F
24%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
70%
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 Pikesville Maryland National
Cost of living124119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing170150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Pikesville, MD

Getting a feel for the cost of living in Pikesville 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 Pikesville is 124, which is 24% 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, Pikesville 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, Pikesville falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs are a major factor in the Pikesville 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 70% 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 Pikesville Affordable?

Is Pikesville 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 Pikesville, for instance, where the median home price falls 79.6% higher than the national average, and monthly rent rates are 47.7% higher than usual. Additionally, median income levels contribute to the equation, with Pikesville flaunting a median household income of $85,343, 54.3% higher than the national norm.

What Factors can Influence the Cost of Living in Pikesville?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Pikesville, the transportation index is 1.3% higher than the national average.

Housing: When there's a high demand for housing in trendy places, it can cause property prices and rental rates to soar, leading to a significantly higher cost of living. Conversely, in less desirable locations, where demand is low, prices tend to decrease, resulting in a more budget-friendly cost of living. In Pikesville, the housing index is 70% 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.

Where is the Data From?

The Pikesville 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.

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Cost Of Living Quick Facts

  • The cost of living in Pikesville is 4% higher than the Maryland average
  • The cost of living in Pikesville is 24% higher than the national average
  • Pikesville housing is 70% 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 Pikesville

See all the best places to live around Pikesville

Compare Pikesville, 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$104,866$8,739$2,447$3,146
      Renters$52,008$4,334$1,213$1,560
      The affordability of the housing market in Pikesville, MD as well as the overall cost of living can be predicted by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Pikesville homeowners, the median income is $104,866. This indicates that a monthly maximum of $2,447 should be spent by homeowners on all housing related costs. Renters have a median income of $52,008. This indicates that renters would have a maximum of $1,213 for their rent related monthly costs.

      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 Pikesville 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 Pikesville 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 Pikesville 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 Pikesville National avg. Difference
      Home Price $331,700.00$184,700.0079.6%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,402.00$949.0047.7%

      Transportation

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

      Utilities

      Item Pikesville 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%
      Essex, MD39,3071055.5%
      Baltimore Highlands, MD7,8801077.1%
      Pikesville, MD32,87112423.7%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Val-d'Or, QC32,869n/a 
      Parkland, FL32,87816969.3%
      Lewiston, ID32,8531033.4%
      Salisbury, MD32,8501010.5%
      Bay City, MI32,8928415.8%
      Pikesville, MD32,87112423.7%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.