The cost of living in Tampa, FL, is too expensive for the absurdly low Florida pay scale, but many benefits of staying in the land outweighed the cost. When figuring out the amount it cost to live in Tampa, there are many factors to consider.
Tampa’s got affordable housing, a relatively nice and livable city with enough cosmopolitan to have fun. In addition, there are amazing water sports and great locale cuisines here, with a cool atmosphere everywhere you are.
Even though the cost of living here is high, most of the residents have a strong sense of attachment with Tampa in their unique ways. So, if you are considering making a move to Tampa, you will want to know about the anticipated costs.
Continue reading to have a closer look at Tampa’s cost of living and to know better the amount you will need to reside there comfortably.
1. Tampa Housing Costs
While a lot of cities in the country see huge declines in rent prices because of the pandemic, rent prices are increasing again. Tampa is on the same edge with the current rental movement of the national average, with a stable 14-month increase. The average rent prices shown on Apartment List show that the median rent in Tampa is $1,887 for a 1-bedroom apartment and a 2-bedroom apartment costs $2,364.
Tampa is not the only famous Florida city that is experiencing surges in its rent prices. The average rent index of Port St. Lucie is $1,411 for a 1-bedroom apartment and $1,863 for a 2-bedroom, with a yearly increase of 32.3%. one other popular city in Florida that is following the average rent index of Tampa and Port St. Jacksonville is $1,222 for a 1-bedroom apartment and $1,341 for a 2-bedroom, with a yearly 19.7% increase.
2. Tampa Food Costs
With a median cost of $16.00 for a rental at a cheap restaurant, you can eat some great food at cheaper prices. If you are searching for a costly meal, like a 3-course dinner for 2 people at a mid-level restaurant, you can prepare to pay about $55.00 excluding dessert and alcohol. Single adults in Tampa with no kids can prepare to spend a minimum of $3,177 on food every year.
However, prepare to spend $9,305 every year for food if you are a family of four with two working adults and 2 kids. You can expect the costs to be the same or not so cheaper than the national average for food items bought from the local Publix, Sprouts Farmers Market, or Whole Foods Market. For instance, you will spend $3.65 in the grocery store to get a gallon of regular milk, with $3.69 being the US average.
Public transportation is a major worry – it takes forever to travel from one location to another if you don’t drive your car. The bus fares cost $2 for local routes while commuter express lines cost $3. The TECO Line Streetcar is also in Tampa and is helpful for tourists. The line is operated by many local restaurants, shops, and attractions and you will pay $2.50 for a 1-way trip and $5 for a 1-day, unlimited rides pass.
4. Tampa Utilities Costs
The essential utilities in Tampa are cooling, garbage, electricity, and water, costing $168.98 for a home of 915-square feet. Internet with 60 Mbps or more with unlimited data will cost you upwards of $64.77, taking your monthly total to $233.75. Since you can be staring at a huge monthly utility cost, your best action would be to determine the cost of utilities in an apartment before you start your move. Plan your budget well for this popularly overlooked expense by getting the right information.
5. Tampa Healthcare Costs
No matter where you live, one of your major priorities should often be keeping your health in good shape. When determining the cost of living in a certain location, you will want to determine how much you can get proper healthcare to make sure you keep being healthy in your new location. Whether you are someone who visits your doctor once in a while or you have a medical condition that warrants you to see them more often, your healthcare costs in Tampa become manageable when you have medical insurance.
Also, health insurance is the best since it is capable of helping you afford the care you need in the event of unexpected emergencies. You will want to consider proper medical care when you are making your Tampa budget because healthcare should often be taken as a necessary cost. A single adult without children will pay about $2,792 for healthcare over the year. This will cost $9,249 for 2 working adults with 2 kids.
Tampa’s Average Salary and Household Income
What amount of money do I need to earn to reside in Tampa? You understand the amount you will have to pay when living in Tampa, but you will also need to determine whether you can afford it. Checking the local numbers revealed that the median salary in Tampa is around $63,000 per annum. This number has been increasing by about 2.1% on average every year as it continues to evolve with the changing market in Tampa.
Tampa’s Sales, Income, and Property Taxes: State Income Tax
Florida doesn’t charge state income tax; it is among the other six states that offer this advantage. You can prepare to not have this item on your paychecks in Tampa.
While you may expect the sales tax in Tampa to be higher since it doesn’t have a state income tax, the sale tax in Tampa falls in the middle of the list. Tampa currently sits in the 22nd position on the list of highest in the country at 8.5%. Adding to this final percentage include the Hillsborough County sales tax and Florida sales tax.
Florida State sales tax rate: 6.000%
Hillsborough County sales tax rate: 2.500%
Tampa sales tax rate: 0.000%
Overall Sales Tax: 8.500%
When you buy a home in the city, you will discover that property tax is a bit more than the state average but not up to the national average.
To further explain this, a home bought of $250,000 would have a yearly Tampa property tax of around $2,557.
Tampa or Miami: Cost of Living Compared
One can easily find out the affordability of Tampa than Miami. The cost of living on average is 18.43% cheaper in Tampa than in Miami. Checking each expense between Tampa and Miami reveals that prices in Tampa are lower all over the place including healthcare, utilities, groceries, and transportation. Following the same process, median home prices in Tampa are around 64.4% cheaper than in Miami. If you desire a comprehensive look at the two famous cities, ensure you see this comparison of Tampa vs. Miami.
FAQ about Cost of Living in Tampa
Does it cost a lot to live in Tampa, FL?
The cost of living in Tampa is less than the national average by 9%. From the local housing market and household utilities to healthcare and transportation, most costs of living are cheaper in Tampa. Only groceries that are around 4.5% above the national average is the only exception.
Is Tampa’s cost of living low?
The cost of living index (COLI) report of February 4, 2019, revealed that the Tampa Metro area is one of the highly affordable metros in the country with an annual index of 89.1 in 2018. As regards housing, Tampa scores lowest and came second lowest in utilities.
Where can I leave cheaper between Tampa and Orlando?
Both cities are so much comparable but Tampa is more affordable than Orlando, especially when you consider the lower home prices in Tampa as well as the higher median income. Numbers revealed that you need $4,287 to keep the same standard of living in Tampa, something that will cost you $4,300 in Orlando.
Between Tampa and Orlando, which is safer?
Crime rates in both cities are above the national average, but Tampa beat Orlando. Violent crime incidents in Orlando are higher than that in Tampa. The neighborhoods that surround Tampa are safer, and the Hunter’s Creek, Bay Hill, and Doctor Philips areas of Orlando are also safe places.
Tampa might be your ideal place if you need somewhere vibrant and bustling with varieties of professional sports teams and exciting indoors and outdoors fun activities to move to. If you would like to relocate to Florida and Tampa, this might be the best time for you to commence your research.
First, gather more information concerning this city. Plan your moving to Tampa. Pick the best moving companies in Tampa to handle your move.