With Tampa Bay constantly growing and announcing multiple high-profile developments, we figured it was time to talk about the cost of planting some roots in the Bay.
The median household income in Hillsborough County is $70,612, and the median household income in Pinellas County is $66,406, according to the US Census Bureau. State-wise, Florida is 37th in the country for median income at ~$66,406 per household.
The overall cost of living in Tampa Bay is higher than the national average, and higher than the rest of the state.
In Tampa, the cost of groceries and housing are slightly higher compared to other parts of the state + the US. However, the cost of healthcare has a lower average cost than other cities in Florida.
Breaking down the numbers
Hypothetically speaking, if you live in a household that brings in $70,600, your max monthly budget for rent and utilities would be about $1,764 (30% of your monthly gross income). The average monthly rent for an apartment in Tampa is $1,920 — putting you over budget.
Meanwhile, if you’re wondering how much you can currently afford to spend on buying a home in Tampa or St. Pete, try using SmartAsset’s cost calculator. Factors like marital status, annual pre-tax income, down payment, and monthly debt, will help determine that figure. According to Redfin, the median home cost in Tampa is $460,000.
Interested in seeing Tampa Bay’s cost of living compared to cities in other states? We played around on NerdWallet’s cost of living calculator, where you can put in any city along with your current pre-tax household income to find out what other cities you could actually afford to live in.
We took a look at the cost of living in Tampa compared to Raleigh. Here’s what we found:
- The cost of living is 2% higher in Raleigh.
- To maintain our standard of living, we would need to bring in $50,840 to our household.
- The median monthly cost for a two-bedroom apartment is $1,554, which is $154 less than Tampa.
Tampa also has entities such as Affordable Housing Services + other government-funded programs to help develop more affordable units.
There are also a number of local development firms building apartments seemingly all the time — from 3rd & 3rd in downtown St. Pete to the affordable housing development from Catholic Charities called Mercy Oaks.
City Guides are presented by Water Street Tampa.
