Affordable Single-Family New Homes in Orlando
Affordable New Homes in Orlando: A Smart Homebuyer's Guide
With over 300 days of sunshine per year, world-famous theme parks, and plentiful opportunities for outdoor recreation, shopping and dining – it's without any doubt that Orlando is one of the best places to live in Florida.
But with such desirability, it won't surprise you to learn that Orlando is home to a red-hot housing market that has grown for over a decade. With the current median home sale price hovering around $400,000, many are finding their dream of owning a home in The City Beautiful.
But take heart. With smart planning and savvy decision-making, you can make your homeownership dreams a reality, even on a budget. This guide will explore practical strategies tailored for Orlando's market to help wise buyers secure an affordable single-family new home in Orlando.
Understanding "Affordable" in the Orlando Market
What does "affordable" mean when buying a home in Orlando? According to Payscale, while housing costs are approximately 5% higher than the national average, Orlando offers savings in critical areas like groceries, utilities, transportation, taxes and healthcare. So you can stretch your budget further.
In recent years, Orlando has seen home prices explode. Median home sale prices have skyrocketed from $184,000 in mid-2016 to $382,000 in mid-2024, doubling in less than a decade and significantly outpacing national trends.
Figures like these have led many homebuyers to believe owning a home in Orlando has become an unattainable goal. However, there is still plenty of value in Orlando's housing market. With some informed choices surrounding factors such as location and the type of home you decide to buy, you can find plenty of affordable options for young professionals and families.
Strategies for Finding Your Affordable Single-Family Dream Home
Despite Orlando's overall housing trends, plenty of affordable homes are available that do not require substantial financial sacrifices. If you make budget-friendly choices about the location, opt for new construction over resale and explore financial assistance programs that may be available, you can secure your dream home comfortably within your budget.
Location, Location, Location
The old real estate adage rings especially true in Orlando. Heading a few extra miles from downtown or the parks can mean major savings. So it's wise to start your property search a little distance out from the center of Orlando. Look at neighborhoods North of Lake Monroe or head south on the I-4 to just past the theme parks.
Here, you'll find plenty of affordable single-family homes in Orlando. The good news is there's not much of a trade-off either. While you might have a slightly longer commute, you'll have much faster access to amenities and outdoor recreation opportunities around Orlando's many lakes. Of course, you also remain a stone's throw from the world-class entertainment offered at Universal Studios and Walt Disney World Resort.
You can expect to save more than 30% off the city average on your chosen home. Prices for three-bedroom, two-bathroom homes with double-car garages start at $318,900.
New Construction Advantages
You might think that the way to secure a home in a desirable Orlando zip code is to pare down expectations and purchase an existing home needing renovations. But buying a "fixer-upper" can lead to considerable financial mistakes. While the initial purchase price might be lower, there will likely be endless renovations in the pipeline as all aspects of the home reach the end of their usable life. Unless you're an experienced real estate professional and contractor, you may wait years for renovations and lose thousands.
By contrast, purchasing a new construction home in the suburbs of Orlando delivers multiple benefits, including:
- Built to current code: New homes meet today's stringent safety and energy standards. That means higher quality materials with better insulation performance against the Florida heat and energy-efficient appliances to lower utility bills.
- Upgraded finishes: Enjoy designer finishes with granite countertops, high-end cabinetry, and premium flooring manufactured to last. Better still, LGI Homes includes these upgraded features at no extra cost, so you're not stuck with the previous owner's questionable choices.
- Warranties: Reputable home builders provide a minimum one-year warranty covering workmanship defects, with further . By contrast, resale homes are sold ''as is'' once inspection contingencies expire. If you encounter any nasty surprises down the road, you're left to deal with it.
- Low-maintenance: Forget replacing the leaky roof or antiquated HVAC. With new construction, everything from the roof to the foundation comes fresh and under warranty.
Financial Savviness
Getting financially savvy is half the battle in securing a home that checks all the boxes within budget. That means getting clear on what you can afford, exploring any assistance programs you may qualify for and securing mortgage pre-approval before placing an offer.
- Prepare your financials: Clean up your credit file and pay down any debts hurting your DTI ratio. Then, create a budget that includes all possible fees for your home purchase, including closing costs, home inspections, HOA fees and moving expenses.
- Look into Assistance Programs: If you're a first-time buyer, you may be eligible for one or several financial aid programs, including the City of Orlando's Down Payment Assistance Program, Orange County's downpayment assistance program or the Florida Housing FL Assist Program. Each can give you $10,000 or more towards your new home.
- Secure Mortgage Pre-Approval: Work with lenders to get pre-approved for a mortgage and any associated financial assistance. It doesn't just show sellers you're serious; it gives you firm guardrails for your home search (preventing over-stretching) and speeds up the process after offer acceptance. If you plan on purchasing a new home, check with the homebuilder; they may have a preferred lender they work with. Buyers can move in at select LGI communities in Orlando with no down payment required.
Discover LGI Homes Communities in Orlando
LGI Homes offers several stunning new construction neighborhoods across the Orlando metro. These communities showcase the LGI Homes difference: exceptional amenities, upgrades included and a streamlined homebuying process. LGI homes in Orlando start from $277,900.
For instance, LGI Homes' Sol Vista community provides resort-style amenities like a pool, splash pad, sports fields, and playgrounds. Homes here and at other LGI communities include the CompleteHome™ package, which offers high-end upgrades like professional front-yard landscaping, vinyl flooring, chef-ready kitchens, Moen® faucets with PowerClean™, stainless-steel Whirlpool® appliances, integrated technology, double-pane Low-E windows and more.
Additionally, eligible homebuyers can take advantage of builder-paid closing costs and no down payment options on select homes – making purchasing a quality new construction home in Orlando even more attainable.
Schedule a Tour of Orlando's Most Affordable Communities
If this guide has shown anything, the dream of affordable homeownership in Orlando is still alive. Savvy buyers willing to make certain trade-offs and leverage the value of new construction homes can readily find quality homes meeting their budget.
LGI Homes offers several communities in Orlando and throughout Florida that showcase these smart buying principles in action.
You can browse floor plans online for neighborhoods such as Marion Oaks, Sol Vista, Reunion Village, Gum Lake Preserve, and more.
Then, schedule a tour with one of LGI Homes' knowledgeable New Home Consultants. They'll showcase available inventory and pricing and detail any current incentives that can sweeten the deal even further.
Take that first step, and you'll quickly discover Orlando still has attractive, fully upgraded new homes that families can realistically afford.