Let’s talk about the cost of living in Tampa Bay. The median household income in Hillsborough County is $76,687 and $70,768 in Pinellas County according to the US Census Bureau. State-wise, Florida is No.30 in the country for median income at ~$41,459 per household.
But just how expensive is it to live in Tampa Bay? Is it cheaper elsewhere? Let’s crunch the numbers.
Tampa’s cost vs. Miami’s cost
At a glance, you can get a good sense of the Big Guava’s cost by comparing it to our neighbors in the 305. We used NerdWallet’s calculator to give you a look at the numbers:
- Income. If you make $50,000 in Tampa, you’d need to make $60,556.72 for a similar lifestyle in Miami.
- Housing is 50% higher in Miami than Tampa.
- Gas. If you moved to Miami you’d pay 1% more on a gallon of gas.
- Food. You’ll pay 4% more on groceries and eating out in Miami than Tampa.
How much is rent?
The median rent in Hillsborough County is $1,757 and $1,776 in Pinellas County — higher than the average rent in Florida: $1,719. Compare that to the median gross rent in the US: $1,406 per the American Community Survey 1-Year estimate.
If you’re looking to buy a home in the Tampa Bay area, we’ve got the stats for that too. The average house in Florida is valued at $382,136. But in Tampa, the average home is valued lower: $375,673, down 4.7 % over the past year.
Compare that to the average US home value at $368,581, up 0.3% over the past year.
How much do groceries cost?
Your grocery bill will vary based on your family size and dietary needs, but we can give you a sense of what you’ll be spending in the checkout line, using Nerdwallet. On average, a dozen eggs will cost you $3.83 in Tampa and a gallon of milk costs $4.63.
How much does it cost to eat out in Tampa Bay? Well, if we’re talking about a Quarter Pounder with Cheese from McDonald’s, it costs $4.46 according to NerdWallet. Compare that to the national average of $5.39 in 2024.
How much does healthcare cost?
The average doctor’s visit will run you $126.40 in Tampa. Don’t forget the dentist — those visits average at $111.70.
In Hillsborough County, 10.6% of the population does not have health care coverage according to the US Census Bureau. Health insurance costs vary based on factors like age and plan, but it tends to cost ~$454 per month in Tampa for a plan.
How much does transportation and gas cost?
Car owners will likely pay $3.46 per gallon of gas and $307 per month for insurance. If you’re taking the bus, plan to pay $2 per ride on HART buses or $2.25 per ride on PSTA buses.
Worth noting that Tampa’s walk score is 50 and St. Pete’s is 43, in case that’s how you prefer to get around.
A local perspective on the cost of living in TBAY
In Editor Bailey’s experience, air conditioning can get pretty expensive during the Gulf Coast summers, and the sticker shock for lunch at any ol’ sit down spot was hard to get used to — that’s why we recommend looking for true cheap lunch gems where a solid meal won’t run you $20.
City Guides are presented by Water Street Tampa.
