F
34%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
103%
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 Lake Shore Maryland National
Cost of living134119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing203150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Lake Shore, MD

Knowing the cost of living in Lake Shore 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 Lake Shore stands at 134, marking it 34% higher than the national average.

If you're in pursuit of an economical living environment, Lake Shore may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Lake Shore falls within this bracket.

Housing costs significantly influence the Lake Shore 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 102.7%. This entails elements such as housing and rental prices, mortgage interest rates and insurance costs.

Is Lake Shore Affordable?

Is Lake Shore 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 Lake Shore, for instance, where the median home price falls 119.1% higher than the national average, and monthly rent rates are 64.5% higher than usual. Additionally, median income levels contribute to the equation, with Lake Shore flaunting a median household income of $111,940, 102.3% higher than the national norm.

What Factors can Influence the Cost of Living in Lake Shore?

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Lake Shore, the housing index stands at 102.7% higher than the national average.

Utilities: Much like any other costs, utility expenses can exhibit considerable variations, influenced by factors such as climate, available energy sources, geographic location and state regulations. The costs associated with electricity, water, heating, and waste disposal can vary significantly depending on the city or state in question. In Lake Shore, the utilities index stands at 11.1% higher than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Lake Shore, the general sales tax rate starts at 6%, and income tax rates begin at 2%.

Where is the Data From?

The Lake Shore 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.

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Cost Of Living Quick Facts

  • The cost of living in Lake Shore is 13% higher than the Maryland average
  • The cost of living in Lake Shore is 34% higher than the national average
  • Lake Shore housing is 103% 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 Lake Shore

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Compare Lake Shore, 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$116,597$9,716$2,720$3,498
      Renters$80,786$6,732$1,885$2,424
      A good indicator of the general affordability of housing in Lake Shore, MD, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake Shore, the median monthly income is $116,597 for those who own their own homes. Under the standard rule, that income level would allow for $2,720 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $80,786, per the median income in the area. That would allow for renters to spend up to $1,885 on monthly rental expenses.

      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 Lake Shore 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 Lake Shore 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 Lake Shore 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 Lake Shore National avg. Difference
      Home Price $404,600.00$184,700.00119.1%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,561.00$949.0064.5%

      Transportation

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

      Utilities

      Item Lake Shore 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.
      Edesville, MD1631043.9%
      Dundalk, MD63,8261021.7%
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Rock Hall, MD1,5631033.1%
      Lake Shore, MD18,52313433.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Merrifield, VA18,52315554.9%
      Concord, MO18,5211011.0%
      Brookfield, IL18,52011312.9%
      Winchester, KY18,520918.6%
      Milledgeville, GA18,5268910.8%
      Lake Shore, MD18,52313433.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.