Silver Hill, MD is a beautiful suburb located within Montgomery County. It is known for its strong sense of community and its numerous local businesses that add to the town’s charm. Some of these businesses include Silver Hill Grocery, Two Trees Cafe, and Silver Hill Animal Hospital. These locally-owned stores contribute to the unique character of Silver Hill while also providing residents with convenient access to services they need.
The rental market in Silver Hill reflects the national average, with two bedroom apartments renting for approximately $1,630 per month. There are several factors that affect rent prices in the area including availability and demand for apartments. As more people move to the area due to its suburban charm and great schools, this can push up rental prices as there is increased competition for available units. In addition, grocery costs index in Silver Hill is 107 versus 100 in the US - meaning groceries cost slightly more than average in Silver Hill. All these factors contribute to elevated rental costs compared to other areas of Maryland and nationwide averages.
Silver Hill has an unemployment rate of 7.8%. The US average is 6.0%.
Silver Hill 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 34.4%, which is higher than the US average of 33.5%.
Tax Rates for Silver Hill
- The Sales Tax Rate for Silver Hill is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Silver Hill 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 Silver Hill
- The average income of a Silver Hill resident is $26,645 a year. The US average is $28,555 a year.
- The Median household income of a Silver Hill resident is $61,133 a year. The US average is $69,021 a year.