Comparison Highlights
| Cost of Living Indexes | Baltimore, MD | Difference |
|---|---|---|
| Overall Index: Homeowner, No Child care, Taxes Not Considered | 91.3 | 65.0% more |
| Food & Groceries | 98.0 | 16.4% more |
| Housing (Homeowner) | 49.4 | 387.4% more |
| Median Home Cost | $175,500 | $499,900 (284.8% more) |
What is the average cost of living in Maryland?
Our cost of living indices are based on a US average of 100. An amount below 100 means Maryland is cheaper than the US average.
Maryland cost of living is 113.0.
| COST OF LIVING | Maryland | United States |
|---|---|---|
| Health | 89.1 | 100 |
| Housing | 127.2 | 100 |
| Median Home Cost | $361,900 | $291,700 |
| Utilities | 105.6 | 100 |
How much does it cost per month to live in Maryland?
The typical renter in Maryland spends $1,357 a month on housing, $334 more than the $1,023 national median monthly rent. Monthly rent for a one-bedroom in the state is $1,122, while the typical rent for a unit with five or more bedrooms is $2,060.
Is cost of living expensive in Maryland?
Maryland is an expensive state to live in. The Old Line State has a pricey home market, as well as above average rent prices. The statewide cost of utilities and groceries aren’t any better either.
What is the cost of living increase for 2021 near Maryland?
Letters to the UMB Community
I am very pleased to let you know that the state of Maryland has mandated a 2 percent cost-of-living adjustment (COLA) that will go into effect Jan. 1, 2021, for most University of Maryland, Baltimore (UMB) employees.
What is a good salary in Maryland?
In 2021, Maryland workers averaged a per capita personal income of $69,266 a year, higher than the national average of $63,445 a year. Maryland workers were paid about $1,338 per week, while the national average salary was approximately $1,220 per week.
How much is the minimum wage in Maryland?
Maryland’s state minimum wage rate is $12.50 per hour. This is greater than the Federal Minimum Wage of $7.25. You are entitled to be paid the higher state minimum wage.
Why is rent so high in Maryland?
Rising construction costs, strict regulatory requirements, a lack of higher-density zoning, and little political support for development “create uncertainty and drive up the cost to build affordable and market-rate homes, with builders passing along these higher costs to Marylanders seeking to rent or buy a home in the
Is Maryland cheap to live in?
Is Maryland expensive to live? Yes, unfortunately Maryland is one of the most expensive states in the U.S. Overall, it has the sixth overall cost of living compared to all other states in the country. Goods and services in the state will cost more than the national average.
What is the cost of living in Maryland 2022?
Comparison Highlights
| Cost of Living Indexes | Baltimore, MD | Difference |
|---|---|---|
| Overall Index: Homeowner, No Child care, Taxes Not Considered | 91.3 | 52.9% more |
| Food & Groceries | 98.0 | 15.5% more |
| Housing (Homeowner) | 49.4 | 339.7% more |
| Median Home Cost | $175,500 | $418,000 (238.2% more) |
Where is the cheapest and safest place to live in Maryland?
Check out these six affordable places to live in Maryland!
- Arbutus.
- Bel Air.
- Brunswick.
- Easton.
- Glenarden.
- White Marsh.
Where is the cheapest state to live?
Mississippi
Mississippi is the cheapest state to live in in the United States. Overall, costs in the state are 17% lower than the national average. Housing costs in Mississippi are the lowest in the nation.
Is it cheaper to live in MD or PA?
Pennsylvania is 8.4% cheaper than Maryland.
What is the COLA for 2022?
5.9 percent
Cost-of-Living Adjustment (COLA) Information for 2022
Social Security and Supplemental Security Income (SSI) benefits for approximately 70 million Americans will increase 5.9 percent in 2022.
Are Maryland retirees getting a raise in 2022?
Eligible payees (retirees and beneficiaries) of the Maryland State Retirement and Pension System will notice a boost in their monthly allowance beginning in July as the 2022 cost-of-living adjustment (COLA) takes effect.
What is the inflation rate in Maryland?
August 2022
| Prices (BLS/Haver, AAA) | ||
|---|---|---|
| CPI-U Inflation | 6.8% | 6.2% |
| “Core” CPI Inflation | 4.9% | 4.6% |
| National Gas/gal. Updated 8/5/22 12:00 AM | $4.11 | $4.80 |
| Maryland Gas/gal. | $4.09 | $4.73 |
What income is middle class in Maryland?
How much you have to earn to be middle class in every state
| State | Middle-class income | Median household income |
|---|---|---|
| Maryland | $71,844 | $86,738 |
| Utah | $71,034 | $75,780 |
| Nevada | $70,752 | $63,276 |
| Virginia | $67,197 | $76,456 |
What is a good salary to live comfortably in Maryland?
We have rankings of Maryland places, county-by-county, based on affordability (see below). The group, for instance, estimates a family of two adults and two children in Anne Arundel County would need to earn a combined $99,570 per year — or $8,297 a month — to live comfortably.
What is upper class income in Maryland?
How much does an Upper Class make in Maryland? As of Jul 31, 2022, the average annual pay for the Upper Class jobs category in Maryland is $60,122 a year. Just in case you need a simple salary calculator, that works out to be approximately $28.90 an hour. This is the equivalent of $1,156/week or $5,010/month.
What is the median salary in Maryland?
| HOUSEHOLD MEDIAN INCOME* | |
|---|---|
| 2020 (est.) | |
| Maryland | $94,384 |
| U.S. | $67,521 |
What states have a $15 an hour minimum wage?
Where are $15 minimum wages? Besides California and New York, nine states are headed to a $15 pay base over the next four years – Connecticut, Delaware, Florida, Illinois, Maryland, Massachusetts, New Jersey, Rhode Island and Virginia.