Making the move to Orlando, FL? One of the best cities for jobs and known for its beautiful year-round weather, this central Florida city is an attractive choice for both prospective home buyers and renters. To figure out whether you should rent or buy a home in Orlando, start by asking yourself a few questions:
- How familiar are you with the Orlando area?
- How long do you plan on living in Orlando?
- Can you afford to buy or rent in your desired Orlando neighborhood?
Once you’re done considering these questions, you’re ready to take the next step in your search. Check out the reasons for buying vs. renting in Orlando below—and discover top Orlando neighborhoods for each option!
Reasons to Buy in Orlando
While owning a home is a significant commitment, it can be extremely rewarding for those who are ready to settle down in ORL for the long haul. From tax benefits to building equity, here are some advantages of buying a home in Orlando!
Strong Buyer’s Real Estate Market
With strong appreciation rates and a majority of homes selling for below asking price, Orlando’s housing market offers great opportunities for home buyers seeking a smart long-term investment. The real estate market in Orlando is considered balanced and approachable, and the city’s growing housing inventory is ideal for buyers. Not to mention, as one of the top cities for summer vacations due to tourist attractions like Walt Disney World and Universal Orlando Resort, Orlando is also one of the most profitable markets for Airbnbs—so it can be worthwhile to buy a home and rent it out for passive income.
Financial Assistance Opportunities & Tax Benefits
Though investing in Orlando real estate can be more costly upfront than renting, homeowners in Orlando can take advantage of various financial benefits to help offset these costs. For example, first-time home buyers in Orlando can apply for the city’s Down Payment Assistance Program, which provides financial aid for down payments and closing costs. Additionally, Florida residents who own their homes can take standard and itemized tax deductions to save money, or apply for the Homestead Exemption—which allows you to accumulate tax savings the longer you reside in your home.
Build Equity
Purchasing a home in Orlando is a great way to build equity. As you pay off your mortgage and the value of your home rises over time, the amount of equity you have can increase significantly. Accruing wealth through equity also offers you a crucial financial advantage when it comes time to sell your home down the line.
Settle Down
If you plan to live in Orlando long-term, buying a home allows you to establish roots and build community. Homeownership is ideal for those looking to settle down or raise a family, as it offers stability and can allow you to develop deep, lasting connections in your chosen neighborhood.
Ability to Customize Your Home
While renting a property in Orlando often comes with rules and restrictions surrounding paint colors and finishes, not having a landlord allows you to customize a home to fit your vision and needs perfectly. Whether you’re interested in increasing your home’s square footage, landscaping the yard, or simply adding some personal touches to your space, there are a variety of home improvement projects that homeowners can take advantage of.
Best Places to Buy a Home in Orlando
Here are some top Orlando neighborhoods to consider if you’re interested in buying a home!
| Neighborhood | Audubon Park | College Park | Lake Nona | Thornton Park |
| Median Home Price |
$265,850 | $355,638 | $365,200 | $398,850 |
| Owner Occupied Rate |
81.3% | 71.3% | 71.2% | 62.7% |
| Home Appreciation Rate |
27% | 12% | 9% | 27% |
| Safer than % of Orlando |
66% | 53% | 39% | 33% |
Audubon Park
- Home Price: $265,850 median purchase price
- Crime Rate: Safer than 66% of Orlando neighborhoods
Audubon Park is a safe, affordable Orlando neighborhood to buy a home. Here, you’ll find updated Mid-Century Modern and single-family homes along tree-lined streets, many of which offer stunning views of the neighborhood’s three lakes—Druid Lake, Lake Shannon, and Lake Cay Dee. While parents appreciate close proximity to the top-rated Audubon Park School, residents of all ages enjoy easy access to the area’s many coffee shops, restaurants, and other amenities.
College Park
- Home Price: $355,638 median purchase price
- Crime Rate: Safer than 53% of Orlando neighborhoods
Less than a ten-minute drive from the Central Business District, College Park is a sought-after Orlando neighborhood for young professionals seeking laid-back living. The area borders Lake Ivanhoe Park and is home to Dubsdread Golf Course, which also attracts outdoor recreation enthusiasts. When it comes to College Park real estate, residents have plenty of options to choose from—including bungalows, cottages, and Spanish Mediterranean-style homes.
Lake Nona
- Home Price: $365,200 median purchase price
- Crime Rate: Safer than 39% of Orlando neighborhoods
With housing options ranging from single-family homes to townhomes, Lake Nona is a master-planned community that has something for everyone—including over 40 miles of trails, an active town center with entertainment hubs like Boxi Park, and fun community events. Known for its proximity to Lake Nona Medical City, medical professionals can find employment at Nemours Children’s Hospital, the Orlando VA Medical Center, and UCF Lake Nona Hospital. And being located right next to the Orlando International Airport, this neighborhood is perfect for frequent travelers!
Thornton Park
- Home Price: $398,850 median purchase price
- Crime Rate: Safer than 33% of Orlando neighborhoods
If a neighborhood with historic charm is what you’re after, look no further than Thornton Park! A convenient, centrally-located area, Thornton Park boasts charming bungalow homes with large oak trees along cobblestone streets. With a high walk and bike score, residents can easily access the variety of local cafes, bars, and boutiques scattered throughout the area. This Orlando neighborhood is also known for its artsy vibe, offering regular events like the TPD Night Market to help you connect with the community.
