new private sector jobs over a year and 31,800 in leisure and hospitality. Job opportunities abound, doors are open for career growth, and because of this, the real estate market is ripe for purchasing.
Entertainment
Central Florida real estate research should have a sprinkle of fun in it, as well. After all, relocating all began from an idea on a vacation, right? We all know Orlando is known for its theme parks, from Universal Studios to Walt Disney World and SeaWorld. And, spoiler alert, these theme parks aren’t just built for the little ones. Disney adults are a real thing. Florida residents even receive special discounts year round.
Beyond the thrill rides, though, is a city filled with post-work restaurants, weekend art galleries, destination music venues, scenic gardens and lively events like Winter Park’s Art Festival. Florida also isn’t called the Sunshine State for no reason. Biking and walking trails map through the city to experience the lovely sunny and 75° weather it’s known for. Worth Real Estate Company clients are filled with excitement thinking of paddle boarding, picnics at the park and Farmers Markets in their spare time.
Life in Orlando is good.
Cost of Living
But while we know the possibilities for weekends of fun are pretty limitless in Orlando, as you research Central Florida real estate you may be asking, what’s the price tag? Let’s look at the facts (the stats that are pulling residents from out of state, in fact). Orlando’s property taxes are below the national average at .97%. The typical home value (around $387,000) is $33,000 less than in Tampa and nearly $175,000 less than in Miami. The overall cost of living is reportedly 1% cheaper than the national average, with housing being 4%, utilities 5%, and healthcare 4% lower than the rest of the country.
Not to mention the no-state income tax for Florida residents. No income tax, no inheritance tax, and no estate tax. Less money coming out of your paycheck, more for your choosing.
Residents considering Orlando, FL as their new home have a lot to factor in. That being said, from a holistic lifestyle perspective, many Worth Real Estate Company clients have boasted about ideal living. So as your vacation dream turns into some real Central Florida real estate research, reach out and we’ll fill in any gaps on the local market to help.
