Hampstead 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.
IndexHampsteadMarylandNational
Cost of living index110120100
IndexHampsteadMarylandNational
Goods & Services index104104100
Groceries index113113100
Health care index9092100
Housing index121154100
Transportation index104106100
Utilities index105103100
An overview of the general cost of living index for Hampstead, MD is displayed above for your reference. Residents in Hampstead, MD enjoy a cost of living index of 110. This index is 8% lower than the Maryland average, and 10% 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 Hampstead, MD, the average cost of goods and services is equal to it is in Maryland, and it is 4% higher than the national average.

Did you know?

  • The cost of living in Hampstead is 8% lower than the Maryland average.
  • The cost of living in Hampstead is 10% higher than the national average.
  • The cost of housing in Hampstead is 21% 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 Hampstead, MD Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Hampstead, MD to any other city. The salary calculator will tell you how much you would need to earn in any given city to maintain the same standard of living based on the cost of living in each city. For example, if the cost of living in the city you are looking to relocate to is higher than the cost of living in Hampstead, MD, then you would need to earn more income in order to maintain the same standard of living. To use the Hampstead, MD salary calculator, simply enter in the name of the new city, then adjust the slider to your current income. The salary calculator will do the rest and let you know if you need to earn more or less in the new city. You will also see a complete breakdown of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$90,743$7,562$2,117$2,723
Renters$31,448$2,621$734$944
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Hampstead, MD as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Hampstead, MD homeowners, is $90,743. This would allow for a maximum of $2,117 per month to be spent on housing costs. For renters, the median monthly income is $31,448 which would result in a maximum of $734 to be spent on rental costs.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
For those who live in Hampstead, MD and want to know what the true cost of living is, they ought to look at both the Maryland income tax rate and the Maryland sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Maryland, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Maryland, the income tax rate ranges between 2% to 5.75%.

Goods & Services

ItemHampsteadNational avg.Difference
Haircut $19.22$15.5623.5%
Beauty Salon $55.47$36.1153.6%
Toothpaste $2.46$2.470.6%
Shampoo $1.00$0.964.0%
Movie $11.17$10.1310.3%
Bowling $5.30$4.7411.9%

Groceries

ItemHampsteadNational avg.Difference
Ground Beef $4.46$3.9811.9%
Fried Chicken $1.78$1.4126.7%
Milk $2.52$2.0622.1%
Potatoes $3.77$2.9826.4%
Pizza $9.91$9.474.6%
Beer $9.57$8.798.9%

Health Care

ItemHampsteadNational avg.Difference
Optometrist $70.89$101.0429.8%
Doctor $85.25$107.4420.7%
Dentist $79.83$90.4211.7%
Ibuprofen $9.99$9.287.7%
Lipitor $435.17$426.502.0%

Housing

ItemHampsteadNational avg.Difference
Home Price $232,800.00$175,700.0032.5%
Avg. Mortgage Payment $1,577.31$1,133.2339.2%
Apartment Rent $865.00$920.006.0%

Transportation

ItemHampsteadNational avg.Difference
Gasoline $2.05$1.992.9%
Tire Balancing $48.35$45.765.7%

Utilities

ItemHampsteadNational avg.Difference
All Electricity$177.91$163.818.6%
Phone $28.67$28.391.0%
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.
Jefferson, PA25586-14%
Midway, PA1,91296-4%
Parkville, PA6,94996-4%
Hanover, PA15,36596-4%
Pennville, PA1,96898-2%
Hampstead, MD6,34211010%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Columbiana, OH6,34190-10%
Jackson, OH6,34385-15%
Margate City, NJ6,34314848%
Red Lion, PA6,34393-7%
Village of Oak Creek (Big Park), AZ6,34113333%
Hampstead, MD6,34211010%
Source: The Hampstead, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.