How Much Does It Cost to Live in Tampa?

Located on the eastern side of Tampa Bay, Tampa is the third largest city in Florida and one of its most diverse cities, with large Cuban and LGBTQ communities. It is also the largest city in the Tampa-St. Petersburg-Clearwater Metropolitan Area, the 18 th largest metropolitan area in the nation. While an average temperature of 83 degrees Fahrenheit in the summer and 62 degrees in the winter doesn’t hurt, one of the area’s biggest draws is its economy.

More than 20 corporations have their corporate headquarters in the Tampa Bay area, including eight Fortune 1000 companies, according to the Tampa Bay Economic Development Council. Not to mention, the area boasts almost 500 foreign-owned companies representing more than 40 nations. And, these companies are hiring workers for high-skill, high-paying jobs. At any given time, the economic development council states there are 50,000 jobs open in fields such as banking, finance, tech, real estate and manufacturing.

Ready to move? Here’s what you need to know about living in Tampa, including what it costs to live there.

Cost of living

According to AreaVibes, Tampa has an overall cost of living index score of 99, just below the national average of 100. The cost of living index indicates how expensive (or inexpensive) it is to live in a particular city. If a city’s index score is higher than 100, then the cost of living is above average. If a city’s index score is lower than 100, then the cost of living is below average.

In general, most of your expenses in Tampa will be right at the national average. For example, you’ll pay 98 percent of the national average for goods and services while you’ll pay 4 percent higher than the national average for groceries. Expect to pay $3,585.62 in monthly costs for a family of four, not including rent or mortgage, according to Numbeo.

Jobs

With such a strong economy, it’s no surprise Tampa’s current unemployment rate is just 5.2 percent, slightly below the current national rate of 5.4 percent (at the time this article was written), according to the U.S. Bureau of Labor Statistics. Leading industries include banking, finance, tech, real estate, manufacturing and tourism although the government is a one of the region’s top employers. MacDill Air Force Base alone employs more than 15,000 military personnel.

Top employers in Hillsborough County, where Tampa is located, include Bristol-Myers Squibb, Depository Trust and Clearing Corporation, Johnson and Johnson, Pfizer, Raymond James Financial, MetLife, The Mosaic Company, OPSWAT, Suzuki Marine, Citigroup, Amazon and USAA. But small businesses are thriving in the Tampa metro area as well. According to a Paychex report, Tampa has the best small business employment rate in the nation.

Salary

The median household income in Tampa is $57,709, with a typical resident making $36,747, according to the U.S. Census data. Nationally, the median household income is $65,712. However, the metro area has a large tourism sector, and most of those jobs tend to be lower paying, which brings Tampa’s median salary down. In other words, the median income may not be entirely indicative of what you can earn in the Tampa area. Depending on the industry you work in, you could earn much more.

For example, Payscale.com lists the average Tampa salary much higher at $66,000, and data collected by the U.S. Bureau of Labor Statistics for professional salaries is more in line with this figure. While a tree trimmer in Tampa earns an average salary of $41,410, an insurance claims adjuster makes on average $66,570 and a computer and information systems manager $150,000.

Real estate

According to Realtor.com, the median listing home price in Tampa is $350,000, with an average of $212 per square foot. This is slightly higher than the national median home listing price of $293,000. This is still quite a bit lower than the median listing home price in Miami, which is $438,000, with an average of $317 per square foot. Plus, home prices have been trending up 15.5 percent year over year in the Tampa area.

There are approximately 153,918 households in Tampa and 1,228,481 households in the Tampa-St. Petersburg-Clearwater Metropolitan Area, according to the most recent U.S. Census Data. Roughly 67 percent of housing units are owner-occupied in Tampa, with the remaining 33 percent of homes used as rentals. According to Apartmentguide.com, you will pay an average rent of $1,350 for a one-bedroom apartment in the area. This is significantly below the national of $1,598 for a comparable apartment.

Taxes

Florida’s constitution prohibits a state income. The state also does not assess an estate tax or an inheritance tax. However, it does charge a state sales tax of 6 percent. Hillsborough County adds a 1.5 percent sales tax to cover schools, indigent healthcare and its Community Investment Tax. Since the city of Tampa no longer charges a sales tax of its own, people in Tampa pay a total of 7.5 percent in sales tax.

Property taxes in Tampa are currently $1 per $1,000 of your home’s assessed value on January 1. Payments become due on November 1 st of that year and must be paid by March 31 to avoid delinquency. Pay in full in November for a 4 percent discount, December for a 3 percent discount, January for a 2 percent discount and February for a 1 percent discount.

Transportation

The Tampa-St. Petersburg-Clearwater Metropolitan Area covers 2,515 square miles. If you drive, you’ll benefit from slightly lower gas prices than what you’d pay in other parts of the country. According to Gasbuddy.com, the average price of regular unleaded gas in Tampa is $2.99 while the national average is $3.18 (at the time this article was written). The average mean travel time in Tampa is 25.3 but jumps to 28.3 when calculated for the entire metro area, according to U.S. Census data.

Public transportation is another option. In Tampa, the free TECO Line Street Car connects downtown with the Channel District and Ybor City while the HART (Hillsborough Area Regional Transit Authority) has more than 200 buses servicing the entire area. You can buy a HART day pass for $4 and a 31-day pass for $65.

Other reasons to move to Tampa

• The Tampa metro area boasts some of the nation’s best beaches. TripAdvisor named St. Pete Beach the number one in the country in 2021 while nearby Clearwater Beach makes regular appearances on the same list.
• In addition to beach activities, residents enjoy water sports, including boating, stand-up paddle boarding, kayaking and deep-sea fishing. Landlubbers can go golfing, bicycling and birdwatching.
• There’s always something to do. Busch Gardens Tampa Bay is within the city limits, and Tampa’s Riverwalk passes some of its top attractions, including the Tampa Museum of Art, Florida Aquarium and Sparkman Wharf, a waterfront entertainment district.
• Professional sports are big. The area is home to the Tampa Bay Buccaneers (NFL), Tampa Bay Lightning (NHL) and Tampa Bay Rays (MLB). It also has a soccer team, the Tampa Bay Rowdies, and hosts several minor league teams, including the Tampa Tarpons, a feeder team for the New York Yankees.
• Four cruise lines operate out of Tampa—Carnival, Holland America, Norwegian Cruise Line and Royal Caribbean—traveling to ports throughout the Caribbean, South America and beyond. Tampa International Airport is served by more than 20 major and four regional airlines.

Ready to move to Tampa?

For more information about Tampa, check Moving.com’s City Profile Report feature. Simply enter the zip code or the state and city of your potential move to get a free report with city demographics, real estate information, quality of life factors and more. For help the best moving company, check Moving.com’s extensive network of reputable and reliable movers.