The MSA scored a cost of living index of 90.9 for 2019, nine points lower than the national average
TAMPA, Fla. – (January 31, 2020) – According to the annual Cost of Living Index (COLI) report, the Tampa metro area is one of the most affordable metros in the United States with a 2019 average annual index of 90.9. At nine points lower than the national average, the Tampa market ranked #1 among other competitive markets like Charlotte, Nashville and Atlanta. Among metros within the state of Florida, Tampa ranked #2, just slightly behind Daytona Beach, which has a cost of living of 89.9.
“While our Cost of Living increased a small amount year-over-year, the Tampa area continues to be more affordable than competing metros in Florida and other states,” said Robin DiSalvo, marketing research analyst for the Tampa Bay EDC and author of the report. “Tampa scored well in several of the indices we compared, including housing, utilities and miscellaneous goods and services. This overall affordability makes Tampa an extremely attractive place to our corporate recruitment targets and the talent we are encouraging to relocate here.”
At 78.3, and 21.7 percent lower than the national average, Tampa’s housing index came in lowest among competing markets. The area’s utilities index at 86.0 and the miscellaneous goods and services index at 93.6, both ranked third among competing metros.
Among our competitive markets, Jacksonville, Fla. at 91.3, and Orlando at 91.8 had the second and third lowest overall cost of living in the U.S., respectively.
When measuring metro areas in the state of Florida, Tampa had the second overall lowest of living. It scored lowest on the utilities index, second lowest on housing, and third lowest on the miscellaneous goods and services. Miscellaneous goods and services cover a wide range of categories of consumer spending on goods and services, including food away from home, personal care, apparel, household operations, and entertainment.
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 other data points, please visit the Tampa Bay EDC’s market intelligence center: https://tampabayedc.com/market-intelligence/.
About the Tampa Bay Economic Development Council
The Tampa Bay Economic Development Council is the lead designated economic development agency for Hillsborough County and the cities of Tampa, Plant City and Temple Terrace. Established in 2009 as 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 Professional Services, Information Technology, Life Sciences, Defense and Security, Distribution and Logistics, and Manufacturing. The EDC exists because of the generous support of more than 100 corporations, Hillsborough County, and the cities of Tampa, Plant City and Temple Terrace.