Is Florida Orlando a good place to start house hacking?

[Vladislav Bobkov]

Hello BP community,

I am excited to share that my spouse has secured a job in Orlando, FL, and we are considering obtaining a conventional loan for a 2/2 single-family home or condo instead of renting, with the intention of house hacking. The job is temporary for 12 months, with the possibility of an extension, making it an ideal opportunity to get into a residential property, live in it, and house hack while working. My spouse starts her job in April 2024 and I would be joining her soon after, we are both looking forward to this new chapter.

However, I have concerns about the current homeowner's situation in Florida. I have heard unsettling stories about home insurance costs doubling or even tripling for single and small multifamily houses in certain parts of Florida. While I have yet to speak with local agents, I have noticed a significant increase in the housing supply in Orlando and its surrounding areas on public MLS. There are numerous units for sale within the same apartment and condominium communities, as well as motel/hotel complexes. This trend seems to indicate something more than just the presence of hurricane hazards.

Since we are currently in Louisiana and have not had the opportunity to explore Orlando in person, I'm turning to the BP forum for your insights.

Any advice would be greatly appreciated. Thank you all.