Housing costs in Maryland?
A typical home costs
$388,100, which is 14.8% more expensive than the national average of
$338,100 and 0.0% less expensive than the average Maryland home, at
$388,100. Renting a two-bedroom unit in Maryland costs
$1,620 per month, which is 13.3% more than the national average of
$1,430 and close to the state average of
$1,620.
Can I afford Maryland?
To live comfortably in Maryland, a minimum annual income of
$74,520 for a family, and
$54,400 for a single person is recommended.
What does A.I. say about Maryland?
The cost of living in Maryland State is relatively high compared to the national average. The median home price is $285,000 and the median rent price is $1,400 per month. Groceries, healthcare, and transportation are all slightly higher than the national average as well. While there is no state income tax in Maryland, there is a 6% sales tax applied to purchases. Residents also pay an estate tax if their estates exceed a certain threshold of value after their death. Despite these costs, it can still be a great place to live with its many attractions, cultural diversity, and strong economy.