What does it really cost to live in Tampa?

Third in a series.

In addition to Tampa’s close proximity to the water and amazing year-round weather, the cost of living here remains relatively cheaper versus larger cities up north and on the west coast — there still is no state income tax, and property taxes and rental costs are lower. 

While Tampa’s housing market is on fire right now, with interest rates at around 3%, and many buyers finding themselves in a bidding war to purchase property, individuals looking to invest in a house for long-term profitability can often do so while saving money immediately by buying instead of renting.

World Population Review found that as of 2021, the average household income in Tampa is $87,818 with the median house value at $238,900 and rental costs coming to $1,131. 

Using data from the U.S. Census and other sources, neighborhoods in Tampa were ranked by Niche as to which are the best for young professionals in 2021. The data is based on the number of current millennial residents, job opportunities, and access to bars, restaurants, and affordable housing. 

The top 10 ranked Tampa neighborhoods, according to Niche, are Uptown, Channel District, Courier City/Oscawana, Spanishtown, Carver City/Lincoln Gardens, Harbour Island, Downtown Tampa, Historic Hyde Park, Historic Ybor, and Palma Ceia Pines.

Median home values in top neighborhoods

Uptown: $302,800
Channel District: $436,087
Courier City/Oscawana: $296,752
Spanishtown: $499,784
Carver City/Lincoln Gardens: $158,948
Harbour Island: $368,347
Downtown Tampa: $353,124
Historic Hyde Park: $497,014
Historic Ybor: $165,500
Palma Ceia Pines: $302,885

The price of housing is just the first thing you look at when choosing to relocate.

There are many other expenses that need to be added into the mix like the price of child and pet care, price of utilities and health services, going out to eat and groceries, etc. It’s important to compare and contrast average prices in areas to factor those expenses into your budget when it comes to homebuying. 

Breaking it down … 

With over 400 daycare options from centers to home-based programs in Tampa, the average cost of full-time daycare comes out to be $1,144 per month. This is based on CareLuLu’s data.

Payscale compares several expenses in different cities to the national average so when looking to relocate, you can see how your cost of living will most likely be broken down. An overall view shows that Tampa’s cost of living is 5% lower than the national average. 

Housing expenses are 23% lower than the national average, however, utility prices are on average…

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