The MSA scored a cost of living index of 90.2; 9.8 percent lower than the national average
TAMPA, Fla. – (June 7, 2019) – The Tampa metro area scored a cost of living index of 90.2 during the first quarter of 2019 – a slight increase to the same quarter of the previous year (90.1). The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is 9.8 percent lower than the national average index of 100.
“While our cost of living slightly increased from this time last year, Tampa still remains one of the country’s most affordable places to live,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “In fact, the top three metro markets in terms of lowest overall cost of living among competing metros are located in Florida, which could be contributing factors to Florida’s high migration numbers from other states where the cost of living is significantly higher, like New York, Illinois, and Texas.”
Tampa’s housing index came in lower than both the major metro areas and the Florida metro areas at 78.7. At 86.2, Tampa’s utilities index was the lowest among Florida metros and third lowest among competitive major metro areas. Orlando, Fla. at 91.1 and Jacksonville, Fla. at 91.3 had the second and third lowest overall cost of living among competitive markets in the U.S., respectively.
The composite index score is based upon individual scores for items including groceries, housing, utilities, transportation, health care, and miscellaneous goods and services, which are all weighted differently.
For more information about the area’s Cost of Living scores, and the latest market data, please visit the Tampa Hillsborough EDC’s Market Intelligence section of its website: https://tampaedc.com/market-intelligence/.
About the Tampa Hillsborough Economic Development Corporation
The Tampa Hillsborough Economic Development Corporation is the lead designated economic development agency for Hillsborough County and the cities of Tampa, Plant City and Temple Terrace. A partnership between the public sector and private corporate investors, the EDC works to develop and sustain a thriving local economy through the attraction, retention and expansion of high-wage jobs and capital investment within targeted industry sectors, including Corporate Headquarters, Financial and Shared Services, Life Sciences, Defense and Security, and Manufacturing.
The Tampa Hillsborough Economic Development Corporation exists because of the generous support of over 100 corporations, Hillsborough County, and the cities of Tampa, Plant City and Temple Terrace. For more information, visit www.tampaedc.com.