F
37%
Overall NAT. AVG.
10%
Goods & Services NAT. AVG.
101%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Accokeek Maryland National
Cost of living137119100
Goods & Services110106100
Groceries113106100
Health care10997100
Housing201150100
Transportation11198100
Utilities101111100

An Overview of Cost of Living in Accokeek, MD

Understanding the cost of living in Accokeek can help future residents assess whether their current financial situation aligns with the expenses they will encounter. It enables them to plan for potential changes in their budget and lifestyle. The Accokeek cost of living index is 137, which is 37% higher than the national average. The cost of living index is calculated by taking into account multiple categories, which encompass both the cost of everyday expenditures and larger expenses as well.

If you're in pursuit of an economical living environment, Accokeek may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Accokeek falls within this bracket.

Housing costs are a very significant part of the Accokeek cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 101.4% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Recurring essentials like haircuts, toothpaste, and entertainment, from movies to gym sessions, can really add up in your budget and make up 33% of the cost of living index. In Accokeek, you you will have to spend 10.2% more than average when compared to the typical prices for these items, making it a more expensive place to live.

The substantial and relentless rise in grocery prices definitely warrants some attention. Over the past two years, grocery expenses have escalated by more than 10%. Having said that, the situation in Accokeek is even less favorable, with grocery prices here being 12.6% higher than the national average.

Is Accokeek Affordable?

Is Accokeek affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Accokeek, for instance, where the median home price falls 111.3% higher than the national average, and monthly rent rates are 78.5% higher than usual. Additionally, median income levels contribute to the equation, with Accokeek flaunting a median household income of $133,992, 142.2% higher than the national norm.

What Factors can Influence the Cost of Living in Accokeek?

Transportation: When public transportation options are limited or non-existent, residents frequently resort to vehicle ownership, which can significantly contribute to the overall cost of living. Monthly financial obligations encompass fuel, insurance, regular maintenance and potentially lease or financing expenses. In Accokeek, the transportation index is 10.7% higher than the national average.

Utilities: Like everything else, utilities costs can range significantly depending on factors like climate, energy sources available, location and even state regulations. Things like electricity, water, heating and waste disposal costs can be higher or lower, depending on the city or state. The utilities index in Accokeek comes in at 0.8% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Accokeek, the general sales tax rate starts at 6%, and income tax rates begin at 2%.

Where is the Data From?

The Accokeek cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Accokeek is 16% higher than the Maryland average
  • The cost of living in Accokeek is 37% higher than the national average
  • Accokeek housing is 101% higher than the national average
  • Maryland general sales tax is 18% higher than the national average
  • Maryland state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around Accokeek

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Compare Accokeek, MD Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      Price difference in compared to
      Cost of living index
      Goods & Services index
      Groceries index
      Health care index
      Housing index
      Transportation index
      Utilities index

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$134,718$11,227$3,143$4,042
      Renters$57,794$4,816$1,348$1,734
      The affordability of the housing market in Accokeek, MD as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Accokeek homeowners, the median income is $134,718. This indicates that a monthly maximum of $3,143 should be spent by homeowners on all housing related costs. Renters have a median income of $57,794. This indicates that renters would have a maximum of $1,348 for their rent related monthly costs.

      Maryland Sales Tax

      State General Sales Tax With Max Surtax
      Maryland 6% 6%

      Maryland Income Tax

      State Income Tax (Low) Income Tax (High)
      Maryland 2% 5.75%

      Goods & Services

      Item Accokeek National avg. Difference
      Haircut $25.51$24.265.1%
      Beauty Salon $47.63$45.564.5%
      Toothpaste $3.62$3.702.1%
      Shampoo $1.34$1.284.4%
      Movie $13.08$12.137.8%
      Bowling $24.34$18.0035.2%

      Groceries

      Item Accokeek National avg. Difference
      Ground Beef $6.08$5.844.1%
      Fried Chicken $1.41$1.5710.6%
      Milk $4.68$4.670.2%
      Potatoes $5.30$4.937.3%
      Pizza $12.49$12.093.4%
      Beer $10.83$10.414.0%

      Health Care

      Item Accokeek National avg. Difference
      Optometrist $120.12$125.684.4%
      Doctor $135.82$135.780.0%
      Dentist $98.77$113.2912.8%
      Ibuprofen $10.80$10.651.4%
      Lipitor $485.49$468.603.6%

      Housing

      Item Accokeek National avg. Difference
      Home Price $390,200.00$184,700.00111.3%
      Avg. Mortgage Payment $1,923.85$2,346.6918.0%
      Apartment Rent $1,694.00$949.0078.5%

      Transportation

      Item Accokeek National avg. Difference
      Gasoline $3.34$3.463.6%
      Tire Balancing $64.70$59.928.0%

      Utilities

      Item Accokeek National avg. Difference
      All Electricity $213.29$193.999.9%
      Phone $184.83$192.253.9%
      Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

      Nearby cities with low cost of living

      City Population Cost of Living Index National Avg.
      Cedarville, MD5771099.3%
      Port Tobacco Village, MD41099.3%
      Rose Hill CDP (Lee County), VA708927.8%
      Potomac Heights, MD1,247936.5%
      Woodlawn CDP (Carroll County), VA2,247945.9%
      Accokeek, MD11,59013737.0%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      L'Île-Perrot, QC11,591n/a 
      Cedarburg, WI11,59211616.1%
      Nelson, BC11,592n/a 
      North Saanich, BC11,587n/a 
      Clayton, CA11,585204104.4%
      Accokeek, MD11,59013737.0%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.