Hampstead, MD is a small town in the suburbs of Baltimore, Maryland with a population size of less than 4,000 people. It has become an attractive place to live for families due to its affordable housing and cost of living. The average rent for a two-bedroom apartment is $1,270 compared to the national average of $1,430. Additionally, the grocery cost index in Hampstead is only 102 compared to the US average of 100.
The town offers many local businesses which drive its economy. Some notable companies include Taylor Gas Company – a family-owned business that sells propane gas tanks and services them; Hampstead Hardware Inc – which specializes in outdoor power equipment; Roos’s Farm Market – an organic farm specializing in fruits and vegetables; and K&M Auto Repair – offering complete auto repair services. These businesses are located near Main Street in the heart of Hampstead and contribute greatly to the community.
Hampstead has an unemployment rate of 4.2%. The US average is 6.0%.
Hampstead has seen the job market increase by 0.7% over the last year. Future job growth over the next ten years is predicted to be 31.3%, which is lower than the US average of 33.5%.
Tax Rates for Hampstead
- The Sales Tax Rate for Hampstead is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Hampstead is 7.8%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Hampstead
- The average income of a Hampstead resident is $32,364 a year. The US average is $28,555 a year.
- The Median household income of a Hampstead resident is $80,385 a year. The US average is $69,021 a year.