Cost of living in Ocean City 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 Ocean City 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 Ocean City is 116, with 100 being the average.
The cost of living index in Ocean City is 1.2x higher than the national average.
Ocean City ranks as the #65 cheapest in Maryland out of 188.
Ocean City ranks as the #4,558 cheapest out of 6,412 in the US.
The median home value in Ocean City is $317,100.
The median income in Ocean City is $58,563.
According to the most recent data on the cost of living, Ocean City has an overall cost of living index of 116, which is 1.2x higher than the national index of 100.
Compared to Maryland, Ocean City has a cost of living index that's 1.0x lower than Maryland's index of 120.
The standard of living in Ocean City ranks as #65 most affordable out of the 188 places we measured in Maryland. By definition, that implies Ocean City ranks as the #123 most expensive place in the Old Line State.
For more reading on life in Ocean City, check out:
Six factors go into calculating the cost of living index in Ocean City. Here is how it fairs on each of the criteria:
The Services index in Ocean City is 109.
The Groceries index in Ocean City is 118.
The Health index in Ocean City is 100.
The Housing index in Ocean City is 131.
The Transportation index in Ocean City is 104.
The Utilities index in Ocean City is 94.
|Living Expense||Ocean City||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 Ocean City is $317,100.
The Median Rent in Ocean City is $1,063.
The Median Income in Ocean City is $58,563.
The Home Value To Income in Ocean City is 5.4x.
The Rent To Monthly Income in Ocean City is 0.22x.
|Statistic||Ocean City||Maryland||United States|
|Median Home Value||$317,100||$338,500||$244,900|
|Home Value To Income||5.4x||3.7x||3.5x|
|Rent To Monthly Income||0.22x||0.19x||0.2x|