Here’s How Much You Need To Earn To Live In Tampa Bay

TAMPA, FL - The Tampa/St. Pete metro area ranks as a less expensive place to live compared to other Florida cities, according to the Economic Policy Institute. It's really no surprise that the Tampa/St. Pete area was less pricey than Miami and West Palm Beach, but it was also less costly than the smaller cities of Naples and Sarasota.

The institute recently released its 2018 family budget calculator that estimates how costly it is to live in each of America’s 3,142 counties and 611 metro areas.

The group estimates a family of two adults and two children in the Tampa/St. Pete area would need to earn a combined $ 77,064 per year — or $ 6,422 a month — to live comfortably.

Here’s how the group breaks down that number:
Housing: $1,045 per month
Food: $809 per month
Child Care: $978 per month
Transportation: $1,125 per month
Other Necessities: $748 per month
Taxes: $658 per month

The cost is hundreds of dollars less when compared to Naples or Miami.

To live in the Naples area, that same family would need to earn a combined $83,990 per year, or $6,999 every month, to “attain a modest yet adequate standard of living,” the organization said. In Miami, that family would need to earn a bit more, a combined $84,972, or $7,081 every month. In the West Palm/Boca Raton area, the cost would be $85,619 per year.

In Orlando, the family would need to earn $78,440 per year and in the capital city of Tallahassee the cost would be about the same at $78,489. But in Jacksonville the cost would be less at $74,457. In Pensacola, the cost drops to $72,155.

The family budget calculator accounts for geographic differences in cost of living, but does not include many expenses associated with a middle-class lifestyle, including student loan payments or saving for college or retirement.

“Our Family Budget Calculator goes beyond traditional measures like the poverty line to paint a detailed picture of what families need to get by,” EPI Senior Economist Elise Gould said in a release. “The latest update provides even greater detail on how costs vary throughout the country. It is above all else a tool for policymakers to advocate for ways to raise wages and make their communities more affordable.”

Perhaps unsurprisingly, San Francisco ranked first in the nation as the most expensive metro area with a basic budget of $148,439 a year for a two-parent, two-child household. On the flipside, that same household would only need to earn $58,906 to live comfortably in Brownsville, Texas, the least expensive metro area in the country.

The group noted that many low-wage workers don’t make enough money to adequately provide for their family’s basic needs. Even after adjusting for higher state and city minimum wages, the group said, there is “nowhere in the country” where a minimum-wage worker would earns enough.

“It’s clear from our analysis that, even in less-expensive areas, many families will struggle to meet their basic needs,” said research assistant Zane Mokhiber. “The good news is we have many different ways to remedy this, from a higher minimum wage to ambitious child care reform. Policymakers should draw on a range of tools to help people meet the needs laid out in the Family Budget Calculator.”

Click here to go to to the calculator. You can change the number of adults and children to see exactly what your household needs to earn to live comfortably in your county.

Patch reporter Dan Hampton contributed to this report

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