Tampa, Florida, is one of the most affordable cities to live and work in. It consistently ranks among the top cities with the lowest cost of living index in the US.
Fortunately for snowbirds, the area has a hot climate year-round, perfect for enjoying the gorgeous Florida beaches.
Tampa is a great city for going out and having fun no matter what your age or interests may be. There is plenty of shopping, dining, and nightlife available for residents and tourists alike.
With so many great amenities, you might assume Tampa is an expensive place to live.
The cost of living in Tampa might not be as expensive as you think.
Cost of Living in Boston vs Tampa
Before taking a deep look at the cost of living in Tampa, let’s compare the cost of living in Tampa with the cost of living in Boston.
- Boston is considerably more expensive than Tampa.
- A $100k salary in Tampa would need to increase by 67% to retain equal value in Boston.
- The overall cost of living in Boston is 47.9% higher than in Tampa.
- House prices are even higher. For example, average house prices in Boston are 117% higher than in Tampa.
Cost of Housing, Rent, and Utilities in Tampa
Tampa is well known for its affordable housing. There are plenty of options for residents looking to buy real estate, with many homes on the market at any given time.
According to statistics, the housing costs in Tampa are 16% lower than the national average. The median home price in Tampa is $266,843, while the median rent is $835.90 per month. Affordable housing combined with high-quality living makes Tampa a popular city to live in the United States.
One significant disadvantage of Tampa is the high cost of utilities. The average cost of utilities in the city is 16% higher than the national average. So you can expect to spend around $197 on energy and $207 on phone bills.
Healthcare and Food Costs in Tampa
Healthcare costs in Tampa are 2% lower than the national average. Compared to other major cities, Tampa’s healthcare costs are significantly lower. For example, the average cost of healthcare in Tampa is 13% lower when compared to the city of Boston.
Fast food and restaurants in Tampa tend to cost 4% less than the national average. As a result, visitors can easily find quality food around town for under $10.
Average Salary In Tampa, Florida
The average annual salary in Tampa is $56,907, which is higher than the national average of $51,916.27. The hourly rate for Tampa workers is around $19. The best-paying jobs are in the medical, food & beverage, and sales & marketing industries. The current unemployment rate in Tampa is 3.4%, and the projected job growth over the next ten years is 42.7%, which is 33% higher than the national average.
Income Tax & Property Taxes In Tampa
One of the most attractive aspects of moving to Tampa is that Florida has no state income tax. Sales and property tax rates are relatively low in Tampa as well. According to the latest report, the average sales tax rate for Tampa in 2022 is 7.5%, while the property tax rate is 1.023%.
Transportation costs in Tampa are also fairly average. For a one-way trip, you can expect to pay $1-$3 depending on the bus you're taking. However, if you plan to travel the whole day, the city transportation system offers $3-$6 unlimited day passes.
Average Cost of Living in Tampa, Florida Per Month
The average cost of living in Tampa, Florida, depends on your living situation.
- The average cost of living for a single individual is about $1000, not including rent.
- A family of four can expect to pay $3,600, not including rent.
Final Thoughts: What To Make Of The Cost Of Living In Tampa
Tampa is one of the most affordable cities in the United States. It’s the perfect place to live if you’re looking to enjoy beaches and pleasant weather without spending a fortune. The low cost of living is a significant reason many people move here.
The only thing in Tampa that is slightly higher than average is the cost of utilities. These costs are not high, though. Plus, many people have chosen to pay slightly higher utilities to live in a city next to the ocean.
So, if you are looking for an affordable place to live that has superb weather, good food, and plenty of activities and events, Tampa is the perfect city for you. Let GenTeam Property Group help you find your dream home in this vibrant and exciting city. Contact us today to get started!