Takoma Park, MD Cost Of Living
Cost Of Living In Takoma Park, MD Summary
Cost of living in Takoma Park 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 Takoma Park 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 Takoma Park is 160, with 100 being the average.
The cost of living index in Takoma Park is 1.6x higher than the national average.
Takoma Park ranks as the #183 cheapest in Maryland out of 194.
Takoma Park ranks as the #5,900 cheapest out of 6,489 in the US.
The median home value in Takoma Park is $673,075.
The median income in Takoma Park is $97,872.
Table Of Contents
Takoma Park's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Takoma Park, MD?
According to the most recent data on the cost of living, Takoma Park has an overall cost of living index of 160, which is 1.6x higher than the national index of 100.
Compared to Maryland, Takoma Park has a cost of living index that's 1.3x higher than Maryland's index of 121.
The standard of living in Takoma Park ranks as #183 most affordable out of the 194 places we measured in Maryland. By definition, that implies Takoma Park ranks as the #11 most expensive place in the Old Line State.
For more reading on life in Takoma Park, check out:
In Maryland
In America
Takoma Park Cost Of Living Vs. Maryland
Six factors go into calculating the cost of living index in Takoma Park. Here is how it fairs on each of the criteria:
The Services index in Takoma Park is 116.
The Groceries index in Takoma Park is 105.
The Health index in Takoma Park is 111.
The Housing index in Takoma Park is 269.
The Transportation index in Takoma Park is 107.
The Utilities index in Takoma Park is 111.
| Living Expense | Takoma Park | Maryland | National Average | |
|---|---|---|---|---|
| Overall | 160 | 121 | 100 | |
| Services | 116 | 105 | 100 | |
| Groceries | 105 | 107 | 100 | |
| Health | 111 | 96 | 100 | |
| Housing | 269 | 150 | 100 | |
| Transportation | 107 | 99 | 100 | |
| Utilities | 111 | 113 | 100 | |
Takoma Park, MD Housing Cost Breakdown
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 2019-2023. The key points are:
The Median Home Value in Takoma Park is $673,075.
The Median Rent in Takoma Park is $1,388.
The Median Income in Takoma Park is $97,872.
The Home Value To Income in Takoma Park is 6.9x.
The Rent To Monthly Income in Takoma Park is 0.17x.
| Statistic | Takoma Park | Maryland | United States |
|---|---|---|---|
| Median Home Value | $673,075 | $427,628 | $303,400 |
| Median Rent | $1,388 | $1,662 | $1,348 |
| Median Income | $97,872 | $101,652 | $78,538 |
| Home Value To Income | 6.9x | 4.2x | 3.9x |
| Rent To Monthly Income | 0.17x | 0.2x | 0.21x |
Median Home Value
Median Rent
Median Income
Takoma Park, MD Costs By Category
Detailed Takoma Park Services Costs Vs. Maryland
| Item | Takoma Park | Maryland |
|---|---|---|
| Shampoo | $1.63 | $1.28 |
| Movie | $15.72 | $12.13 |
| Bowling | $24.56 | $18 |
| Haircut | $41.31 | $24.26 |
| Beauty Salon | $73.33 | $45.56 |
Detailed Takoma Park Groceries Costs Vs. Maryland
| Item | Takoma Park | Maryland |
|---|---|---|
| Ground Beef | $5.72 | $5.84 |
| Fried Chicken | $1.31 | $1.57 |
| Milk | $4.83 | $4.67 |
| Potatoes | $5.15 | $4.93 |
| Pizza | $12.83 | $12.09 |
| Beer | $11.41 | $10.41 |
| Toothpaste | $3.7 | $3.7 |
Detailed Takoma Park Health Costs Vs. Maryland
| Item | Takoma Park | Maryland |
|---|---|---|
| Optometrist | $112.83 | $125.68 |
| Doctor | $156.21 | $135.78 |
| Dentist | $135.09 | $113.29 |
Detailed Takoma Park Transportation Costs Vs. Maryland
| Item | Takoma Park | Maryland |
|---|---|---|
| Gasoline | $3.37 | $3.46 |
| Tire Balancing | $75.27 | $59.92 |
Detailed Takoma Park Utilities Costs Vs. Maryland
| Item | Takoma Park | Maryland |
|---|---|---|
| All Electricity | $227.7 | $193.99 |
| Phone | $190.71 | $192.25 |
Takoma Park SnackAbility
/10
Cost Of Living In Cities Around Takoma Park
The cost of living varies in the cities and towns around Takoma Park. Here's a quick look at the cost of living in the most populous nearby places:
Silver Spring, MD has a cost of living index of 152, 0.9x Takoma Park.
Olney, MD has a cost of living index of 153, 1.0x Takoma Park.
Chillum, MD has a cost of living index of 130, 0.8x Takoma Park.
| City | Population | Cost Of Living | Vs. Takoma Park |
|---|---|---|---|
| Silver Spring, MD | 82,129 | 152 | 0.9x |
| Olney, MD | 36,000 | 153 | 1.0x |
| Chillum, MD | 35,163 | 130 | 0.8x |
| North Laurel, MD | 25,201 | 132 | 0.8x |
| North Potomac, MD | 23,994 | 172 | 1.1x |
| Langley Park, MD | 22,057 | 121 | 0.8x |
| Hyattsville, MD | 20,861 | 131 | 0.8x |
| Adelphi, MD | 17,210 | 127 | 0.8x |
| Kemp Mill, MD | 14,437 | 145 | 0.9x |
| Colesville, MD | 14,075 | 140 | 0.9x |
