Family Budget in Orlando (Winter Park, Casselberry: mortgage, credit, hardwood floor)

[pianogal]

Another poster asked me to give an example of what it would take for a family of 4 to live in Orlando. The parameters were renters, frugal (although I took liberties here, it would be easy to cut back on several items), a 350 car payment and 5K in credit card debt.

Below is what I came up with. I did this in between some holiday activities so hopefully I haven't overlooked anything. The apartment complex is definitely on the high side. You could easily spend $400.00 LESS a month and live in a decent but modest apartment. I chose this apartment because I know it well, and if I were picking an apartment for me - it would be in the top tier. Although it is listed as a Casselberry address it is only a few blocks from my old home in Winter Park and is in a great area.

I did not include health insurance as that is covered by our employers nor did I include retirement or any other kind of savings as that can vary widely. The other estimates are pretty close to what we pay as we are also a family of 4 - the big difference being electricity because our home is 3200 sq. ft. and water. In all the apartments I have lived in water has been included in the rent.

If this family wanted to purchase a home - the top tier costs would change to reflect mortgage in lieu of rent, water ($50-$80) and garbage pickup ($11-$14). There are a number of nice neighborhoods in Orlando where you can find a 3/2 for 200 - 275K. The low end for older homes and the top end for newer homes. In fact on realtor dot com right now is a home in my old subdivision in Winter Park that is a 3/2 1400 square feet with a double car garage and screened pool built in 1962. It is in Seminole County with all A schools for $204,900. The MLS if you want to look at it is: 04733024. (I hope I didn't break any rules). It is not a fancy house, but this is a great neighborhood. Most of the residents have lived here for years. Although I love my new home, sometimes I wish I could set it back into my old neighborhood.

Anyway here it is:

The Harbor at Lake Howell
2 Bed 2 Bath $1075 1140 square feet
3 Bed 2 Bath $1280 1330 square feet

Move in Special – 6 weeks free rent
Open your apartment home to our community's many pleasures. A white sandy beach. A 650-acre lake. Winding wooded walkways and the lakes only boat access. And a spectacular clubhouse with hardwood floors--a perfect setting for our many social gatherings. The Harbor at Lake Howell's one, two, and three-bedroom apartments feature screened patios and balconies to help you enjoy all the outdoors has to offer. Along with the lake as a centerpiece, you can enjoy two refreshing pools, unwind in a heated spa, practice your backhand on a lighted tennis court, and be a part of the team in sand volleyball. You'll also enjoy an exclusive boat ramp, with boat storage available, as well as a fitness center to keep you in tune.

(This is the place I would live if I didn’t own my home. It is on a lake a few blocks from my old house in Winter Park)

Here’s our budget:

1300.00 rent
200.00 electricity
I did not add a cost for water as it is included in apartment rental.

100.00 Cell Phones (4 on the family plan)
30.00 Home phone with Bell South and .25 per min. long distance
100.00 Bright House High Speed Internet and Digital Cable

350.00 Car Payment
200.00 Gas for 2 cars (DH and I use this but we drive a lot - it may be less)
100.00 Car Maintenance
125.00 Car Ins. (2 cars State Farm – 1 new car, 1 older – adult drivers)

600.00 Groceries
200.00 Toiletries, drugs, etc./med. copays

200.00 Payment on 5K credit cards (although I’d pay a lot more if possible)

400.00 Misc./clothes/gifts/eating out, etc.
50.00 Basic Life Ins.

3955.00 or 4K a month or 48,000.00 a year

Did I forget anything?

[sunrico90]

Excellent presentation, lots of expecific info that will benefit individuals relocating in the area. The Harbor at Lake Howell sounds like a very nice place. I will imagine that schools are located not too far from the apartments.

I did not see a "savings plan", but they can readjust and place a bit for savings.

Using the $4K a family of four, both adults working they can easily make ends meet in Orlando. I would say if both adult individuals are making at least $11.00 per hour that will generate $22,880 x 2 = $45,760.00.

I found 106 pages of open jobs in Orlando, so I imagine that $11 to $15 per hour jobs are available. I got to say that if a person perform serious research finding a job beforehand and can secure at least a cheaper apartment, they can make it in Orlando.

Again, superb presentation...

[pianogal]

Absolutely. The schools for this apartment are close and are the ones my son attended - all A schools in Seminole County. However, there are numerous other apartments in the same area which can be rented for much less - around $800 - 900 - especially if the children can share a bedroom.

I didn't put in $ for savings, health ins. or retirement - so that would need to be accommodated. However, there is about $500.00 misc. money budgeted that a very frugal family who didn't eat out alot, etc. could cut back as well.

Also, info on apartments came from Rent.com.

Thanks for the question and the compliment!

[vpcats]

$48K, give or take, for a family of 4 doesn't sound too bad and I think Pianogal's budget included a lot of stuff that could be reduced if times were hard or the family is still starting out and not making too much income.
But this was for renters. What happens if you are a homeowner with all the maintenance expenses and the now infamous homeowner's insurance? Was that on another thread and I missed it? I think this scenario would add substantially to the minimum budget numbers depending on type of mortgage, interest rate, insurance, etc.

[Nomoresubways]

Just trying to clarify as far as combined income necessary for Pianogal's budget. You have to accomodate for federal income tax still right? I would think that would bump up the combined annual income up to around 55-58k to afford this scenario.

[mbmouse]

To answer that I would say you need to make sure the year figure about was Net instead of Gross as everyone has different filling statuses, dependents etc.
But not the less....GREAT POST!!! I am so happy to see positive, informative posts on the Fl forum, as a moderator, it is so draining to see so much negative, Again, I am so happy to see this post, Thank you.!

[Nomoresubways]

Those look like post-tax figures from Pianogal. You'd have to net at least the $48k to make that work. Definitely seems feasible for anyone in that general range of salary. Very nicely done Pianogal!

[sunrico90]

This post does provide a good template for anyone that is researching the market to relocate to Orlando. I both parents are working, they should be able to reach the threashold of $45K plus. The budget is adjustable and should be able to sustain the family.

Please remember that each family financial needs will be unique and for some adjustments must take place. Is great to read a post that provides light to a concern that was always in the dark....

[Jammie]

Pianogal, you did a great job!! Thank you for taking the time to give us a well thought out and informative post.