Cost of Living in Chillum, MD

An Overview of Cost of Living in Chillum, MD

Getting a feel for the cost of living in Chillum is essential for anyone planning to relocate, as it empowers them to make informed financial decisions, secure a comfortable lifestyle and maintain financial stability in their new environment. The cost of living in Chillum is 128, which is 28% higher than the national average. Relocating individuals may need to adjust their savings and investment strategies based on the cost of living in the new location. It influences decisions about retirement planning, investments and financial goals.

If affordability is among your top priorities when searching for a new place to live, this area may not be the ideal fit, as the cost of living in Chillum is among the most expensive in the United States. Just a minority of areas exhibit a cost of living at least 20% higher than the national average, and unfortunately, Chillum falls into this category, which may not align with your goal of finding a budget-friendly living environment.

Housing costs significantly influence the Chillum cost of living index, typically accounting for a substantial portion of one's post-tax income. Regrettably, within this particular region, expenses related to both residential ownership and renting exceeded those observed in an average city by 67.5%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Everyday goods and services make up 33% of the cost of living index and include things like clothing, personal hygiene products and entertainment which are a large portion of your monthly expenditures. Unfortunately, Chillum goods and services are 16.6% more expensive than the national average, leaving you with less money at the end of the month.

Is Chillum Affordable?

Is Chillum 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 Chillum, for instance, where the median home price falls 71.7% higher than the national average, and monthly rent rates are 57.9% higher than usual. Additionally, median income levels contribute to the equation, with Chillum flaunting a median household income of $62,412, 12.8% higher than the national norm.

What Factors can Influence the Cost of Living in Chillum?

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 Chillum comes in at 10.6% 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 Chillum, healthcare costs are 10% higher than the national average.

Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday goods and services, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Chillum, the standard sales tax rate starts at 6%, and the income tax rates commence at 2%.

Where is the Data From?

The Chillum 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.