Cost of Living in Tamiami, FL

An Overview of Cost of Living in Tamiami, FL

Are you thinking about relocating, but curious about the potential cost of living in Tamiami? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Tamiami stands at 125, making it 25% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Tamiami is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Tamiami falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs are a very significant part of the Tamiami cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 74.3% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Tamiami Affordable?

Is Tamiami an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Tamiami is 73.5% higher than the national average, while the average monthly rent prices are 76.1% higher than average. The affordability of any location can also be influenced by median income levels. Tamiami has a median household income of $63,684, which is 15.1% higher than the national average.

What Factors can Influence the Cost of Living in Tamiami?

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Tamiami, the housing index is 74.3% higher than the national average.

Subsidies: Some areas might offer government subsidies or assistance programs that help lower cost of living for residents. These programs can include anything from Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and crop subsidies. Areas that offer less subsidies, could see an increase in their cost of living.

Groceries: Grocery costs have continued to increase significantly over the last 2-3 years. In some markets the cost of food has gone up by more than 20% in that period. While other markets have managed to see only a moderate uptick. These food costs can have a major impact on the cost of living in any area. In Tamiami, the groceries index is 4% higher than the national average.

Where is the Data From?

The Tamiami cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.