EDC report shows Tampa's cost of living has dropped, now 12 percent below U.S. average

EDC report shows Tampa's cost of living has dropped, now 12 percent below U.S. average

TAMPA: The Tampa metro area scored the lowest ever on a cost of living index since the Tampa Hillsborough Economic Development Corp. began tracking it in 2000. The cost of living in Tampa is nearly 12 percent lower than the national average, according to the index.

The region scored an 88.3 out of 100 on this year’s second quarter index. Cost of living is down nearly two points over the first quarter of 2018 and down more than six points over the same quarter last year when the index was 94.7.

“Not only does the Tampa market provide an excellent quality of life, but once again it proves to be one of the most cost-friendly places to live compared to competing markets throughout Florida and across the country,” said Robin DiSalvo, marketing research analyst for the Tampa Hillsborough EDC and author of the report. “Tampa had the lowest housing index and utility index among Florida metros, which really sets us apart when attracting top talent and outside companies to the area.”

Raleigh, North Carolina and Jacksonville tied for second for overall lowest cost of living, with 91.7.

The index is based on individual scores on household items and expenses like groceries, housing, utilities, transportation, health care and miscellaneous goods and services.

The cost of groceries is higher than the national average in the Tampa area. The metro area scored 103 in that area. Housing is Tampa’s lowest cost of those measured at nearly 30 percent lower than the national average.

By Janelle Irwin
– Reporter, Tampa Bay Business Journal



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