Tampa area claims lowest cost of living since the Tampa Hillsborough Economic Development Corporation started tracking in 2000
September 10, 2018
The MSA scored a cost of living index of 88.3; nearly 12 percent lower than the national average
TAMPA, Fla. – (September 6, 2018) – The Tampa metro area scored a cost of living index of 88.3 during the second quarter of 2018 – the lowest score ever since the Tampa Hillsborough Economic Development Corporation started tracking it in 2000. The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is nearly 12 percent lower than the national average index of 100.
“Not only does the Tampa market provide an excellent quality of life, but once again it proves to be one of the most cost-friendly places to live compared to competing markets throughout Florida and across the country,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “Tampa had the lowest housing index and utility index among Florida metros, which really sets us apart when attracting top talent and outside companies to the area.”
Compared to other major U.S. markets measured in the report, Tampa had the lowest index in housing and the second lowest index in both utilities and miscellaneous goods and services. Raleigh, N.C. and Jacksonville, Fla. tied for the second lowest overall cost of living in the U.S. at 91.7.
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 71.1.
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 second 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.