The Tampa metro area scored a cost of living index of 93.5 during the first quarter of 2020, according to the latest Cost of Living Index (COLI) report. At 6.5% lower than the national average, the Tampa market ranked among the lowest costs of living compared to competitive markets. Tampa ranked third behind Jacksonville and Orlando, respectively.
“While our Cost of Living has increased from the same time a year ago, the Tampa area continues to be more affordable than many of our competing metro areas, several of which hover above the national average,” said Robin DiSalvo, marketing research analyst for the Tampa Bay EDC and author of the report. “Tampa’s overall affordability continues to attract new residents and talent from other markets, as we’re seeing from the latest net migration report, which places Hillsborough County second among Florida counties.”
The main contributor to Tampa’s low index is housing. At 81.4, and 18.6% lower than the national average, Tampa’s housing index came in lowest among competing markets.
Compared to metro areas in the state of Florida, Tampa still claims the third lowest overall cost of living and ranks third lowest in housing, grocery items and utilities.
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. 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.
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.