Tampa area claims lowest cost of living among major competing metros for first quarter 2018
June 4, 2018
Tampa Hillsborough Economic Development Corporation’s latest report indicates that the MSA’s cost of living is nearly 10 percent lower than the national average
TAMPA, Fla. – (June 4, 2018) – The cost of living in the Tampa metro area in the first quarter of 2018 is nearly 10 percent lower than the national average, according to the latest Cost of Living Index (COLI) report issued by the Tampa Hillsborough Economic Development Corporation (EDC). With a national average index of 100, Tampa’s COLI was 90.1.
“When it comes to affordability, the Tampa MSA remains a favorable to place to live compared to competing markets in Florida and across the country,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “While the Tampa housing market is strong, our area continues to have the lowest ranking in housing, which is a big selling point as Tampa companies look to attract talent or outside companies consider relocating to Tampa.”
Compared to other major markets measured in the report, Tampa had the lowest index in housing and the third lowest index in miscellaneous goods and services. Raleigh, N.C. has the second lowest overall cost of living in the state, at 91.2.
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. Tampa’s lowest score was in housing, where the area came in at 72.7.
Since 2011, the Tampa MSA has been at the top of the list for most affordable locations in the state of Florida. Compared to other Florida metro areas in the first quarter of 2018, Tampa has the second lowest cost of living index and the lowest index in housing.
For more information about the area’s Cost of Living scores, please visit the Tampa Hillsborough EDC’s Data Center: http://tampabayedc.com/quality-of-life/.
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 tampabayedc.com.