Reasons to Rent in Orlando
If you’re not ready to become a homeowner just yet, renting in Orlando offers various benefits, including the flexibility to try out different neighborhoods, lower upfront costs, and more. Below are some perks of renting a home in the Orlando area!
Increasing Real Estate Prices
While Orlando currently has a fairly balanced market, Orlando’s housing market has seen prices increase by nearly 10% over the last decade—in fact, the median home price is now more than 40% higher than the national average. Because Orlando’s real estate market is still considered somewhat competitive, this means that some home buyers may have to adjust their budget to find a home that meets their needs. Not to mention, Florida is the most expensive state for homeowners insurance, which raises the cost of buying a home even more. Renting rather than buying can help you avoid these steep costs—a choice that more than 60% of Orlando residents opt for.
Lower Upfront Costs
Renting a home, apartment, or condo in Orlando is typically less expensive upfront compared to purchasing real estate. While renters are typically only responsible for paying a security deposit, the first month’s rent, and an application fee, those buying a house must also make a down payment and pay closing costs—making for much higher upfront costs overall.
Fewer Maintenance Responsibilities
When you choose to rent in Orlando, you’ll likely you’ll have fewer maintenance responsibilities. Usually, landlords are in charge of taking care and covering the associated costs of major repairs—as well as upkeep tasks like mowing and post-hurricane property remediation or repairs. This gives renters less to worry about and helps keep more money in their pockets.
Access to Top Amenities
Gaining access to a variety of great amenities and features—such as a pool, hot tub, gym, dog park, grilling stations, and more—is one of the top perks of renting in Orlando. As a renter, not only can you take full advantage of these amenities, but you can enjoy them without having to maintain or fund them.
Flexibility to Explore the City
If you’re new to Orlando, renting may be a better option for you as it gives you more geographic flexibility. With so many neighborhoods to choose from, you may not know where you want to settle down permanently—short leases make it easier to change locations as you get more familiar with the city. Additionally, if you expect to move to a new city in a few years, renting can be a smarter, more affordable choice.
Best Places to Rent a Home in Orlando
Consider these top Orlando neighborhoods for renters!
| Neighborhood | Baldwin Park | Central Business District |
MetroWest | Milk District |
| Median Monthly Rent |
$1,870 | $1,524 | $1,346 | $1,153 |
| Renter Occupied Rate |
59.1% | 71.3% | 78.6% | 68.5% |
| Safer than % of Orlando |
74% | 55% | 50% | 15% |
Baldwin Park
- Home Price: $1,870 median monthly rent
- Crime Rate: Safer than 74% of Orlando neighborhoods
On the hunt for an Orlando rental property in a neighborhood with small-town vibes? Check out the neighborhood of Baldwin Park! This tranquil, suburban-like area offers an array of Colonial homes, townhomes, and apartments surrounded by lush greenery. Known for highly-rated schools like Baldwin Park Elementary School, this neighborhood is an excellent area for families in Orlando looking to rent a home. Plus, residents will find no shortage of fun things to do—from fun community activities to green spaces like Lake Baldwin Park and Blue Jacket Park.
Central Business District
- Home Price: $1,524 median monthly rent
- Crime Rate: Safer than 55% of Orlando neighborhoods
Young professionals who love the hustle and bustle should consider rentals in the Central Business District! This area has apartments for rent with amazing views of Downtown Orlando, as well as quick access to top jobs in technology, hospitality, and retail industries. CBD residents will find all kinds of eateries and pubs, nightlife opportunities, and some of the best things to do in Orlando in this area—including musical performances at the Dr. Phillips Center for the Performing Arts, sporting events at the Kia Center, and more!
MetroWest
- Home Price: $1,346 median monthly rent
- Crime Rate: Safer than 50% of Orlando neighborhoods
If you’re ready to rent an apartment in Orlando, MetroWest might be the neighborhood for you! Home to Valencia College West Campus, MetroWest is filled with apartments and condos—perfect for students or those seeking a place to rent with top amenities. This Orlando neighborhood is known for its community atmosphere, offering fun outdoor recreation opportunities at Bill Frederick Park at Turkey Lake, quaint cafes and restaurants, and more. Plus, being located near Florida’s Turnpike and FL-435, MetroWest provides residents with easy access to the rest of the city!
Milk District
- Home Price: $1,153 median monthly rent
- Crime Rate: Safer than 15% of Orlando neighborhoods
Earning its name from being the site of the historic T.G. Lee Dairy farm—a central landmark of the area since 1925—the Milk District (formerly East Central Park) is an eclectic, bike-friendly neighborhood located east of Downtown Orlando. Offering modern apartments and cozy townhouses for rent, its streets are lined with murals and unique local coffee shops, restaurants, and laid-back nightlife spots. And with green spaces like Festival Park—which also includes the Orlando Skate Park—there are plenty of ways for Milk District renters to enjoy the outdoors!
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The team at Extra Space Storage understand that moving to a new city can be stressful, which is why we’ve created our Best Places to Live selections to help make the process easier. We’ve done the research for you —considering factors like cost of living, job market, local attractions, and education —to provide a well-rounded and accurate view of each metro area. Check out our methodology page today to learn more about how we select the best places to live.
Neighborhood statistics from AreaVibes
