Cost of Living in Tampa Lower than in Miami, Orlando and Jacksonville

If you are choosing among the largest cities in Florida for relocation, consider Tampa. Aside from the more commonly touted features and attractions of Tampa, the city also has the lowest cost of living index, compared to other large Florida cities, such as Miami, Orlando and Jacksonville.

Over the past three years, based on information from the Council for Community and Economic Research, Tampa has averaged a cost of living index of 92.1, nearly 8 points below the national average of 100. In 2012, its annual average cost of living index was 93, much lower than the annual averages of Orlando, Miami and Jacksonville and other large cities in the U.S.

The cost of living index (COLI) measures the cost of consumer goods and services in about 307 cities in the U.S. It measures the prices of nearly 60 different items three times a year with help from economic development organizations, university applied economic centers and chambers of commerce in participating cities. The six basic components incorporated in the COLI are the following:

Housing
Utilities
Grocery Items
Transportation
Health care
Miscellaneous goods and services

You can appreciate more the cost of living in Tampa if you take a look at the COLI in the most expensive U.S. cities.

Here is a list of the 10 cities or urban areas with the highest COLI in the first three quarters of 2012:

The Cost of Living Estimates from Redmond, Washington-based Economic Research Institute (ERI) also shows that Tampa is among the most affordable cities in Florida and in the country. The ERI Cost of Living estimate represents the cost of living a similar lifestyle as the U.S. national average lifestyle at a yearly earnings level of $70,000.

ERI considers the costs of housing, consumables, transportation and health care. As of May 2013, the estimated cost of living the U.S. average lifestyle in these cities are the following: