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Cost of Living in St. Petersburg, FL

Cost of Living in St. Petersburg, FL [2020] | ❓ Is St. Petersburg Expensive?

Frequently recognized for its clear skies and warm weather, the city of St. Petersburg, FL holds the record for the “most consecutive days with sunshine” at 768 days. With this amazing climate, great shopping, and plenty of exciting local activities, you can imagine why anyone would be interested in living here.

As you consider this great city for your new home, you’ll want to take a look at what it costs to live in St. Petersburg and whether you can afford it. Dive into the details regarding basic living expenses to see if the area will be a good fit for you and your wallet.

St. Petersburg Cost of Living Index

As you identify how much it costs to live in St. Petersburg, it will be easier for you to see whether the quality of life and average expenses will fit your monthly budget. A close look at a city’s cost of living index is one of the best ways to see how it compares to other cities as well as the overall average across the country.

According to the cost of living index for St. Petersburg, it is about 9% less expensive than the national average and about 12% less than the Florida state average. The only expense you can expect to pay more for is groceries which are about 4.5% more expensive than average. Beyond that, housing, utilities, transportation, and healthcare are more affordable.

A side-by-side comparison of living costs also shows that St.Petersburg is 1.5% more affordable than the nearby city of Tampa as well.

One popular way to determine how much living expenses will cost is to identify the consumer expenditures percentage for St. Petersburg. You can expect to pay about 35.5% of your income on your living space and 14.3% on groceries, both of which are slightly higher than the national average. But you can also plan on spending less of your income on transportation, personal insurance, and healthcare that those averages.

Consumer Expenditures in St. Petersburg (by % of Household Income)

  • Housing 35.5%
  • Transportation 15.3%
  • Food 14.3%
  • Personal insurance 10.1%
  • Healthcare 7.6%
  • Entertainment 4.4%
  • Other 12.8%

Cost of Groceries, Food, Gas, & Household Items in St. Petersburg

Every month, there are things that pretty much everyone needs to buy or pay for wherever they live. This includes food, basic living expenses for your home, and other needs that arise from month to month. If you’re thinking about relocating to St. Petersburg, you’ll want to take these basics into consideration for your bottom line.

The average cost of groceries in St. Petersburg usually depends on how many people are in your home, where you shop, and your eating habits. Looking at a handful of the basic goods and services a half-gallon of milk costs $2.37, a dozen eggs will be $1.68, and a single loaf of bread runs about $3.27.

Calculating cost of living St. Petersburg with budget

Both homeowners and renters need to take utilities into account when putting together their monthly home budget. The average water bill and average electric bill in St. Petersburg add up to about $123.29 per month when combined.

Need to know the price of gas in St. Petersburg to calculate it into your daily commute for work? Currently, gas costs around $2.396 per gallon at gas stations around the city.

  • Steak (Ribeye, 1lb.) $9.55
  • Milk (regular 1/2 gallon) $2.37
  • Eggs (1 Dozen) $1.68
  • Potatoes (5 lb bag) $3.85
  • Bread (1 loaf) $3.27
  • Beer (Heineken’s 6 pack) $9.47
  • Average Cell Phone Bill $184.73
  • Average Cost of Gasoline (per gallon) $2.396
  • Average Cost of Utilities (per month) $123.29
  • McDonald’s Burger (1/4 Pounder) $3.55
  • Large Pizza $10.02
  • Movie Ticket (1st run) $12.71

St. Petersburg vs. Tampa Cost of Living

Only about 23 miles southwest of Tampa, you’ll find there isn’t much of a difference between the amounts you’ll pay for things between there and St. Petersburg. The cost of living is 1.5% lower in St. Petersburg than its larger neighbor nearby.

Some of the biggest differences between the St. Petersburg vs. Tampa cost of living are the housing market, local transportation, and groceries, all of which are more affordable in St. Petersburg. You can expect to save 3% on real estate and as much as 14% for transportation costs in St. Petersburg.

