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How Much Does It Cost to Retire in Tampa, FL?

There is a variety of factors you need to consider as you prepare for retirement. For instance, how much will it cost to live in your preferred city? Thankfully, living in Tampa costs significantly less than the national average. As a matter of fact, everyday expenses will run you about ten percent less than in the rest of the country.

Yet, when it comes to the biggest expenses you will face in retirement, how does Tampa stack up to the rest of the United States? We will explore this question below.

How Expensive is Housing?

Many older adults prefer to live in their own home. However, it is also nice to live in a senior living community with an assisted living alternative. You can expect to pay about $33,000 per year in Tampa for this option. This figure includes housing, weekly housekeeping, some utilities, and meals.

According to the latest figures at Sperling’s Best Places, the median home costs about $123,000 in Tampa. Over the last few years, Tampa housing prices have appreciated. Based on information from Movoto, Niche, and other financial and real estate sites, Tampa’s suburbs are among the best places to retire to in Florida. When you look at quality of life, housing costs, and access to health care, the best suburbs in Tampa for retirees are Safety Harbor, Indian Shores, Seminole, Dunedin, Indian Rocks Beach, and Trinity.

If you are more interested in renting, the average rent for a one-bedroom apartment in Tampa is about $1,004. Two-bedroom apartments average $1,228.

How Much Does Health Care Cost?

In Hillsborough County, where Tampa is situated, the Medicare spending per capita is much higher than the national average. In fact, the Medicare spending per person in Hillsborough County is $11,134, which is much more than the $9,501 average for the country.

Since you will need to pay for deductibles, coinsurance, and other expenses out-of-pocket, you must budget for your health care. Also, if you need to go to doctors who do not accept the fee-for-service rates of Medicare, budgeting is especially important since you will need to pay the difference between the Medicare reimbursement rate and the allowed amount.

Is Transportation Affordable?

You can expect to spend slightly more than the national average for transportation expenses, such as gas and insurance, in Tampa. When it comes to car insurance, Tampa can be expensive with rates ranging from $1,031 to $3,016 per year with an average of $1,983.

If riding public transportation is more your thing, HART offers discounted fares for seniors aged 65 years and older with a State of Florida ID. You can get a monthly pass for just $32.50.

What Free Things Are There to Do?

There are tons of free ways to enjoy the sun in Tampa. The Tampa Riverwalk is the ideal place to take a stroll. On Friday evenings, the Tampa Museum of Art has “Art on the House,” where you pay as you will to enter. Or, explore the history of Tampa starting at the Ybor City Visitor Center.

Learn more about Tampa Retirement Planning here:

What's the Cost of Living in Tampa, FL?

Tampa Financial Advisors

Tampa Elder Law Attorneys

Tampa Senior Realtors

Tampa Senior Movers and Downsizers

Tampa Neighborhood Guide

Live Like a Local in Tampa

Tampa Demographics and Lifestyle

Find assisted living in Tampa near you.