Milford Mill 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.
IndexMilford MillMarylandNational
Cost of living index105115100
IndexMilford MillMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index122154100
Transportation index109108100
Utilities index9799100
Here we can see a simple outline of the cost of living in Milford Mill, MD. As you can see, with the average cost of living in Milford Mill, MD being 105, that puts it 9% lower than the average of Maryland and 5% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Milford Mill, MD, the price of goods and services are 1% lower than the average of Maryland as well as 9% lower than the nation's average.

Did you know?

  • The cost of living in Milford Mill is 9% lower than the Maryland average.
  • The cost of living in Milford Mill is 5% higher than the national average.
  • The cost of housing in Milford Mill is 22% 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 Milford Mill, MD Cost of living To Other Cities

Salary Calculator

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Using the salary calculator lets you compare the salary you earn in Milford Mill, 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 Milford Mill, MD, you have to earn a higher income in order to still have the same standard of living. To operate the Milford Mill, 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$75,020$6,252$1,750$2,251
Renters$46,946$3,912$1,095$1,409
The affordability of the housing market in Milford Mill, 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 Milford Mill, MD homeowners, the median income is $75,020. This indicates that a monthly maximum of $1,750 should be spent by homeowners on all housing related costs. Renters have a median income of $46,946. This indicates that renters should have a maximum of $1,095 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%
One thing to keep in mind when considering the cost of living in Milford Mill, MD is the Maryland sales tax and Maryland income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Maryland sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Maryland income tax rates range from 2% to 5.75%.

Goods & Services

ItemMilford MillNational 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

ItemMilford MillNational 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

ItemMilford MillNational 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

ItemMilford MillNational avg.Difference
Home Price $208,800.00$175,700.0018.8%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,201.00$920.0030.5%

Transportation

ItemMilford MillNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.80$45.297.8%

Utilities

ItemMilford MillNational 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.
Dundalk, MD62,18696-4%
Baltimore, MD622,27196-4%
Lansdowne, MD8,71498-2%
Baltimore Highlands, MD7,0781000%
Parkville, MD31,6061022%
Milford Mill, MD29,7581055%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Los Altos, CA29,762222122%
Granite City, IL29,76486-14%
Cleburne, TX29,76592-8%
Southgate, MI29,71086-14%
Liberty, MO29,80695-5%
Milford Mill, MD29,7581055%
Source: The Milford Mill, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.