Tampa area’s cost of living remains below the national average and most competitive markets
November 19, 2021
The MSA scored the second lowest cost of living index when compared with competitive markets
The Tampa metro area scored a cost of living index of 94.0 during the third quarter of 2021 – six points lower than the national average – according to the latest Cost of Living Index (COLI) report by C2ER Council for Community and Economic Research. The index came in more than two points lower than the same quarter last year.
Compared to Tampa’s competitive markets, Tampa has the second lowest cost of living index behind Raleigh. Tampa has the lowest index in miscellaneous goods and services at 93.7 followed by Raleigh at 95.1 and Phoenix at 95.7. Miscellaneous goods and services cover a wide range of categories of consumer spending on goods and services, including food away from home, personal care, apparel, household operations, and entertainment.
Compared to other Florida markets, Tampa had the second lowest index behind Ocala, followed by Jacksonville. Tampa ranked third in transportation and miscellaneous goods and services. Of the Florida markets measured in the grocery items category, only three had an index lower than the national average. Food prices continue to climb amid a shortage in workers adding a ripple effect to the ongoing supply chain disruptions.
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. Miscellaneous goods and services cover a wide range of categories of consumer spending on goods and services, including food away from home, personal care, apparel, household operations, and entertainment.
For more information about the area’s Cost of Living scores, and other data points, please visit the Tampa Bay EDC’s market intelligence center: https://tampabayedc.com/market-intelligence/.