Takoma Park, MD is an attractive destination for those looking to live in the bustling metropolitan area of Washington D.C. With a median 2 bedroom rent of $1,510 compared to the U.S. average of $1,430, it is still an affordable option for those who want to live in a vibrant area close to the nation's capital. The Grocery Cost Index in Takoma Park is 114 versus 100 in the U.S., meaning groceries are slightly more expensive than other places but still within reach for most people. These factors make Takoma Park a great option for those looking for convenience and comfort while staying within budget living costs.
Takoma Park has many local businesses that are unique and offer something special to visitors and residents alike. Examples include Mom’s Organic Market which provides organic products and eco-friendly items; Aziza’s Mediterranean Kitchen which features homemade Mediterranean dishes; and Babe's Bar & Grill which has excellent burgers and fries with a local charm.
With its proximity to downtown D.C., affordability, convenience, unique businesses, and laid-back atmosphere, Takoma Park offers an exceptional lifestyle perfect for young professionals or families wanting a suburban feel with urban amenities nearby.
Takoma Park has an unemployment rate of 5.7%. The US average is 6.0%.
Takoma Park has seen the job market decrease by -6.5% 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 Takoma Park
- The Sales Tax Rate for Takoma Park is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Takoma Park 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 Takoma Park
- The average income of a Takoma Park resident is $50,021 a year. The US average is $37,638 a year.
- The Median household income of a Takoma Park resident is $86,644 a year. The US average is $69,021 a year.