Yes, Orlando is low cost of living in much of the city beautiful. The Orlando cost of living is greatly influenced by housing costs and since the median household income is about the national average for major cities much of the city has parts with a lower cost of living. keep in mind there are very expensive areas in the Greater Orlando Metropolitan Area.
Orlando as a whole has a greater cost of living. In fact from 3% to 5% higher than the national average. That number is not really that accurate. If you compare Orlando to other cities this size it levels out. Rural areas nationwide are of course lower than metropolitan areas.
One area which Orlando Florida shines brighter by the day is the ability to use public transportation. Recently the Brightline or high speed train was completed connecting Orlando Florida to Miami and that will eventually expand as demand for it is high. There are busses, electric scooters and bikes as well in downtown Orlando keeping transportation costs lower.
The average salary in Orlando is around $58,000. Walt Disney World and Universal Studios are larger employers and the theme parks in general have a lot of art time seasonal employees. Living in Orlando FL can be expensive for those part time workers so usually multiple of them will share rental cost and they may not even have their own vehicle. Parts of southern Orlando monthly rent cost below the state average for housing costs. One perk is there is no state income tax which helps offset the Florida utilities and electric bills being so high in the summer.
Groceries are always hard to budget but we all need food. Thankfully Publix and many other groceries providers are around every corner waiting for you to spend your money there. Prices at these stores are fairly predictable. The real estate market is slowing and overall cost of living seems to be increasing still. Eventually they will level out and we will see where Orlando's cost of living settles in for the long term.