TAMPA, Fla. — According to a new study, Tampa is now the most expensive city to live in Florida when it comes to costs versus income.
For years, the region had always been looked upon as the more affordable spot in our state, but economists say wages have not kept up with expenses. Residents say they feel it.
“I lived in an apartment on the other side of downtown and in the two years that I lived there the rent went up by like $400 to $500 a month,” James Jost said.
“I mean we're really focused more on cooking at home. Definitely not eating out as much anymore,” Lily Daniels said.
Even newcomers have noticed. Jasmine Serrao moved to Tampa from Buffalo within the past year.
“In general, I would say everything. The cost of food, the cost of living. Yeah, everything's gone up,” Serrano said.
Now, a new study from the website FloridaRentals.com confirms it, ranking Tampa as the state’s least affordable of 29 cities scored. Ken H. Johnson , an economics professor at Florida Atlantic University, says it's not that things don't cost more in other parts of the state, but it’s relative.
For example, to spend 30% of your income on housing, you’d need to earn $87,000 in Tampa. In Miami, it’s closer to $112,000.
But wages in Miami and many of the state's other cities are higher than in Tampa.
“So, yes, when you sit down and buy that meal, or you fill up the tank with gas or you rent that apartment then you're going to feel it. You're going to feel it financially,” Johnson said.
The study looked at everything from housing to leisure, the cost of groceries, clothing, transportation, gym memberships and utilities.
The most affordable ranking went to Hollywood, Florida, where the average income per capita is about $73,500. Tampa was considered the most expensive in large part because the annual personal income is closer to $58,000.
In the Tampa Bay region, only one city made the top 10 when it comes to affordability. That was Bradenton at No. 4. Economists say the numbers do more than confirm what we've suspected, they are also an indicator of our economy.
In areas where people have less expendable income, Johnosn says that can become an issue for everyone.
“It's just very very unaffordable right now,” Johnson said. “And all of us that have lived here in Florida for quite a while are feeling that pinch. Because things are changing.”