Olney, MD is a small town situated in Montgomery County, on the outskirts of Washington D.C. The town has a strong local vibe and offers its residents plenty of amenities such as grocery stores, restaurants, banks and other local companies like Olney Theatre Center, Aspen Hill Library and Olney Farmers’ Market. The cost of living in Olney is slightly higher than the national average; rent for a two-bedroom apartment is approximately $2,140 per month – almost 50% more than the US average rent price for similar apartments. Similarly, groceries are also more expensive; with an index score of 113 compared to the US index score of 100. Despite this higher cost of living in Olney, it remains a popular choice among those wanting to be near Washington D.C without sacrificing their sense of community.
Olney has an unemployment rate of 5.7%. The US average is 6.0%.
Olney has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 31.0%, which is lower than the US average of 33.5%.
Tax Rates for Olney
- The Sales Tax Rate for Olney is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Olney is 8.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Olney
- The average income of a Olney resident is $49,495 a year. The US average is $28,555 a year.
- The Median household income of a Olney resident is $161,065 a year. The US average is $69,021 a year.