Are you considering a move to Tampa, Florida, and wondering about the cost of living in the city? We’ll provide you with an in-depth look at the cost of living in Tampa, including factors like housing, utilities, transportation, healthcare, and more. This information will help you understand whether Tampa is an expensive place to live and what you can expect in terms of expenses.
What is the Cost of Living in Tampa Florida?
Tampa is part of the Tampa-St. Petersburg-Clearwater Metro area, and it ranks 99th out of 273 cities across the United States in terms of the cost of living. According to the Council for Community and Economic Research (C2ER), the cost of living in Tampa is approximately 98.6% of the national average, making it an average U.S. city in terms of living expenses.
The total monthly expenditure you can expect in Tampa depends on various factors, including housing costs, food expenses, utility bills, transportation costs, healthcare expenses, and other miscellaneous goods and services. Your household composition and whether you rent or own your home can also influence your monthly costs.
Here’s a breakdown of the cost to live in Tampa Florida, compared to the state and national averages:
- Housing (Buy and Rent): Tampa’s housing costs are 6% lower than the state average and 2% lower than the national average.
- Utilities (Monthly): Utilities in Tampa are approximately 3% lower than the state and national averages.
- Food: Food expenses in Tampa are 3% higher than the state average and 5% higher than the national average.
- Healthcare: Healthcare costs in Tampa are 5% lower than the state average and 8% lower than the national average.
- Transportation: Transportation expenses in Tampa are 1% higher than both the state and national averages.
- Goods & Services: The cost of goods and services in Tampa is 2% higher than the state average and 1% lower than the national average.
In summary, the cost of living in Tampa Florida is 1% lower than the state average and on par with the national average. Housing in Tampa is notably more affordable, and utility costs are also reasonable. However, food costs are slightly higher in Tampa compared to the rest of the country.
Housing Costs in Tampa
Housing is often the most significant expense for many households. The cost of living in Tampa considers both renting and homeownership. The average monthly rent in Tampa is around $1,920, while the average home price is approximately $423,986.
- Average Monthly Rent: $1,920
- Home Price: $423,986
- Mortgage Rate: 5.05%
Transportation & Utility Costs in Tampa
Both owning and renting a home come with utility expenses, including basic services like energy and telecommunications. In Tampa, energy bills typically cost around $172.37 per month, while the cost of a monthly phone plan averages $193.38.
On the other hand, transportation costs depend on factors like fuel expenses. In Tampa, the cost of a gallon of gasoline is approximately $3.68. Additionally, balancing your car’s tires may cost around $60.66.
Food Expenses in Tampa
Food costs can vary across the country. In Tampa, the prices of everyday food items such as produce, meat, dairy, and other essentials are as follows:
- A bottle of milk: $3.19
- A dozen eggs: $3.09
- A pound of potatoes: $4.19
Other food items also come with their own price tags in Tampa. For instance, a loaf of bread costs approximately $4.06, a gallon of milk is priced at $3.19, and a dozen eggs are around $3.09. If you’re in the mood for a juicy steak, it will set you back about $12.87, while a pound of ground beef sells for around $5.86.
Healthcare Costs in Tampa
Healthcare expenses are influenced by the prices of services like family doctor visits and specialized services. In Tampa, the costs of healthcare services are as follows:
- A doctor’s visit: $103.88
- A dentist appointment: $106.60
- An optometry check-up: $108.70
- Ibuprofen: $12.25
Goods and Services Costs in Tampa
The cost of clothing and other goods and services in Tampa helps determine the overall cost of living in the city. Prices for items like clothing, yoga classes, newspaper subscriptions, beauty salon services and dry cleaning are as follows:
- Men’s shirt: $29.58
- Women’s slacks: $29.33
- Boy’s jeans: $23.26
- Movie ticket: $12.49
- Yoga: $16.63
- Newspaper: $18.92
- Haircut: $18.63
- Beauty salon: $32.41
- Dry cleaning: $14.81
What Is a Livable Salary in Tampa?
Understanding the additional Tampa FL living cost is essential for determining how much does it cost to live in Tampa Florida. The median household income in Tampa is $59,893, which is 3% lower than the state’s median income. On an individual level, the median income in Tampa is $38,819, which is 12% higher than the state’s median income.
A livable salary in Tampa depends on various factors, including your daily expenses, housing costs, debt obligations, savings goals, and more. A commonly used guideline for housing affordability is the 28% rule, which suggests that your housing-related expenses should not exceed 28% of your gross income.
Where Does the Data Come From?
The data on consumer goods, services, and home prices is sourced from The Cost of Living Index published by the Council for Community and Economic Research (C2ER). Average rent data is from Yardi Matrix, and household income data is sourced from the U.S. Census Bureau’s most recent estimates.
Understanding the cost of living in Tampa will help you make informed financial decisions when moving to this vibrant city. Whether you’re planning to rent or buy a home, budget for groceries, or save for your future, this comprehensive breakdown of living expenses in Tampa will be a valuable resource.
Q : What is the median individual income in Tampa?
A : The median individual income in Tampa is $38,819.
Q : How does Tampa Bay Florida cost of living compare to the national average?
A : Tampa’s cost of living is about 98.6% of the national average, making it an average U.S. city in terms of expenses.
Q : What is the average cost of living in Tampa Florida per month?
A : The estimated average cost of living in Tampa, Florida, per month varies depending on factors such as housing, food, transportation, and lifestyle. On average, you can expect to spend around $2,500 to $3,000 per month for basic living expenses, which includes rent or mortgage, utilities, groceries, transportation, and entertainment.