Owings Mills 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.
IndexOwings MillsMarylandNational
Cost of living index112115100
IndexOwings MillsMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index144154100
Transportation index109108100
Utilities index9799100
An overview of the general cost of living index for Owings Mills, MD is displayed above for your reference. Residents in Owings Mills, MD enjoy a cost of living index of 112. This index is 3% lower than the Maryland average, and 12% 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 Owings Mills, MD, the average cost of goods and services is 1% lower than it is in Maryland, and it is 9% lower than the national average.

Did you know?

  • The cost of living in Owings Mills is 3% lower than the Maryland average.
  • The cost of living in Owings Mills is 12% higher than the national average.
  • The cost of housing in Owings Mills is 44% 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 Owings Mills, MD Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current salary in Owings Mills, 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 Owings Mills, MD, then you would need to earn more income in order to maintain the same standard of living. To use the Owings Mills, 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$92,741$7,728$2,164$2,783
Renters$59,506$4,959$1,388$1,785
If you want to find a good determining factor for the cost of living and the general affordability of housing in Owings Mills, 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 Owings Mills, MD, the median monthly income is $92,741 for those who own their own homes. Under the standard rule, that income level would allow for $2,164 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $59,506, per the median income in the area. That would allow for renters to spend up to $1,388 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 assessing the complete cost of living in Owings Mills, MD, the Maryland income tax and the Maryland sales tax percentages should unquestionably be taken into consideration. Sales taxes aren't just levies imposed onto sold goods, but they also include taxes that are charged when services are provided for a fee. The rates are different from state to state and can run has high as 7 percent. Some states have no sales tax at all. The Maryland maximum surtax is 6%, and the Maryland sales tax is 6%. By contrast, income tax is an unfortunate obligation that is charged by the government against earnings. Just like sales taxes, the rates for income taxes differ from state to state. They also decrease or increase according to the individual's tax bracket. Tax rates can run as high as 9 percent, with a minimum of zero. Income tax rates range from 2% to 5.75% in Maryland.

Goods & Services

ItemOwings MillsNational 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

ItemOwings MillsNational 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

ItemOwings MillsNational 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

ItemOwings MillsNational avg.Difference
Home Price $250,900.00$175,700.0042.8%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,342.00$920.0045.9%

Transportation

ItemOwings MillsNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.80$45.297.8%

Utilities

ItemOwings MillsNational 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.
Baltimore, MD622,27196-4%
Lansdowne, MD8,71498-2%
Baltimore Highlands, MD7,0781000%
Parkville, MD31,6061022%
Lochearn, MD25,8881033%
Owings Mills, MD32,92711212%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Ken Caryl, CO32,94411313%
Fair Lawn, NJ32,96213737%
Deer Park, TX32,96592-8%
Watertown Town, MA32,88015656%
Leawood, KS32,84212525%
Owings Mills, MD32,92711212%
Source: The Owings Mills, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.