Cost of living in Fairwood research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Fairwood is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Maryland, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Fairwood is 149, with 100 being the average.
The cost of living index in Fairwood is 1.5x higher than the national average.
Fairwood ranks as the #171 cheapest in Maryland out of 188.
Fairwood ranks as the #5,822 cheapest out of 6,412 in the US.
The median home value in Fairwood is $588,600.
The median income in Fairwood is $177,315.
According to the most recent data on the cost of living, Fairwood has an overall cost of living index of 149, which is 1.5x higher than the national index of 100.
Compared to Maryland, Fairwood has a cost of living index that's 1.2x higher than Maryland's index of 120.
The standard of living in Fairwood ranks as #171 most affordable out of the 188 places we measured in Maryland. By definition, that implies Fairwood ranks as the #17 most expensive place in the Old Line State.
For more reading on life in Fairwood, check out:
Six factors go into calculating the cost of living index in Fairwood. Here is how it fairs on each of the criteria:
The Services index in Fairwood is 103.
The Groceries index in Fairwood is 115.
The Health index in Fairwood is 84.
The Housing index in Fairwood is 259.
The Transportation index in Fairwood is 100.
The Utilities index in Fairwood is 107.
|Living Expense||Fairwood||Maryland||National Average|
Housing swings affordability the most between places in Maryland, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Fairwood is $588,600.
The Median Rent in Fairwood is $2,971.
The Median Income in Fairwood is $177,315.
The Home Value To Income in Fairwood is 3.3x.
The Rent To Monthly Income in Fairwood is 0.2x.
|Median Home Value||$588,600||$338,500||$244,900|
|Home Value To Income||3.3x||3.7x||3.5x|
|Rent To Monthly Income||0.2x||0.19x||0.2x|
The cost of living varies in the cities and towns around Fairwood. Here's a quick look at the cost of living in the most populous nearby places:
Bowie, MD has a cost of living index of 134, 0.9x Fairwood.
Ilchester, MD has a cost of living index of 133, 0.9x Fairwood.
North Laurel, MD has a cost of living index of 129, 0.9x Fairwood.
|City||Population||Cost Of Living||Vs. Fairwood|
|North Laurel, MD||24,233||129||0.9x|
|Glenn Dale, MD||15,426||140||0.9x|
|Kemp Mill, MD||14,509||141||0.9x|
|Lake Arbor, MD||14,376||130||0.9x|