D-
18%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
50%
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 Owings Mills Maryland National
Cost of living118119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing150150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Owings Mills, MD

Getting a feel for the cost of living in Owings Mills 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 Owings Mills is 118, which is 18% 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.

Housing costs are a major factor in the Owings Mills cost of living index, and they often eat up a big chunk of your take-home pay. Unfortunately, in this area, housing expenses for both homeownership and rentals were 49.8% higher than what's typical in an average city. That includes the prices of homes and rents, as well as mortgage rates and insurance.

Is Owings Mills Affordable?

Is Owings Mills 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 Owings Mills, the median home price is 43.6% higher than what most folks pay across the country, and monthly rent prices are 64.2% higher than the usual rates. Income levels in Owings Mills come in at $83,106, which is 50.2% higher than the national average.

What Factors can Influence the Cost of Living in Owings Mills?

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 Owings Mills, healthcare costs are 2.5% lower than the national average.

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 Owings Mills, the prevailing sales tax rate starts at 6%, and income tax rates kick off at 2%.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Owings Mills, the utilities index is 11.1% higher than the national average.

Where is the Data From?

The cost of living in Owings Mills, 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 Owings Mills is 1% lower than the Maryland average
  • The cost of living in Owings Mills is 18% higher than the national average
  • Owings Mills housing is 50% 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 Owings Mills

See all the best places to live around Owings Mills

Compare Owings Mills, 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$104,178$8,682$2,431$3,126
      Renters$67,457$5,621$1,574$2,024
      A good indicator of the general affordability of housing in Owings Mills, 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 Owings Mills, the median monthly income is $104,178 for those who own their own homes. Under the standard rule, that income level would allow for $2,431 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $67,457, per the median income in the area. That would allow for renters to spend up to $1,574 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 Owings Mills 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 Owings Mills 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 Owings Mills 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 Owings Mills National avg. Difference
      Home Price $265,300.00$184,700.0043.6%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,558.00$949.0064.2%

      Transportation

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

      Utilities

      Item Owings Mills 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.
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Baltimore Highlands, MD7,8801077.1%
      Woodlawn CDP (Prince George's County), MD7,8731077.4%
      Parkville, MD30,4591087.8%
      Owings Mills, MD34,71111817.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Boardman, OH34,7178910.7%
      Leawood, KS34,70213535.1%
      Lebanon, TN34,7591066.1%
      Dakota Ridge, CO34,65513131.0%
      Stow, OH34,770991.4%
      Owings Mills, MD34,71111817.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.