Annapolis Neck cost of living index

In the event that the cost of living data was unavailable for this city, estimates based upon nearby cities were used. Each cost of living index is based on a national average of 100. If the amount is below 100, it is lower than the national average. If the amount is above 100, it is higher than the national average.
IndexAnnapolis NeckMarylandNational
Cost of living index148115100
IndexAnnapolis NeckMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index266154100
Transportation index109108100
Utilities index9799100
An overview of the general cost of living index for Annapolis Neck, MD is displayed above for your reference. Residents in Annapolis Neck, MD enjoy a cost of living index of 148. This index is 29% higher than the Maryland average, and 48% higher than the national average. The following categories are used when determining the cost of living index for any given city: health care (5%), transportation (9%), utilities (10%), groceries (13%), housing (30%), and goods/services (33%). Clearly, housing and goods/services make up the majority of the formula for calculating the cost of living index. Because of this, the general cost of living for any given area can be estimated by looking at the cost of everyday goods in that area. For those living in Annapolis Neck, MD, the average cost of goods and services is 1% lower than it is in Maryland, and it is 9% lower than the national average.

Did you know?

  • The cost of living in Annapolis Neck is 29% higher than the Maryland average.
  • The cost of living in Annapolis Neck is 48% higher than the national average.
  • The cost of housing in Annapolis Neck is 166% higher than the national average.
  • Maryland general sales tax is 18% higher than the national average.
  • Maryland state income tax is 10% lower than the national average.

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Compare Annapolis Neck, MD Cost of living To Other Cities

Salary Calculator

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The salary calculator is meant to help you compare your salary in Annapolis Neck, MD to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Annapolis Neck, MD, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Annapolis Neck, MD salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$127,396$10,616$2,972$3,822
Renters$54,718$4,560$1,277$1,642
The affordability of the housing market in Annapolis Neck, MD as well as the overall cost of living can be indicated accurately by what percent of the monthly income is spent on housing related costs. This is konwn as the debt-to-income ratio (DTI). The overall rule of thumb is that no more than 28% of your gross income should ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Annapolis Neck, MD homeowners, the median income is $127,396. This indicates that a monthly maximum of $2,972 should be spent by homeowners on all housing related costs. Renters have a median income of $54,718. This indicates that renters should have a maximum of $1,277 used for their rent related monthly costs.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
When considering the overall cost of living expenses in Annapolis Neck, MD, it's important to take into account the sales tax for Maryland, as well as the rate for income tax in Maryland. Goods and services sold to consumers in any state have some form of sales tax. Each state has its own tax code, which means that sales tax rates vary from state to state, ranging from over 7% in some states to as low as 0% in others. The maximum surtax for Maryland is 6%, and the sales tax in the state of Maryland is 6%. Alternatively, the tax imposed on your income by the state government is known as income tax. The rate for this tax also varies from state to state, and your rate is affected by your tax bracket, which is determined by your level of income. Income tax rates might be as high as 9%, down to as low as 0%. The range for income tax rates in Maryland starts from 2% and goes up to 5.75%.

Goods & Services

ItemAnnapolis NeckNational avg.Difference
Haircut $15.75$14.597.9%
Beauty Salon $43.00$34.6824.0%
Toothpaste $2.13$2.4713.9%
Shampoo $0.99$1.023.1%
Movie $10.81$9.879.5%
Bowling $5.30$4.3920.7%

Groceries

ItemAnnapolis NeckNational avg.Difference
Ground Beef $3.49$4.4822.0%
Fried Chicken $1.57$1.467.2%
Milk $2.59$2.369.9%
Potatoes $3.89$3.0627.1%
Pizza $8.00$9.2413.4%
Beer $8.49$8.631.7%

Health Care

ItemAnnapolis NeckNational avg.Difference
Optometrist $67.49$99.7832.4%
Doctor $80.00$105.0323.8%
Dentist $81.75$88.707.8%
Ibuprofen $10.58$9.4112.4%
Lipitor $293.64$298.501.6%

Housing

ItemAnnapolis NeckNational avg.Difference
Home Price $505,800.00$175,700.00187.9%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,967.00$920.00113.8%

Transportation

ItemAnnapolis NeckNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.80$45.297.8%

Utilities

ItemAnnapolis NeckNational avg.Difference
All Electricity$159.30$170.806.7%
Phone $28.67$28.261.5%
Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

Nearby cities with low cost of living

City, StatePopulationCost of Living IndexNational Avg.
Rock Hall, MD1,3771011%
Upper Marlboro, MD6461066%
Fort Meade, MD9,80911414%
Pasadena, MD25,03011616%
Marlboro Village, MD10,04612020%
Annapolis Neck, MD11,26614848%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Yorktown, IN11,26589-11%
Port Royal, SC11,2641066%
Rosaryville, MD11,26812727%
Lowes Island, VA11,25915353%
Clute, TX11,27783-17%
Annapolis Neck, MD11,26614848%
Source: The Annapolis Neck, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.