D+
14%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
36%
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 Randallstown Maryland National
Cost of living114119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing136150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Randallstown, MD

Are you thinking about relocating, but curious about the potential cost of living in Randallstown? Is it more expensive or more affordable than average? Based on the most recent report, the cost of living in Randallstown stands at 114, making it 14% higher than the national average. The cost of living directly affects the affordability of one's desired lifestyle. Knowing the cost of housing, transportation, groceries and other essentials in the new area allows people to gauge whether they can maintain their preferred standard of living.

Housing costs are a very significant part of the Randallstown 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 36.1% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.

Is Randallstown Affordable?

Is Randallstown 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 Randallstown, for instance, where the median home price falls 37.4% higher than the national average, and monthly rent rates are 33.3% higher than usual. Additionally, median income levels contribute to the equation, with Randallstown flaunting a median household income of $79,842, 44.3% higher than the national norm.

What Factors can Influence the Cost of Living in Randallstown?

Urbanization: Larger, urban areas boasting abundant amenities and robust employment prospects often exhibit a heightened cost of living, driven by the increased demand for services and residential relocation. Consequently, this leads to elevated home prices and higher rental rates. In contrast, sparsely populated rural locales or regions marked by diminished demand typically offer a more limited range of amenities and experience slower job market expansion. This translates into a more affordable cost of living.

Subsidies: Certain cities or states may implement government subsidies or assistance programs with the goal of alleviating the cost of living pressures on their residents. These programs encompass a broad spectrum of support mechanisms, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farming subsidies. Areas offering fewer subsidies may experience a rise in their cost of living.

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Randallstown, is 36.1% higher than the national average.

Where is the Data From?

The Randallstown 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 Randallstown is 4% lower than the Maryland average
  • The cost of living in Randallstown is 14% higher than the national average
  • Randallstown housing is 36% 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 Randallstown

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Compare Randallstown, 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$92,218$7,685$2,152$2,767
      Renters$41,042$3,420$958$1,231
      The affordability of the housing market in Randallstown, 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 Randallstown homeowners, the median income is $92,218. This indicates that a monthly maximum of $2,152 should be spent by homeowners on all housing related costs. Renters have a median income of $41,042. This indicates that renters would have a maximum of $958 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 Randallstown 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 Randallstown 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 Randallstown 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 Randallstown National avg. Difference
      Home Price $253,700.00$184,700.0037.4%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,265.00$949.0033.3%

      Transportation

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

      Utilities

      Item Randallstown 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%
      Randallstown, MD35,66111413.6%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Parkland County, AB35,675n/a 
      South Miami Heights, FL35,68311413.5%
      Temple City, CA35,69918080.3%
      El Mirage, AZ35,7021044.2%
      Foothill Farms, CA35,71112121.0%
      Randallstown, MD35,66111413.6%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.