D-
16%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
45%
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 Carney Maryland National
Cost of living116119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing145150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Carney, MD

Understanding the cost of living in Carney 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 Carney cost of living index is 116, which is 16% 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.

Housing costs are a very significant part of the Carney 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 44.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Carney Affordable?

Is Carney affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Carney, the median home price is 33.8% higher than the national average and monthly rent prices are 70% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Carney boasting a median household income of $70,835, 28% higher than the national average.

What Factors can Influence the Cost of Living in Carney?

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 Carney, the transportation index is 1.3% higher than the national average.

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.

Taxes: Regions that impose higher taxes, including sales and income taxes, can contribute to an increased cost of living. Higher taxes for everyday necessities such as clothing, utilities and food inevitably leads to higher expenditures. Additionally, a higher income tax rate can also play a role in elevating the overall cost of living. In Carney, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 2%.

Where is the Data From?

The cost of living in Carney, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Carney is 2% lower than the Maryland average
  • The cost of living in Carney is 16% higher than the national average
  • Carney housing is 45% 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 Carney

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Compare Carney, 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$88,004$7,334$2,053$2,640
      Renters$54,225$4,519$1,265$1,627
      To approximate the cost of living and the housing affordability in Carney, MD, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in Carney have a median income of $88,004. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,053 per month to avoid calamity and poverty. The renters in the city have an income of about $54,225, which would make their monthly maximum allowable rental costs $1,265.

      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 Carney 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 Carney 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 Carney 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 Carney National avg. Difference
      Home Price $247,200.00$184,700.0033.8%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,613.00$949.0070.0%

      Transportation

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

      Utilities

      Item Carney 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.
      Bel Air CDP, MD1,383982.3%
      Dundalk, MD63,8261021.7%
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Edgewood, MD25,0651054.8%
      Carney, MD29,62411616.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      San Carlos, CA29,647310209.9%
      Chicago Heights, IL29,598928.0%
      Highland Park, IL29,59614949.3%
      Middle River, MD29,6651087.8%
      Westfield, NJ29,69018079.6%
      Carney, MD29,62411616.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.