Aspen Hill 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.
IndexAspen HillMarylandNational
Cost of living index135120100
IndexAspen HillMarylandNational
Goods & Services index104104100
Groceries index113113100
Health care index9592100
Housing index204154100
Transportation index109106100
Utilities index100103100
A general overview of the cost of living index for Aspen Hill, MD is displayed above. In Aspen Hill, MD, the overall cost of living index is 135, which is 13% higher than the Maryland average and 35% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Aspen Hill, MD, the city's goods and services are equal to the Maryland average and 4% higher than the U.S. average.

Did you know?

  • The cost of living in Aspen Hill is 13% higher than the Maryland average.
  • The cost of living in Aspen Hill is 35% higher than the national average.
  • The cost of housing in Aspen Hill is 104% 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.

Find Real Estate Listings In Aspen Hill

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Aspen Hill

Compare Aspen Hill, MD Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
Price difference in compared to
Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
Using the salary calculator lets you compare the salary you earn in Aspen Hill, MD to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Aspen Hill, MD, you have to earn a higher income in order to still have the same standard of living. To operate the Aspen Hill, MD salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$101,496$8,458$2,368$3,045
Renters$51,347$4,279$1,198$1,541
One can approximate the cost of living and the housing affordability in Aspen Hill, MD by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Aspen Hill, MD have a median income of $101,496. Therefore, the amount that a consumer should spend on housing costs should be no more than $2,368 per month to avoid calamity and poverty. The renters in the city have an income of about $51,347, which would make their monthly maximum allowable rental costs $1,198.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
When assessing the complete cost of living in Aspen Hill, MD, the Maryland income tax and the Maryland sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Maryland maximum surtax is 6%, and the Maryland sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 5.75% in Maryland.

Goods & Services

ItemAspen HillNational avg.Difference
Haircut $19.56$15.5625.7%
Beauty Salon $55.56$36.1153.9%
Toothpaste $2.78$2.4712.6%
Shampoo $0.99$0.962.2%
Movie $13.06$10.1328.9%
Bowling $5.30$4.7411.9%

Groceries

ItemAspen HillNational avg.Difference
Ground Beef $4.32$3.988.5%
Fried Chicken $1.87$1.4132.9%
Milk $2.37$2.0614.7%
Potatoes $3.85$2.9829.2%
Pizza $9.82$9.473.7%
Beer $9.99$8.7913.6%

Health Care

ItemAspen HillNational avg.Difference
Optometrist $72.75$101.0428.0%
Doctor $93.11$107.4413.3%
Dentist $85.67$90.425.3%
Ibuprofen $10.08$9.288.6%
Lipitor $443.02$426.503.9%

Housing

ItemAspen HillNational avg.Difference
Home Price $391,400.00$175,700.00122.8%
Avg. Mortgage Payment $2,420.26$1,133.23113.6%
Apartment Rent $1,484.00$920.0061.3%

Transportation

ItemAspen HillNational avg.Difference
Gasoline $2.15$1.997.7%
Tire Balancing $51.28$45.7612.1%

Utilities

ItemAspen HillNational avg.Difference
All Electricity$172.28$163.815.2%
Phone $26.86$28.395.4%
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.
Cottage City, MD1,0701088%
Capitol Heights, MD4,45211414%
Seat Pleasant, MD4,65611414%
Landover, MD23,11211414%
Bladensburg, MD9,37111717%
Aspen Hill, MD51,60313535%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Rowland Heights, CA51,59715050%
Irondequoit, NY51,59495-5%
Elkhart, IN51,53985-15%
West New York, NJ51,51114646%
Milford, CT51,50913434%
Aspen Hill, MD51,60313535%
Source: The Aspen Hill, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.