Tampa area remains one of the most affordable metro areas for the third quarter of 2019
November 19, 2019
The MSA scored a cost of living index of 90.7; 9.3 percent lower than the national average
The Tampa metro area scored a cost of living index of 90.7 during the third quarter of 2019 – a slight decrease from the second quarter of 2019, which was 90.9. The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is 9.3 percent lower than the national average index of 100.
“Florida remains one of the country’s most affordable and attractive places to live, with the top three spots on the index going to Florida metros,” said Robin DiSalvo, marketing research analyst for the Tampa Bay Economic Development Council and author of the report. “Tampa’s housing index scores lowest among other major metros across the country, a factor that contributes to our competitiveness when recruiting new companies and talent to the area.”
The Tampa MSA’s housing index, at 74.5, continues to be the leading index contributing to its low cost of living. Compared to other competitive markets such as Nashville, Charlotte, Atlanta and Dallas, Tampa had the lowest index in housing and third lowest in utilities. Overall, the Tampa metro area was slightly edged out of the top spot for lowest overall cost of living with Orlando and Jacksonville both scoring an index of 90.6, compared to Tampa’s 90.7.
The Cost of Living Index (COLI) measures relative price levels for consumer goods and services for participating areas. The average for all participating places, both metropolitan and nonmetropolitan, equals 100, and each participant’s index is read as a percentage of the average for all places. 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 Bay EDC’s Market Intelligence section of its website: https://tampabayedc.com/market-intelligence/