Sunday, March 01, 2009

Orlando cost of living update

The cost of living index is based on the composite price of groceries, housing, utilities, transportation, health care, clothing and entertainment.

Cost of living indexes will generally be higher in areas that offer access to beaches, culture, arts and recreation. In addition areas, that offer a wider variety of services such as health and education will run higher due to higher wages, and increased quality of living.

Cost of living indexing explanation
A figure of 100 points is used as an average both for the USA and Florida. For example:
Boise Idaho is ranked at a 99
Boston Mass is rated at 240
San Francisco at 217
Statewide, Florida cities come in from a low of 90 and up.
One way to compare Florida areas to salary requirements

For example-If you were relocating from Portland Oregon (whose rate 1s 94.0) to Orlando, and you currently make $50,000 per year, the formula is as follows
Take the destination index, in this case Orlando-94.0 and divide by Portland’s index-120, then multiply by a salary of $50,000. This will give you a figure of $39,166 which would be required to make in Orlando to have the same quality of life.
See comparable Florida statewide
* Re cost of living--in some areas Real Estate has went up dramatically however costs that factor in such as food, transportation, rents etc have not increased at the same rate-so in some areas, even though housing is expensive, the overall rating may still be low
2007 stats per Sperlings best Places http://www.bestplaces.net/

Boca Raton-154.74
Bradenton-114
Cape Coral-Ft Myers-108.0
Ft Lauderdale-132.0
Fort Walton-Destin-120
Jacksonville metro-94.0
Big Pine Key fl-132.46
Key Largo-146.0
Key West-168.0
Marathon fl-162.06
Miami metro-138.0
Melbourne-92.72
Naples Fl-250.59
Orlando metro-94.0
Palm Bay-84.56
Palm Coast-Flagler-125.01
Panama City-86.35
Pensacola metro-82.0
Sarasota-108.75
Tampa 94.60
St Pete-Clearwater-91.58
Vero-Beach Indian River-122.87
West Palm Beach metro-112.05
(Population Weighted-State Average=100
See national comparisons
Cost of living (100 = nationwide average)

* New York, NY -164.50
* Long Beach, CA -135.71
* Palo Alto, CA -234.42
* Boston, MA -127.60
* Malibu, CA -492.80
* San Francisco, -187.23
* Greenwich, CT 215
* Chicago, IL -126.45
* Dallas Tx -92,94
* Atlanta Ga -112.21
For more information about cost of living go to either
Sperlings best Places http://www.bestplaces.net/
or Accra's site at http://www.coli.org

A lower cost of living means you keep more of what you make. That mixed in with a great quality of life makes Orange County very appealing.
There is one thing you need to be aware of and that is the housing market has risen here significantly-so the housing cost will skew the CGI index.. Prices have gone up 30 to 40 percent in just the last year—there is some sign that things are slowing down but in comparison to other parts of the country (see below) and given the lifestyle here, is why the areas real Estate market is hot.
You can still find homes ranging from 200,00-300,000 (condos to single family)

Cost of living calculator-comparing salaries in Orlando vs other areas of the country
http://swz.salary.com/CostOfLivingWizard/layouthtmls/coll_metrodetail_127.html
Housing.

Minimum two bedroom single family homes in Sarasota
As of August 2005, the median sold price is $248,600.
New homes start at 240,000
Condo starting price is $200,000
Utilities.
Orange County http://www.orangecountyfl.net/cms/DEPT/utilities/default.htm

Water and sewer go to
City of Apopka
City of Orlando (OUC) - Water
City of Orlando - Sewer
City of Maitland
City of Winter Park
Electric
Orlando Utilities Commission (OUC)
Progress Energy
Natural Gas Companies:
TECO Peoples Gas
Telephone Companies:
BellSouth
Sprint
In conclusion, given Florida’s climate and Job opportunities and the outdoor recreation prospects, Miami can really make sense. Why not live in a vacation spot?

For specific Florida area cost of living index information, use the area drop down lists to the left

6 comments:

Richard Stabile Bergen County Real Estate said...

That is a very interesting study. I am not sure why New York doesn't come in higher. I guess because the assumsion is the income would be higher. However, it shows other than the wheather why people go to Florida.

Lakewood Ranch Real Estate said...

The cost of living is one of the best reasons to live in Florida...especially if you are moving from the Northeast. My grandmother just moved back to NY (not sure why) and all she does is complain about how expensive everything is...and how unfriendly everyone is...

commercial real estate said...

the cost of living there is much better than other states...

Anonymous said...

Living in Florida is fantastic. I have lived in the South my whole life, but have never experienced as much Southern hospitality as I have in the furthest part of the South. And it is so much more affordable than living up North! The only mistake I made in moving to Florida was moving in August, the hottest time of the year. Hauling boxes in and out of a truck was not fun. I recently made a local move and decided to hire professional movers instead . Best decision I could have made.

Ralph D Bredahl said...

Very interesting. I wonder where Phoenix comes in.

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