Silver Spring, MD is a great place to live with plenty of job opportunities and a low cost of living. It has many local businesses such as Discovery Communications, Adventist HealthCare and Sodexo. The median two bedroom rent for Silver Spring is $1,960 which is lower than the US average at $1,430. The Grocery Cost Index in Silver Spring is 113 which is 13% higher than the US average at 100. Living in Silver Spring can offer a great lifestyle coupled with an affordable cost of living.
Silver Spring has an unemployment rate of 5.7%. The US average is 6.0%.
Silver Spring 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 Silver Spring
- The Sales Tax Rate for Silver Spring is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Silver Spring 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 Spring
- The average income of a Silver Spring resident is $38,926 a year. The US average is $28,555 a year.
- The Median household income of a Silver Spring resident is $91,970 a year. The US average is $69,021 a year.