Tampa area claims lowest cost of living compared to other major metro areas for the second quarter of 2019
August 21st, 2019
The MSA scored a cost of living index of 90.9; 9.1 percent lower than the national average
TAMPA, Fla. – (August 21, 2019) – The Tampa metro area scored a cost of living index of 90.9 during the second quarter of 2019 – a slight increase from the first quarter of 2019, which was 90.2. The cost of living in Tampa, according to the latest Cost of Living Index (COLI) report, is 9.1 percent lower than the national average index of 100.
“While our cost of living slightly increased this quarter, Tampa still remains an attractive and affordable place to live, especially for people migrating from a more expensive metro area,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “Florida metros continue to dominate the top three spots in terms of lowest overall cost of living among competing metros. Our low cost of living and high quality of life continue to attract new residents to our state, a trend we’ll be noticing for the next five years, according to recent projections.”
Tampa’s housing index, at 80.4, came in lowest among the major metro areas and second among the Florida metro areas. Tampa scored the lowest among both major metros and Florida metros in the miscellaneous goods and services index (92.0), which consists of a wide range of categories and items like food away from home, personal care items, household operations, and entertainment costs.
Jacksonville, Fla. at 91.0 and Orlando, Fla. at 92.3 had the second and third lowest overall cost of living among competitive markets in the U.S., respectively.
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 Hillsborough EDC’s Market Intelligence section of its website: https://tampabayedc.com/market-intelligence/.