How do income and consumer spending in the Greater Tampa Bay Area in Florida compare to the country? Findings from a new report help to answer that question.
The U.S. Bureau of Labor Statistics surveyed households in the Tampa – St. Petersburg – Clearwater area analyzing income and spending patterns over the course of a two-year period, from 2017 through 2018. While most spending patterns align with the national averages, the ones that differed significantly were total spending amounts and personal insurance and pensions.
The average annual spending for the Tampa metropolitan area was more than $10,000 less than the national average. Tampa-area spending averaged $50,386 per year, whereas national spending averaged $60,580.
Spending for Personal Insurance and Pensions (this includes life insurance and endowments) was 10.1 percent of income for the Tampa-area. The nationwide average was 11.6 percent.
The average income before taxes in the Tampa-area was $55,693, more than $20,000 below the national average, which was $76,118.
All other areas of spending were consistent with national averages, including housing, transportation, and food being the biggest expenses.
Tampa-area surveyed households averaged $17,871 on housing spending, approximately 35.5 percent household income. The national average was 33 percent.
The study points out that of the 22 metropolitan areas with data published, San Francisco, California residents spent the largest amount of income on housing at 39.4 percent, whereas Detroit, Michigan residents spent the lowest at 30.1 percent.
Tampa-area households spent 15.3 percent of their income on transportation. The national average was 16 percent. The report states, “Of the $7,694 in annual transportation expenditures in Tampa, 94 percent was spent buying and maintaining private vehicles; this compared to the national average of 92.1 percent.”
Of the 22 metropolitan areas with data published, Honolulu, Hawaii spent the lowest percentage of income towards transportation (an annual average of 10.9 percent). Detriot, Michigan-area households spent the highest (an annual average of 19.3 percent).
Tampa-area households spent 14.3 percent on food (the national average was 12.9 percent). Of that 14.3 percent, just under half went towards food away from home, totaling $3,049.
Of those 22 metropolitan areas with data published, Honolulu spent the highest amount of income on food (18.1 percent). Dallas-Forth Worth, Texas spent the lowest (11.1 percent).
You can view the full spending summaries for the Tampa-area here.