Florida Is Home To Cities Hardest Hit By Inflation
Have you noticed prices are still pretty high around the Tampa Bay area? Florida is among the states hardest hit by inflation. Which cities are seeing the worst of it?
Last year the U.S. rate of inflation soared to a 40-year-high of 9.1% before simmering down due to factors such as the Federal Reserve rate hikes. The year-over-year inflation rate slowed down to 3.7% last month, but that’s not much comfort to a lot of us in Florida. Various factors such as the war in Ukraine, and labor shortages continue to drive this number that is almost twice as high as the Fed would like, and the war in the Middle East following the terrorist attack on Israel will add new fuel to the fire.
Inflation rates vary from city to city and state to state, and you guessed it, Florida cities top the list of those negatively impacted by inflation. To figure out how inflation is impacting people in different parts of the country, WalletHub compared 23 major cities across the Consumer Price Index, which measures inflation. The findings indicate who is getting hammered the hardest by the most stubborn inflationary cycle in recent memory.
Florida’s inflation rates are skyrocketing, and the state leads the nation due mostly to the steep rise in the cost of housing, whether rentals or home purchases. The national inflation rate may be hovering just below 4%, but in Miami-Ft. Lauderdale-West Palm beach, inflation rates are still close to 9%, and in the Tampa-Clearwater metro, inflation remains a nasty 7%. So, no, it’s not your imagination when you go to the grocery store. Gas prices may be down, but you can’t say that about groceries, or housing. Read it and weep.
U.S. cities with the biggest inflation problems:
Miami – Fort Lauderdale – West Palm Beach, FL #1
Tampa-St. Petersburg – Clearwater, FL #2
Atlanta – Sandy Springs – Roswell, GA #3
Seattle – Tacoma – Bellevue, WA #4
Dallas – Fort Worth – Arlington, TX #5
Click here to see the full list and methodology.
7 Florida Cities Named Best Place To Live In The South
Sarasota
There’s been a lot of love for Sarasota recently, they’ve also been named the best place to retire and Siesta Key beach was named one of the prettiest white sand beaches in the country! They were the highest rated Florida city for this ranking and came in at number 3. It seems that people appear willing to exchange the higher cost of living for the warm weather, photogenic beaches and active population.
Naples
This southwest Florida city has also been named one of the best Florida cities to live in by other rankings. U.S. News says this metro area has the lowest crime rates out of the 150 metro areas on the list.
Jacksonville
We’re surprised to see Jacksonville rank above Tampa, it could be because they have a healthy tourism industry with fewer visitors than Tampa and Miami. However, Jacksonville’s population grew by 1.6% due to net migration.
Tampa
Tampa was ranked number 11 on U.S. News’ list, but it’s number 1 in our hearts. No wonder it’s one of the fastest-growing areas in the country. The Tampa metro area grew by more than 1.43% between 2020 and 2021 due to net migration, according to the U.S. Census Bureau.
Pensacola
This panhandle city has been getting a lot of love thanks to their soft white sand and clear blue water beaches, making it a popular destination for beach lovers and fishing enthusiasts. With many military and engineering career opportunities’, many people would call this a desirable place to live.
Daytona Beach
Daytona Beach came in at number 25 on U.S. News’ list. Daytona is known to be famous for the Daytona International Speedway, among their spring-break beaches. U.S. News says it’s also the 8th-fastest growing metro area out of the 150 most populous metro areas in the U.S. due to net migration, according to the U.S. Census Bureau.
