Tampa area continues to claim lowest cost of living compared to other major metro areas
June 7, 2019
The Tampa metro area scored a cost of living index of 89.7 during the first quarter of 2019 – a slight decrease to the same quarter of the previous year (90.1). The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is 10.3 percent lower than the national average index of 100.
“Our cost of living, along with other Florida metros, slightly decreased from this time last year, proving once again that Tampa is one of the country’s most affordable places to live,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “In fact, the top three metro markets in terms of lowest overall cost of living among competing metros are located in Florida, which could be contributing factors to Florida’s high migration numbers from other states where the cost of living is significantly higher, like New York, Illinois, and Texas.”
Tampa’s housing index came in lower than both the major metro areas and the Florida metro areas at 78.0. At 85.7, Tampa’s utilities index was the lowest among Florida metros and tied with Atlanta for the second lowest among competitive major metro areas. Orlando, Fla. and Jacksonville, Fla., both at 90.9, tied for the second lowest overall cost of living among competitive markets in the U.S.
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 the latest market data, please visit the Tampa Hillsborough EDC’s Market Intelligence section of its website: https://tampabayedc.com/market-intelligence/.