CONFIRMED: Orlando Is One Of The Most Expensive Cities In The Country

Orlando is pretty famous in the United States! It’s the home to Walt Disney World and Universal Orlando, making it one of the most popular tourist destinations in the world.

Because of the theme park popularity, lots of people talk about moving to Orlando to be right in the middle of the fun. While it might sound like a dream come true, there are some harsh realities to living in Orlando, and financial experts are weighing in. 

Once again, financial experts have confirmed that Orlando ranks low when it comes to the most affordable cities in the United States. WalletHub did its annual breakdown of different cities across the country, and it ranked 180 cities based on how affordable they were.

The scoring compares median annual gross rent with the median household income in each location to determine a score out of 100. The number one city when it comes to affordability is Bismarck, North Dakota, who recieved a score of 100! Sadly for Orlando, Florida, it ranked 175th out of 180. That’s tough!

Orlando’s overall score was 25.93 out of 100. The city’s median annual gross rent as a percentage of median annual household income was 28.98%. For reference, Bismarck’s percentage was 15.29%.

According to Chip Lupo, WalletHub writer and analyst, “In the most affordable cities for renters, the median cost of rent is as low as 15% of the median income, compared to nearly 34% in the most expensive cities. This gives people in the least expensive cities a clear financial advantage; the money they save on rent could go toward their emergency fund or savings for future home ownership.”

It seems like Florida cities didn’t do well overall in the ranking. Miami, FL, ranked lowest in the 182nd spot with a score of 0 and an overall percentage of 33.77%. Tampa, FL, ranked 159th with a score of 36.41 and an overall percentage of 27.04%.

Over the past 10 years, rental costs have increased by more than 50%, but wages have not grown at that rate. This had led to a greater difficulty in affording rent and house payments. Orlando has consistently ranked low in affordable cities for several years now, so this isn’t a huge surprise.

Disney is actually working to help negate this problem in Orlando. For several years, Disney has been working on an attainable housing initiative, which Disney says is to “address the critical need for affordable housing.”

Nearly 1,000 of the developed units in the proposed plans will be dedicated to affordable housing. It will be open to qualifying applicants based on their income range. Information on how to apply for those who qualify will be shared by The Michaels Organization, which Disney is working with, when it becomes available. Disney has shared that the development is not government-funded and Disney will not benefit financially from the development.

The project was originally announced in 2023 with the goal of beginning work in 2025. The latest permit connected to the development will not expire until January 23rd, 2031. While we love Orlando, we don’t love how much it costs to live there! Be sure to keep following AllEars for more Disney and Orlando news, updates, and more.

Disney World’s Attainable Housing Community Gets Major Permit Approval

 

Do you live in Orlando? Tell us your thoughts in the comments!