You should consider several things when determining how much money you need to live comfortably in Tampa Bay, and they vary depending on your wants and needs. First, you’ll want to figure out your net income. If you’re not sure what your expenses will be, use the city’s cost of living calculator to get an idea of what most people pay for items like food, rent, and utilities each month.
When you are retired or getting ready to retire, one thing that keeps you up at night might be how you will live when your income isn’t what it used to be. The good news is that living in Tampa Bay doesn’t have to mean financial hardship in your later years. By working with trusted advisors and having realistic expectations, you can live well even on less money than you were used to in your working years. Here are some essential things to consider when considering your options for living comfortably in Tampa Bay when you aren’t bringing home the paycheck you once did.
Tampa Transportation
About 9% of your monthly budget will go toward transportation, including public transit and gas. Rideshare programs like Uber and Lyft make it easy to get around town, but you’ll still spend a little more than most areas of Florida, which average around 6%. Your car is still your best bet for getting around if you plan on visiting different counties throughout Tampa Bay. Though most cities have great local bus systems, they aren’t always very efficient. For long trips out of town or hours spent in traffic during rush hour, connections transportation is the best choice for locals. Gas is reasonable compared to many other states, making it easier to drive everywhere you need to every day without worrying about high fuel costs.
Tampa Food Costs
According to Frugal Living Tips, living in Tampa food costs are generally lower than in other major cities, but every penny counts when you’re on a fixed income. According to Senior Planet, seniors should focus on eating fresh foods that can be purchased locally. For example, local fruits and vegetables are often cheaper than their out-of-season counterparts. Additionally, find ways to reduce food waste by freezing leftovers or finding creative uses for ingredients you might otherwise throw away.
Tampa Utilities
Water is cheap in Tampa, but electricity isn’t. An average single-family home costs about $114 per month to keep warm in winter, which rises to $140 in peak season. Water is even more expensive, costing around $50 for a monthly supply of 100 gallons. Your monthly transit pass can cost upwards of $120 per month if you use public transportation regularly. Seniors with mobility issues will need to purchase accessible taxis, which the local government does not subsidize. Fortunately, gas prices are relatively low at just under $3/gallon on average across all seasons.
Tampa Healthcare Costs
Medical costs in Florida are some of the lowest in America, but that doesn’t mean they are cheap. The median healthcare cost for elderly individuals in Florida is around $3,400. The one downside to living in Florida is that it gets pretty warm during much of the year. Tampa has a humid subtropical climate with high temperatures between 90-100 degrees Fahrenheit throughout July and August. Thus, staying indoors might seem more appealing. However, if you enjoy an active lifestyle outside, there are many things to do when it’s warm out in your community!
