Cost of living is the amount of money a person needs to maintain a certain standard of living in a particular location. It is typically used as basis for determining the affordability of one city versus another, taking into consideration basic expenses, such as housing, food, transportation, health care, taxes, and other necessities. The cost of living index is a theoretical price index used to measure the relative cost of living in a particular area over a specific period of time. If you are planning to move to another city, state, or country, this type of information will be very helpful in your decision making.
2020 Cost of Living Index in South Tampa, Florida
Are you considering relocating to South Tampa, Florida? The cost of living index table below shows the most recent data comparing the affordability of living in the city of Tampa versus the state of Florida and the whole of the United States. You can use this information to assess whether it would be financially sound for you to move to this location.
Housing Costs in South Tampa, FL
Almost half of Tampa’s residents own their homes, with a homeownership rate of 48.3%. The median price of a residential property in Tampa, FL is $266,843. Most lenders and deals in the Tampa real estate market require an average down payment of 10.2%. About 52% of locals in the area choose to rent. The average monthly rent in Tampa is $1,125 for a one-bedroom apartment and $1,293 for a two-bedroom apartment.
Cost of Food and Groceries
The cost of food and groceries in Tampa are about the same as the national average. The average price for half a gallon of milk in Tampa grocery stores is $2.37; a dozen tray of eggs, $1.68; a loaf of bread, $3.27; a pound of ribeye steak, $9.55; and a 5-pound bag of potatoes, $3.85. A quarter pound burger at a fast food place costs $3.55 and a large pizza, $10.02.
Utilities in Tampa are higher than the national average by 16%. In fact, the costs of electricity and phone charges in this area are the highest expense in Tampa, followed by transportation expenses. The average monthly electricity bill in South Tampa is around $194.99 and the average monthly phone bill amounts to roughly $207.85.
Next to utilities, transportation costs are the next highest expense in Tampa and it is 6% higher than the national average. The average cost of a gallon of gasoline is $2.39.
The costs related to healthcare in Tampa are 2% lower than the national average. A visit to a general practitioner costs around $108.83, while a dentist appointment is $93.49. If you need to see an eye doctor, the average rate is $101.98 per check up.
South Tampa, Florida Taxes
Florida is among nine states with no income tax. However, the state compensates with higher sales tax rates, with a state sales tax rate of 6% and an average local sales tax rate of 1.05%. Currently, Florida ranks 22nd highest in sales tax rate in the United States. In Tampa, the sales tax rate is 8.5%, which is the combined 6% sales tax in Florida and the 2.5% Hillsborough County sales tax.
Property tax in Tampa is slightly higher than the Florida average but lower than the national average. Tampa property tax rate is 1.023%, while the Florida property tax rate 0.980% and the national property tax rate 1.081%. To put this into perspective, the average annual property tax from a home purchase of $250,000 in Tampa is $2,557.
Moving to South Tampa, Florida
If you are considering moving to South Tampa, Florida, one of the things you need to do is assess how the relocation will affect your finances and if you will be able to achieve a comfortable lifestyle given your expected household income and the costs of basic expenses in this area. The information provided in this article would be helpful as you compare how much the costs of your current expenses are relative to the ones in South Tampa.
Once you have decided to move to South Tampa, FL and buy a home, I will be more than happy to show you all the options available for you and to help you get the best deal out of your home purchase. Feel free to give me a call at (813) 789-2096 or send me an email at Realtor@EllenZusman.com if you have any questions or if you would like to schedule an appointment.