Cost of Living in Tampa, FL

With a cost of living index of 114, Tampa, FL is somewhat more expensive than average. Living here is 14% more expensive than the national average and 4% above the Florida state average of 110. As a major city with a population of 393,389, Tampa offers a wide range of housing options, employment opportunities, and urban amenities.

Housing costs are the biggest factor in Tampa's cost of living. The median monthly rent is $1,567 (19% above the US median of $1,319), and the median home value sits at $375,300 (23% above the national median of $304,900). At current prices, the median home costs roughly 5.3x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Tampa is $71,302, which is 5% lower than the national median of $75,149. Residents spend roughly 26% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Tampa. The area sees an average annual temperature of 74.5°F, with summers averaging 84°F and winters around 64°F. Annual rainfall totals 49.5 inches spread over roughly 108 days.

Everyday prices in the Tampa-St. Petersburg-Clearwater, FL (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.