The Tampa area’s cost of living remains below the national average
March 9, 2021
The MSA scored a cost of living index of 95.8 for 2020, more than four points lower than the national average
TAMPA, Fla. – (March 9, 2021) – According to the annual Cost of Living Index (COLI) report, the Tampa metro area is one of the most affordable metros in the United States with a 2020 average annual index of 95.8 – more than four points lower than the national average index of 100.
Compared to Tampa’s competitive markets, Tampa has the fourth lowest cost of living index behind Jacksonville, Charlotte and Orlando. Tampa has the third lowest index in housing at 85.7, following Charlotte (77.4) and Jacksonville (84.3). Tampa also ranked fourth in miscellaneous goods and services, tied with Charlotte at 97.7, and following Jacksonville (93.3), Orlando (93.6), and Phoenix (96.1). 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.
“COVID-19 did impact our Cost of Living in 2020, but it seems to be stabilizing now,” said Robin DiSalvo, market research analyst at the Tampa Bay Economic Development Council. “The good news is, Tampa Bay’s Cost of Living continues to be lower than the national average, and many of our competing markets. Factor in no personal income tax and an excellent quality of life, and Tampa Bay remains an attractive place for new residents and companies looking to relocate.”
When measuring other Florida markets, Tampa ranked fourth place behind Jacksonville, Palm Coast-Flagler County and Orlando, respectively. Tampa also scored the fourth lowest index in housing.
The COLI report 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 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.