Cost of Living in Calverton, MD

An Overview of Cost of Living in Calverton, MD

Knowing the cost of living in Calverton 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 Calverton stands at 133, marking it 33% higher than the national average.

The cost of living in Calverton 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, Calverton falls into this category, which may not be suitable for those seeking an economically favorable living environment.

Housing costs make up a big chunk of the cost of living in Calverton, 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 95.9% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is Calverton Affordable?

Is Calverton an affordable place to live? That's a valid question to ask when you're thinking about moving to a new city. After all, how much it costs to live somewhere can be a huge factor in your decision. Affordability can be broken down into 3 common categories. The cost of living index (we talked about it earlier), housing expenses and income levels all play a big role in figuring out if a place is affordable. For instance, in Calverton, the median home price is 102.4% higher than what most folks pay across the country, and monthly rent prices are 80.6% higher than the usual rates. Income levels in Calverton come in at $98,977, which is 78.9% higher than the national average.

What Factors can Influence the Cost of Living in Calverton?

Urbanization: Larger, urban centers, known for their wealth of amenities and strong employment prospects, often exhibit an elevated cost of living, primarily attributable to the heightened demand for services and residential relocation. Consequently, this scenario leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural areas or regions characterized by diminished demand typically provide a more limited array of amenities and experience slower job market growth, resulting in a more affordable cost of living.

Healthcare: Healthcare costs and insurance premiums can undergo substantial fluctuations based on the city or state of residence. Elements such as the availability of healthcare facilities, out-of-pocket costs for medical consultations, dental expenses, prescription medication charges and specialized medical care fees all contribute to variations in the cost of living. In Calverton, healthcare costs are 2.8% lower than the national average.

Housing: When everyone's vying for homes in popular areas, it drives up property prices and rents, making the overall cost of living surge. On the flip side, in less sought-after locales, where housing demand is low, prices tend to dip, resulting in a more economical cost of living. In Calverton, the housing index comes in at 95.9% higher than the national average.

Where is the Data From?

The Calverton 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.