Lake Shore 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.
IndexLake ShoreMarylandNational
Cost of living index123115100
IndexLake ShoreMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index183154100
Transportation index109108100
Utilities index9799100
A general overview of the cost of living index for Lake Shore, MD is displayed above. In Lake Shore, MD, the overall cost of living index is 123, which is 7% higher than the Maryland average and 23% 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 Lake Shore, MD, the city's goods and services are 1% lower than the Maryland average and 9% lower than the U.S. average.

Did you know?

  • The cost of living in Lake Shore is 7% higher than the Maryland average.
  • The cost of living in Lake Shore is 23% higher than the national average.
  • The cost of housing in Lake Shore is 83% 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 Lake Shore, MD Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Lake Shore, MD to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Lake Shore, MD, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Lake Shore, MD salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$97,375$8,115$2,272$2,922
Renters$68,464$5,705$1,597$2,054
If you want to find a good determining factor for the cost of living and the general affordability of housing in Lake Shore, MD, all you must look at is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Lake Shore, MD, the median monthly income is $97,375 for those who own their own homes. Under the standard rule, that income level would allow for $2,272 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $68,464, per the median income in the area. That would allow for renters to spend up to $1,597 on monthly rental expenses.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
When you are determining the total cost of living in Lake Shore, MD you will want to make sure you consider both the Maryland sales tax and the Maryland income tax rates. Sales tax come in the form of taxes levied on both services and goods that are sold. The sales tax rates are different state to state and range from zero sales tax to higher than 7%. The sales tax in Maryland is 6%, with the highest surtax being 6%. Tax that is on income by the government is income tax. Different states have different income tax rates and these rates can be higher or lower dependent on the corresponding tax bracket. The state income tax rates are different state to state and range from no income tax to more than 9% income tax. The income tax rates in Maryland have a range from 2% to 5.75%.

Goods & Services

ItemLake ShoreNational 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

ItemLake ShoreNational 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

ItemLake ShoreNational 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

ItemLake ShoreNational avg.Difference
Home Price $349,100.00$175,700.0098.7%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,348.00$920.0046.5%

Transportation

ItemLake ShoreNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.80$45.297.8%

Utilities

ItemLake ShoreNational 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.
Edesville, MD14595-5%
Dundalk, MD62,18696-4%
Baltimore, MD622,27196-4%
Lansdowne, MD8,71498-2%
Essex, MD37,38099-1%
Lake Shore, MD19,04512323%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Berea, OH19,04495-5%
Lynn Haven, FL19,04994-6%
Angleton, TX19,03484-16%
Lexington, NC19,02984-16%
Niles, OH19,02877-23%
Lake Shore, MD19,04512323%
Source: The Lake Shore, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.