Towson, MD Cost Of Living
Cost Of Living In Towson, MD Summary
Cost of living in Towson 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 Towson 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 Towson is 123, with 100 being the average.
The cost of living index in Towson is 1.2x higher than the national average.
Towson ranks as the #99 cheapest in Maryland out of 188.
Towson ranks as the #4,954 cheapest out of 6,412 in the US.
The median home value in Towson is $374,000.
The median income in Towson is $93,435.
Table Of Contents
Towson's Overall Cost Of Living
Higher Than The National Average
What is the cost of living in Towson, MD?
According to the most recent data on the cost of living, Towson has an overall cost of living index of 123, which is 1.2x higher than the national index of 100.
Compared to Maryland, Towson has a cost of living index that's 1.0x higher than Maryland's index of 120.
The standard of living in Towson ranks as #99 most affordable out of the 188 places we measured in Maryland. By definition, that implies Towson ranks as the #89 most expensive place in the Old Line State.
For more reading on life in Towson, check out:
- Living In Towson
- Search Homes For Sale In Towson, MD
In Maryland
In America
Towson Cost Of Living Vs. Maryland
Six factors go into calculating the cost of living index in Towson. Here is how it fairs on each of the criteria:
The Services index in Towson is 104.
The Groceries index in Towson is 112.
The Health index in Towson is 85.
The Housing index in Towson is 167.
The Transportation index in Towson is 101.
The Utilities index in Towson is 107.
| Living Expense | Towson | Maryland | National Average | |
|---|---|---|---|---|
| Overall | 123 | 120 | 100 | |
| Services | 104 | 109 | 100 | |
| Groceries | 112 | 108 | 100 | |
| Health | 85 | 92 | 100 | |
| Housing | 167 | 156 | 100 | |
| Transportation | 101 | 100 | 100 | |
| Utilities | 107 | 108 | 100 | |
Towson, 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 2017-2021. The key points are:
The Median Home Value in Towson is $374,000.
The Median Rent in Towson is $1,550.
The Median Income in Towson is $93,435.
The Home Value To Income in Towson is 4.0x.
The Rent To Monthly Income in Towson is 0.2x.
| Statistic | Towson | Maryland | United States |
|---|---|---|---|
| Median Home Value | $374,000 | $338,500 | $244,900 |
| Median Rent | $1,550 | $1,485 | $1,163 |
| Median Income | $93,435 | $91,431 | $69,021 |
| Home Value To Income | 4.0x | 3.7x | 3.5x |
| Rent To Monthly Income | 0.2x | 0.19x | 0.2x |
Median Home Value
Median Rent
Median Income
Towson, MD Costs By Category
Detailed Towson Services Costs Vs. Maryland
Detailed Towson Groceries Costs Vs. Maryland
Detailed Towson Health Costs Vs. Maryland
Detailed Towson Transportation Costs Vs. Maryland
Detailed Towson Utilities Costs Vs. Maryland
Towson SnackAbility
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Cost Of Living In Cities Around Towson
The cost of living varies in the cities and towns around Towson. Here's a quick look at the cost of living in the most populous nearby places:
Baltimore, MD has a cost of living index of 101, 0.8x Towson.
Columbia, MD has a cost of living index of 129, 1.0x Towson.
Bel Air South, MD has a cost of living index of 115, 0.9x Towson.
| City | Population | Cost Of Living | Vs. Towson |
|---|---|---|---|
| Baltimore, MD | 592,211 | 101 | 0.8x |
| Columbia, MD | 105,086 | 129 | 1.0x |
| Bel Air South, MD | 56,928 | 115 | 0.9x |
| Pikesville, MD | 33,549 | 123 | 1.0x |
| Pasadena, MD | 31,583 | 122 | 1.0x |
| Bel Air North, MD | 30,969 | 124 | 1.0x |
| Parkville, MD | 30,783 | 107 | 0.9x |
| Eldersburg, MD | 30,418 | 126 | 1.0x |
| Carney, MD | 29,873 | 114 | 0.9x |
| Ilchester, MD | 27,513 | 133 | 1.1x |
