C
9%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
19%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.
The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index Overlea Maryland National
Cost of living109119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing119150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Overlea, MD

The cost of living in Overlea affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Overlea is 109, which is 9% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Overlea is about average when compared to all other cities across the nation. You can expect that everyday items like food, goods and services and utility bills will be no more expensive than any other average city. Residents can anticipate living expenses that remain in line with the national average, ensuring a manageable financial burden, making it an attractive choice for those seeking affordability without the constraints of higher everyday expenditures.

Is Overlea Affordable?

Is Overlea an affordable place to live? It's a good question and one that you might want to ask when considering any new city, as affordability can play a huge role in the decision making process. The cost of living index (which we covered above), as well as housing costs and income levels play a vital role in determining the affordability of an area. The median home price in Overlea is 13.9% higher than the national average, while the average monthly rent prices are 32% higher than average. The affordability of any location can also be influenced by median income levels. Overlea has a median household income of $65,662, which is 18.7% higher than the national average.

What Factors can Influence the Cost of Living in Overlea?

Housing: High demand for housing in desirable locations can drive up property prices and rental rates. This can be a primary contributor to a higher cost of living. While low demand for housing, especially in undesirable locations, can have the reverse effect and drive prices down, resulting in a lower cost of living. The housing index in Overlea, is 19.4% higher than the national average.

Healthcare: Healthcare expenditures and insurance premium rates can vary significantly, contingent upon the particular city or state. Factors such as the accessibility of healthcare facilities, out-of-pocket expenses for doctor's appointments, dental care charges, prescription medication costs, and expenses related to specialized medical care can all have an impact on the overall cost of living. In Overlea, healthcare costs are 2.5% lower than the national average.

Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Overlea, the general sales tax rate starts at 6%, and income tax rates begin at 2%.

Where is the Data From?

The cost of living data in Overlea displayed above is sourced from the C2ER cost of living index, which serves as a practical tool for comparing living expenses across urban areas. Published on a quarterly basis, this index aggregates data from over 300 independent researchers, encompassing more than 60 goods and services, in 6 different categories. The weightings assigned to cost differences rely on government survey data that tracks the spending habits of professional and executive households. It's worth noting that the C2ER index excludes data on sales or income tax rates, while AreaVibes integrates tax rates into the overall cost of living evaluation for each region.

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Cost Of Living Quick Facts

  • The cost of living in Overlea is 8% lower than the Maryland average
  • The cost of living in Overlea is 9% higher than the national average
  • Overlea housing is 19% higher than the national average
  • Maryland general sales tax is 18% higher than the national average
  • Maryland state income tax is 11% lower than the national average

Most Affordable Places to Live in and Around Overlea

See all the best places to live around Overlea

Compare Overlea, MD Cost of Living

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      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

      Median Income & Debt-To-Income Ratio

      Median Income Per Year Per Month Max Budget (28% DTI) Max Budget (36% DTI)
      Owners$77,614$6,468$1,811$2,329
      Renters$39,152$3,263$913$1,175
      The affordability of the housing market in Overlea, MD as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Overlea homeowners, the median income is $77,614. This indicates that a monthly maximum of $1,811 should be spent by homeowners on all housing related costs. Renters have a median income of $39,152. This indicates that renters would have a maximum of $913 for their rent related monthly costs.

      Maryland Sales Tax

      State General Sales Tax With Max Surtax
      Maryland 6% 6%

      Maryland Income Tax

      State Income Tax (Low) Income Tax (High)
      Maryland 2% 5.75%

      Goods & Services

      Item Overlea National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $58.17$45.5627.7%
      Toothpaste $3.69$3.700.3%
      Shampoo $1.44$1.2812.7%
      Movie $13.69$12.1312.9%
      Bowling $23.03$18.0027.9%

      Groceries

      Item Overlea National avg. Difference
      Ground Beef $6.23$5.846.7%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.73$4.671.2%
      Potatoes $5.46$4.9310.7%
      Pizza $13.24$12.099.5%
      Beer $10.36$10.410.5%

      Health Care

      Item Overlea National avg. Difference
      Optometrist $114.22$125.689.1%
      Doctor $133.22$135.781.9%
      Dentist $117.22$113.293.5%
      Ibuprofen $11.10$10.654.2%
      Lipitor $401.39$468.6014.3%

      Housing

      Item Overlea National avg. Difference
      Home Price $210,400.00$184,700.0013.9%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,253.00$949.0032.0%

      Transportation

      Item Overlea National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $62.66$59.924.6%

      Utilities

      Item Overlea National avg. Difference
      All Electricity $223.91$193.9915.4%
      Phone $199.62$192.253.8%
      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 Population Cost of Living Index National Avg.
      Bel Air CDP, MD1,383982.3%
      Dundalk, MD63,8261021.7%
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Edgewood, MD25,0651054.8%
      Overlea, MD12,0631098.5%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Enumclaw, WA12,06212828.5%
      Port Salerno, FL12,0701088.1%
      Scotts Valley, CA12,05519392.5%
      Festus, MO12,054919.1%
      Londonderry, NH12,05313333.4%
      Overlea, MD12,0631098.5%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.