F
30%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
92%
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 Timonium Maryland National
Cost of living130119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing192150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Timonium, MD

The cost of living in Timonium affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Timonium is 130, which is 30% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

If you value affordability in your search for a new place to live, Timonium 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, Timonium 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 Timonium 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 92.3% 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 Timonium Affordable?

Is Timonium affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Timonium, the median home price is 110.4% higher than the national average and monthly rent prices are 50.2% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Timonium boasting a median household income of $106,513, 92.5% higher than the national average.

What Factors can Influence the Cost of Living in Timonium?

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 Timonium, the general sales tax rate starts at 6%, and income tax rates begin at 2%.

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 Timonium, the transportation index is 1.3% higher than the national average.

Groceries: Grocery expenditures have undergone notable escalation over the last 2-3 years. In some markets, the cost of food products has surged by more than 20%, while others have experienced only modest increments. These fluctuations in food costs can have a significant impact on the overall cost of living in any region. In Timonium, the groceries index registers 4.5% higher than the national average.

Where is the Data From?

The Timonium 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 Timonium is 10% higher than the Maryland average
  • The cost of living in Timonium is 30% higher than the national average
  • Timonium housing is 92% 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 Timonium

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Compare Timonium, 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$121,639$10,137$2,838$3,650
      Renters$54,738$4,562$1,277$1,642
      The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Timonium, MD, as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Timonium homeowners, is $121,639. This would allow for a maximum of $2,838 per month to be spent on housing costs. For renters, the median monthly income is $54,738 which would result in a maximum of $1,277 to be spent on rental 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 Timonium 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 Timonium 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 Timonium 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 Timonium National avg. Difference
      Home Price $388,600.00$184,700.00110.4%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,425.00$949.0050.2%

      Transportation

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

      Utilities

      Item Timonium 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.
      Bel Air CDP, MD1,383982.3%
      Dundalk, MD63,8261021.7%
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Essex, MD39,3071055.5%
      Timonium, MD10,64213030.4%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Corning, NY10,642927.7%
      Lansdowne, PA10,6371011.1%
      Forestville, OH10,6481099.1%
      Millington, TN10,6508811.9%
      New Port Richey East, FL10,6519010.2%
      Timonium, MD10,64213030.4%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.