Silver Spring, MD is a vibrant and lively community located just outside of Washington D.C. It has a wide range of opportunities for residents, including many large companies such as the Discovery Channel, Federal Realty Investment Trust, and Hughes Network Systems. This area is also home to several other businesses that cater to local markets like restaurants, grocery stores, and entertainment venues. The cost of living in Silver Spring is slightly higher than the national average, with 2 bedroom rent averaging $1 680 compared to $1 430 across the US. Grocery costs are somewhat higher too at an index of 112 compared to 100 in the US.
Silver Spring (zip 20901) has an unemployment rate of 5.7%. The US average is 6.0%.
Silver Spring (zip 20901) 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 Silver Spring (zip 20901)
- The Sales Tax Rate for Silver Spring (zip 20901) is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Silver Spring (zip 20901) 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 (zip 20901)
- The average income of a Silver Spring (zip 20901) resident is $53,290 a year. The US average is $37,638 a year.
- The Median household income of a Silver Spring (zip 20901) resident is $116,805 a year. The US average is $69,021 a year.