The Tampa MSA ranks once again as one of the most affordable metros in the United States and the second most affordable market in Florida. With a 2016 Cost of Living Index (COLI) of 91.5, the Tampa market is 8.5 points lower than the national average of 100.
In comparison with the rest of Florida, the Orlando market’s COLI was 94.2, Miami was 111, and Jacksonville was 95.8. The lowest composite score of 90.6 belonged to the Palm Coast-Flagler County area. The Tampa metro came in more affordable than major markets across the United States as well. Atlanta’s composite score was 98.7, Dallas sat at 100.4, and Raleigh was 94.4.
The Cost of Living Index is based on six different factors: grocery items, housing, utilities, transportation, health care, and miscellaneous goods and services. With different weights, they affect the overall composite score differently, with miscellaneous goods and services and housing making up more than 62 percent of the score.
For the Tampa market, our low housing costs attributed to a housing index of 75.9. In comparison, markets like Dallas and Miami saw scores at 88 and 129.7, respectively.
“Our low cost of living is just another attribute that makes Tampa and Hillsborough County an attractive place to work and do business,” said Tampa Hillsborough EDC’s market research analyst Robin DiSalvo. “Your dollar goes further here than it would in Atlanta, Dallas, or even Orlando.”
Here’s a breakdown of sample costs from Atlanta versus Tampa:
|Steak||Apartment Rent||Phone|| Dentist||Dry Cleaning||Movie|
For more information on Tampa’s COLI, please visit our Data Center.