Montgomery Village 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.
IndexMontgomery VillageMarylandNational
Cost of living index115115100
IndexMontgomery VillageMarylandNational
Goods & Services index9291100
Groceries index113112100
Health care index8688100
Housing index153154100
Transportation index108108100
Utilities index10199100
A general summary of the cost of living index in Montgomery Village, MD is shown above. Compared to the state average of Maryland the cost of living index in Montgomery Village, MD is 115, which is equal to the average in Maryland and compared to the national average it is 15% higher than. The cost of living index is made up of several categories. These are transportation at 9%, utilities at 10%, goods and services at 33%, housing at 30%, groceries at 13%, and health care at 5%. The bulk of the cost of living index comes from the categories of goods and services and housing. If you look at everyday goods and services they can be a good indicator in a certain city of the general costs of goods there. In Montgomery Village, MD goods and services come in at 1% higher than the average in Maryland and are 8% lower than compared to the nationwide average.

Did you know?

  • The cost of living in Montgomery Village is equal to the Maryland average.
  • The cost of living in Montgomery Village is 15% higher than the national average.
  • The cost of housing in Montgomery Village is 53% 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 Montgomery Village, MD Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Groceries index
Health care index
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Using the salary calculator lets you compare the salary you earn in Montgomery Village, 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 Montgomery Village, MD, you have to earn a higher income in order to still have the same standard of living. To operate the Montgomery Village, 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$92,790$7,733$2,165$2,784
Renters$46,297$3,858$1,080$1,389
A good way to judge both the affordability of the housing and the cost of living is by simply calculating the maximum that a person should spend on housing in Montgomery Village, MD, otherwise known as the debt-to-income ratio (DTI). The safest way to live in the city is to avoid spending more than 28 percent of the gross income that one earns on costs that pertain to housing and no more than 36 percent on all expenses and debts. Montgomery Village, MD has a median income of about $92,790 for people who own homes. Based on that number, a person should spend a maximum of $2,165 on expenses related to housing. Renters have a slightly different median income, which is $46,297. Based on this average, renters should spend no more than $1,080 on all of their rental costs if they want to maintain a non-impoverished standard of living.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
The Maryland sales tax and Maryland income tax rates should definitely be considered when determining the overall cost of living in Montgomery Village, MD. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The Maryland sales tax is 6% and the maximum surtax is 6%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The Maryland income tax rates range from 2% to 5.75%.

Goods & Services

ItemMontgomery VillageNational avg.Difference
Haircut $15.75$14.597.9%
Beauty Salon $47.00$34.6835.5%
Toothpaste $2.18$2.4711.9%
Shampoo $0.99$1.023.1%
Movie $11.94$9.8721.0%
Bowling $5.30$4.3920.7%

Groceries

ItemMontgomery VillageNational avg.Difference
Ground Beef $2.99$4.4833.2%
Fried Chicken $1.59$1.468.6%
Milk $2.65$2.3612.4%
Potatoes $3.69$3.0620.5%
Pizza $8.00$9.2413.4%
Beer $8.59$8.630.5%

Health Care

ItemMontgomery VillageNational avg.Difference
Optometrist $71.67$99.7828.2%
Doctor $64.00$105.0339.1%
Dentist $81.75$88.707.8%
Ibuprofen $10.83$9.4115.1%
Lipitor $293.64$298.501.6%

Housing

ItemMontgomery VillageNational avg.Difference
Home Price $268,400.00$175,700.0052.8%
Avg. Mortgage Payment $2,313.93$1,081.03114.0%
Apartment Rent $1,413.00$920.0053.6%

Transportation

ItemMontgomery VillageNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.00$45.296.0%

Utilities

ItemMontgomery VillageNational avg.Difference
All Electricity$178.68$170.804.6%
Phone $26.86$28.264.9%
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.
Langley Park, MD21,3181066%
Leisure World, MD9,0891088%
Summerfield, MD11,9701088%
Adelphi, MD15,88511010%
Ballenger Creek, MD18,40011313%
Montgomery Village, MD33,02711515%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Foothill Farms, CA33,0241077%
Copperas Cove, TX33,02385-15%
Fairborn, OH33,03992-8%
Deer Park, TX32,96592-8%
Fair Lawn, NJ32,96213737%
Montgomery Village, MD33,02711515%
Source: The Montgomery Village, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.