Ocean City, MD is a beachfront town located on the Eastern Shore of Maryland. It is known for its vibrant boardwalk and wonderful beachfront scenery. Renting a two bedroom apartment in Ocean City can cost about $960 per month, which is significantly lower than the US average of $1,430. Additionally, the Grocery Cost Index in Ocean City is higher than the national index at 107 versus 100 in the US. Some locally owned companies include Oceanside Health Care Pharmacy, Broadway Fashions Clothing Store, and First State Acceptance Corporation. Overall, visitors to Ocean City will find that local prices are slightly higher than national averages but still competitively priced compared to other areas along the Eastern shore of Maryland.
Ocean City has an unemployment rate of 9.9%. The US average is 6.0%.
Ocean City has seen the job market decrease by -0.6% over the last year. Future job growth over the next ten years is predicted to be 23.0%, which is lower than the US average of 33.5%.
Tax Rates for Ocean City
- The Sales Tax Rate for Ocean City is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Ocean City is 6.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Ocean City
- The average income of a Ocean City resident is $53,397 a year. The US average is $28,555 a year.
- The Median household income of a Ocean City resident is $58,563 a year. The US average is $69,021 a year.