F
41%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
127%
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 Arnold Maryland National
Cost of living141119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing227150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Arnold, MD

Are you thinking about relocating, but curious about the potential cost of living in Arnold? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Arnold stands at 141, making it 41% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

If you value affordability in your search for a new place to live, Arnold may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, Arnold falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in Arnold, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 127.3% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Arnold Affordable?

Wondering if Arnold is affordable? It's a question that often comes up when you're thinking about a new city since affordability can really shape your decisions. The cost of living index (covered earlier), housing expenses and income levels all play a part in the affordability equation. In Arnold, for example, the median home price is 138.2% higher than what folks pay nationally, and monthly rent is 101.7% higher than the usual rates. Plus, income levels matter too, with Arnold boasting a median household income of $119,504, which is 116% higher than the national average.

What Factors can Influence the Cost of Living in Arnold?

Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.

Utilities: Similar to the prices of any goods or services, utility expenses can fluctuate widely, contingent on variables such as climate, available energy sources, geographical location and state regulations. Costs associated with electricity, water, heating, and waste disposal can differ in magnitude, depending on the specific city or state. In Arnold, the utilities index registers at 11.1% higher than the national average.

Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Arnold, the transportation index is 1.3% higher than the national average.

Where is the Data From?

The cost of living data in Arnold displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Arnold is 19% higher than the Maryland average
  • The cost of living in Arnold is 41% higher than the national average
  • Arnold housing is 127% 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 Arnold

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Compare Arnold, 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$132,400$11,033$3,089$3,972
      Renters$81,201$6,767$1,895$2,436
      The affordability of the housing market in Arnold, 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 Arnold homeowners, the median income is $132,400. This indicates that a monthly maximum of $3,089 should be spent by homeowners on all housing related costs. Renters have a median income of $81,201. This indicates that renters would have a maximum of $1,895 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 Arnold National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $58.17$45.5627.7%
      Toothpaste $3.69$3.700.3%
      Shampoo $1.44$1.2812.7%
      Movie $13.69$12.1312.9%
      Bowling $23.03$18.0027.9%

      Groceries

      Item Arnold National avg. Difference
      Ground Beef $6.23$5.846.7%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.73$4.671.2%
      Potatoes $5.46$4.9310.7%
      Pizza $13.24$12.099.5%
      Beer $10.36$10.410.5%

      Health Care

      Item Arnold National avg. Difference
      Optometrist $114.22$125.689.1%
      Doctor $133.22$135.781.9%
      Dentist $117.22$113.293.5%
      Ibuprofen $11.10$10.654.2%
      Lipitor $401.39$468.6014.3%

      Housing

      Item Arnold National avg. Difference
      Home Price $440,000.00$184,700.00138.2%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,914.00$949.00101.7%

      Transportation

      Item Arnold National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $62.66$59.924.6%

      Utilities

      Item Arnold National avg. Difference
      All Electricity $223.91$193.9915.4%
      Phone $199.62$192.253.8%
      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.
      Lansdowne, MD8,6351022.4%
      Rock Hall, MD1,5631033.1%
      Brooklyn Park, MD15,1631098.7%
      Arbutus, MD19,26711110.7%
      Glen Burnie, MD69,64911515.3%
      Arnold, MD24,33414140.9%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Mequon, WI24,35713232.0%
      Papillion, NE24,3101021.9%
      Avon Lake, OH24,3091088.0%
      Palmetto Bay, FL24,30815353.3%
      Wasaga Beach, ON24,372n/a 
      Arnold, MD24,33414140.9%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.