Cost of Living in Burtonsville, MD

An Overview of Cost of Living in Burtonsville, MD

Knowing the cost of living in Burtonsville allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Burtonsville stands at 137, marking it 37% higher than the national average.

The cost of living in Burtonsville is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Burtonsville falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs are a very significant part of the Burtonsville 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 110.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Burtonsville Affordable?

Wondering if Burtonsville 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 Burtonsville, for example, the median home price is 114.5% higher than what folks pay nationally, and monthly rent is 99.8% higher than the usual rates. Plus, income levels matter too, with Burtonsville boasting a median household income of $122,541, which is 121.5% higher than the national average.

What Factors can Influence the Cost of Living in Burtonsville?

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 Burtonsville, the utilities index registers at 10.2% higher than the national average.

Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Burtonsville, the housing index is 110.1% higher than the national average.

Healthcare: Healthcare expenses and insurance premiums can vary significantly depending on the specific city or state. Factors such as accessibility to healthcare facilities, out-of-pocket expenses for doctor's visits, dental care expenses, prescription costs and specialized medical care fees can all influence the overall cost of living. In Burtonsville, healthcare costs are 2.8% lower than the national average.

Where is the Data From?

The Burtonsville 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. Published on a quarterly basis, it compiles data from more than 300 independent researchers, encompassing over 60 goods and services. These items have been meticulously selected to represent various consumer expenditure categories, in 6 categories. Weightings assigned to cost differentials draw from government survey data tracking spending patterns among professional and executive households. While the C2ER index excludes data on sales or income tax rates, AreaVibes incorporates tax rates into the overall cost of living score for each region.