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Why it’s cheaper to buy real estate and live in Florida

18th December 2014 Print

Florida not only has an unbeatable lifestyle, the cost of living over the United Kingdom and many other countries is also much lower – particularly when you take into account buying or renting real estate.

When comparing apartment prices in the centre of Orlando, Florida, to London, UK, prices per square foot are a massive 14 times cheaper, says a top data website.

In the centre of London, UK, apartments cost around £9,246.67 per square metre and in Orlando just £652.79, according to November 2014 calculations on that are up-to-date at time of writing.

Outside the city centre, Orlando apartments are still eight times cheaper, with London values estimated at £4,885.46 and Orlando properties at £641.96 per square metre.

Florida real estate expert, Garrett Kenny, Chief Executive Officer of developer and agent, Feltrim Group, says many top-class properties can still be bought for under $100,000 and some for half that amount.

“Just looking at the properties available through the C21 Team Feltrim agency and our overseas property website, Feltrim International, there’s a great choice of real estate for investors, holiday home buyers and retirees.

“Those who are selling houses in London, where prices have risen very strongly over the past few years, and buying in Orlando, should not only enjoy handsome returns, but the advantage of a lower cost of living in Florida, combined with a superb lifestyle – and sunshine!”

But it’s not just property that costs less in Florida. Overall, it is much cheaper to live in Orlando than London and you would need around £2,386 in Florida to have the same lifestyle as spending £4,100 in London, assuming you rent in both, says Numbeo.

Orlando comes out as providing value-for-money on all the measures listed:

Consumer prices in Orlando are 28.51% lower than in London
Consumer prices, including rent in Orlando are 41.80% lower than in London
Rent prices in Orlando are 59.78% lower than in London
Restaurant prices in Orlando are 35.69% lower than in London
Groceries prices in Orlando are 6.46% lower than in London
Local purchasing power in Orlando is 68.36% higher than in London

Transport costs in Florida is universally cheaper, with petrol/gas costing 58p a litre in Orlando compared with £1.38 in London, a new Golf 1.4 Trendline car, or equivalent more than £3,000 cheaper in Florida at £13,081 and a monthly local transport ticket just £31.90 compared with £130 in London,

Clothing is also less expensive in the United States, with a pair of Levi jeans, or similar, at £19.60 in Florida at £60.68 in London.

Some food – ironically, including oranges – cost more in Orlando – but the overall grocery bill in Florida is still lower. In the same w the monthly internet bill is more at £34.74 in Florida compared with £19.48 in London.

Average disposable salaries after tax and mortgage interest rates are similar.

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Florida real estate