Tampa area’s cost of living remains below the national average
June 7, 2021
The MSA scored a cost of living index of 96.3 in first quarter 2021, nearly four points lower than the national average
TAMPA, Fla. – (June 7, 2021) – The Tampa metro area scored a cost of living index of 96.3 during the first quarter of 2021, according to the latest Cost of Living Index (COLI) report. While a couple points higher than the same quarter last year, the latest index is slightly lower than Q3 and Q4 of 2020, which both measured at 96.6, and the Tampa market continues to come in lower than the national average.
“The Tampa area continues to be more affordable than many of our competing metro areas, and certainly the major markets like New York and Chicago from which we routinely attract new residents and talent,” said Robin DiSalvo, market research analyst for the Tampa Bay EDC and author of the report. “Tampa’s housing index, no doubt one’s biggest expense, still scores very low. Coupled with our low taxes and high quality of life, it’s easy to see why Tampa ranks one of the best cities to live.”
The main contributor to Tampa’s low index is housing. At 85.9, and 14.1% lower than the national average, Tampa’s housing index came in second lowest among competing markets, just behind Charlotte at 85.2. Tampa also ranked third lowest in miscellaneous goods and services at 97.5, following Jacksonville and Charlotte, both at 94.0.
Compared to metro areas in the state of Florida, Tampa has the fifth lowest overall cost of living and scored the second lowest index in housing behind Palm Coast-Flagler County.
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/.
About the Tampa Bay Economic Development Council
The Tampa Bay Economic Development Council is the lead designated economic development agency for Hillsborough County and the cities of Tampa, Plant City and Temple Terrace. Established in 2009 as 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 Professional Services, Information Technology, Life Sciences, Defense and Security, Distribution and Logistics, and Manufacturing. The EDC exists because of the generous support of more than 100 corporations, Hillsborough County, and the cities of Tampa, Plant City and Temple Terrace.