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Everyone wants a home that mixes affordability with comfort and Maryland does this very well. Families love the Old Line State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Maryland that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Maryland for 2022.
So where is the most expensive place to live in Maryland? That would be Mount Rainier.
the 2016-2020 American Community Survey for the 41 places in Maryland with more than 5,000 people.
What's the most expensive place to live in Maryland? Well, HomeSnacks crunched the numbers and discovered that Mount Rainier is the most expensive place to live in Maryland.
So hopefully Brunswick (the cheapest place to live in Maryland) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Maryland and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Maryland For 2022
The median income in Mount Rainier comes in at $57,200 and the median home value is $398,200 for 2022.
The median income in College Park comes in at $68,825 and the median home value is $345,800 for 2022.
The median income in Bladensburg comes in at $50,390 and the median home value is $277,400 for 2022.
The median income in Gaithersburg comes in at $91,845 and the median home value is $413,500 for 2022.
The median income in Rockville comes in at $111,797 and the median home value is $540,100 for 2022.
The median income in Takoma Park comes in at $83,919 and the median home value is $611,400 for 2022.
The median income in Cheste comes in at $39,682 and the median home value is $260,600 for 2022.
The median income in Annapolis comes in at $87,897 and the median home value is $414,000 for 2022.
The median income in Ocean City comes in at $55,954 and the median home value is $292,100 for 2022.
The median income in New Carrollton comes in at $70,776 and the median home value is $287,000 for 2022.
Methodology: How We Determined The Most Expensive Places To Live In The Old Line State For 2022
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2016-2020 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Maryland to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 41 places in Maryland that have more than 5,000 people.
The place with the highest cost of living in Maryland according to the data is Mount Rainier. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Maryland For 2022
Well there you have it, the places in Maryland that have the highest cost of living, with Mount Rainier ranking as the most expensive city in the Old Line State.
Here's a look at the most affordable cities in Maryland according to the data:
For more Maryland reading, check out:
- Best Places To Live In Maryland
- Cheapest Places To Live In Maryland
- Most Dangerous Cities In Maryland
- Best Places To Raise A Family In Maryland
- Safest Places In Maryland
- Worst Places To Live In Maryland
Detailed List Of The Most Expensive Cities In Maryland
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