Tampa area continues to claim lowest cost of living compared to other major metro areas
November 5, 2018
The MSA scored a cost of living index of 89.6; Two percent lower than quarter three of 2017 and 10 percent lower than the national average
TAMPA, Fla. – (November 5, 2018) – The Tampa metro area scored a cost of living index of 89.6 during the third quarter of 2018 – 2.1 percent lower than the same quarter of the previous year. The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is 10.4 percent lower than the national average index of 100.
“Once again Tampa’s Cost of Living is well below the national average,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “Most notably, the Tampa area ranks lowest in the state in both housing and utilities, arguably the biggest contributors to one’s living expenses. These favorable rankings bode well for our market as we compete for top talent and high-wage jobs.”
Tampa’s housing index came in lower than both the major metro areas and the Florida metro areas at 71.5. Tampa also had the lowest index in Utilities at 85.7 among the Florida metros. Jacksonville, Fla. at 91.1 and Raleigh, N.C. at 91.8, had the second and third lowest overall cost of living 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, 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.