F
32%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
97%
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 Elkridge Maryland National
Cost of living132119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing197150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Elkridge, MD

Getting a feel for the cost of living in Elkridge 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 Elkridge is 132, which is 32% 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 you value affordability in your search for a new place to live, Elkridge 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, Elkridge falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a very significant part of the Elkridge 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 96.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Elkridge Affordable?

Is Elkridge an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Elkridge is 99.1% higher than the national average, while the average monthly rent prices are 91% higher than average. The affordability of any location can also be influenced by median income levels. Elkridge has a median household income of $108,627, which is 96.4% higher than the national average.

What Factors can Influence the Cost of Living in Elkridge?

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.

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 Elkridge, the housing index comes in at 96.7% higher than the national average.

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In Elkridge, the baseline sales tax rate begins at 6%, and income tax rates start at 2%.

Where is the Data From?

The cost of living data in Elkridge 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 Elkridge is 11% higher than the Maryland average
  • The cost of living in Elkridge is 32% higher than the national average
  • Elkridge housing is 97% 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 Elkridge

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Compare Elkridge, 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$130,177$10,848$3,037$3,906
      Renters$62,200$5,183$1,451$1,866
      The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Elkridge, MD, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Elkridge, homeowners have a median income of $130,177. Using that number, a maximum of $3,037 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $62,200, which means there is a maximum of $1,451 to be spent on the costs of renting a home or apartment.

      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 Elkridge 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 Elkridge 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 Elkridge 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 Elkridge National avg. Difference
      Home Price $367,700.00$184,700.0099.1%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,813.00$949.0091.0%

      Transportation

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

      Utilities

      Item Elkridge 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.
      Dundalk, MD63,8261021.7%
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Baltimore Highlands, MD7,8801077.1%
      Woodlawn CDP (Prince George's County), MD7,8731077.4%
      Elkridge, MD21,77813231.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Red Deer County, AB21,767n/a 
      Del City, OK21,7628217.6%
      New Castle, PA21,8058416.0%
      Naples, FL21,750201100.8%
      Lino Lakes, MN21,74811515.1%
      Elkridge, MD21,77813231.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.