Georgetown, MD is a vibrant city in Montgomery County situated close to Washington DC. Known for its strong economy, the city is home to several major firms such as Lockheed Martin, Discovery Communications and Marriott International. The cost of living in Georgetown is slightly higher than the US average due to a two-bedroom rent of $1,200 and grocery index of 101 when compared to the national level of 100. However, this is offset by high salaries and easy access to excellent amenities such as quality schools, parks and other recreational facilities.
Georgetown has an unemployment rate of 5.5%. The US average is 6.0%.
Georgetown has seen the job market decrease by -8.6% over the last year. Future job growth over the next ten years is predicted to be 16.7%, which is lower than the US average of 33.5%.
Tax Rates for Georgetown
- The Sales Tax Rate for Georgetown is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Georgetown is 7.6%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Georgetown
- The average income of a Georgetown resident is $16,760 a year. The US average is $37,638 a year.
- The Median household income of a Georgetown resident is $0 a year. The US average is $69,021 a year.