St. Petersburg Real Estate Market

The homeownership rate in St. Petersburg is about 60%, making it more likely for people in the area to purchase their living space than to rent. Comparing housing costs between the two cities, you’ll find the St. Petersburg real estate market is about 10% more affordable than Tampa.

According to Redfin, the median home listing price in St. Petersburg is $275,000, a number that has gone up about 4.6% in the last year.

 

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Most homes spend about 26 days on the market but locations found in popular neighborhoods can sell in as little as 6 days. The St. Petersburg median home sale price is $240,000, which equals out to about $193 per square foot on average. Most sellers and lenders will expect an average down payment of 21.2% upfront.

There are about 452 properties sold in St. Petersburg each month, giving newcomers a great variety when it comes to homes for sale in St. Petersburg, FL.

St. Petersburg Rental Market – Average Rent in St. Petersburg

With the other 40% of locals renting their homes or apartments in the area, this is another aspect of the St. Petersburg standard of living worth knowing about. According to Rent Jungle, the average price of rent in St. Petersburg is $1,390 per month. Prices vary between an average of $1,224 per month for one-bedroom apartments and $1,451 per month for a two-bedroom, with higher prices for larger locations.

Rent trends are showing lease prices in St. Petersburg have increased by about 1.73% in the last year.

If you compare St. Petersburg rent prices with Tampa averages, you’ll find that St. Petersburg is between $123 to $161 more expensive on average.

Average Salary & Household Income in St. Petersburg

One of the most important things for you to think about is how much you need to make to live in St. Petersburg. Whether you’re currently looking for a job or already found one in the area, it’s important to ensure your income will be enough to cover the basic expenses you’ll have living there.

The average salary in St. Petersburg is $60,000 per year, a trend in wages that has increased 1.6% year over year.

Boss giving an employee their paycheck

And while the numbers are close in this case, it’s more important to know the St. Petersburg median household income of $58,057 since that provides a more realistic picture of what you’ll want to make. This amount is about 6.7% lower than the national average but it’s enough for the affordable cost of living in St. Petersburg making it a good number to reach for as a minimum.

With this in mind, some of the top industries to work in when living in St. Petersburg are architecture, engineering, management, computer science, and more. A few of the largest employers in the area include Jabil, Raymond James, HSN, Times Publishing, and MBA HR Outsourcing.

Income, Sales, & Property Taxes in St. Petersburg, FL

State Income Tax

The Florida income tax rate is 0% so employees won’t be responsible for paying it. But while there is no state of Florida income tax rate, business owners and enterprises are subject to a 5.5% corporate income tax.

Sales Tax

Although there isn’t any income tax, Florida has the 22nd highest sales tax rate in the United States. Luckily, the city of St. Petersburg has no sales tax rate so it doesn’t add to the bottom line in this case. Between state and county taxes, the sales tax rate in St. Petersburg comes to a total of 7%.

  • Florida State tax rate 6.000%
  • Pinellas County tax rate 1.000%
  • St. Petersburg tax rate 0.000%
  • Total 7.000%

Property Tax

Along with affordable housing costs in the area, the St. Petersburg property tax rate is also lower than the national average.

  • St. Petersburg property tax rate 0.937%
  • Florida property tax rate 0.980%
  • National property tax rate 1.080%

If you matched these tax rates with the average home sale price of $240,000, then the St. Petersburg property taxes would be about $2,249 per year.

Does the Cost of Living in St. Petersburg Fit Your Budget?

All in all, most people find the St. Petersburg cost of living is affordable compared to Tampa and many other Florida cities. And with great communities all over the city, it’s certainly worth a look if you’re thinking about relocating to the area.

Need help with an upcoming transition? Get in touch with the top-rated St. Petersburg movers here at 2 College Brothers by calling (813) 922-1528 or complete the Request a Quote for a free moving estimate!