Severna Park 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.
IndexSeverna ParkMarylandNational
Cost of living index140115100
IndexSeverna ParkMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index240154100
Transportation index109108100
Utilities index9799100
Here we can see a simple outline of the cost of living in Severna Park, MD. As you can see, with the average cost of living in Severna Park, MD being 140, that puts it 22% higher than the average of Maryland and 40% 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 Severna Park, 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 Severna Park is 22% higher than the Maryland average.
  • The cost of living in Severna Park is 40% higher than the national average.
  • The cost of housing in Severna Park is 140% 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 Severna Park, MD Cost of living To Other Cities

Salary Calculator

This is how much you would need to earn in
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Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index
The salary calculator is meant to help you compare your salary in Severna Park, MD to your potential earning power in another city. This can help you deduce what your salary would need to be in any given city in order for you to live the same lifestyle that you do in your current city. In other words, if you plan on moving to a city where the cost of living is higher than in Severna Park, MD, you'll have to make more money in the new city in order to maintain the lifestyle you currently enjoy. To use the Severna Park, MD salary calculator, simply input the new city, then move the adjustable slider to match your current income. Once you've selected your income, the calculator will determine if that income is sufficient to support your standard of living in the new city you entered. The calculator will also supply you with a rundown of living costs in the new city.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$127,041$10,587$2,964$3,812
Renters$42,368$3,531$989$1,271
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Severna Park, MD as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Severna Park, MD homeowners, is $127,041. This would allow for a maximum of $2,964 per month to be spent on housing costs. For renters, the median monthly income is $42,368 which would result in a maximum of $989 to be spent on rental costs.

Maryland Sales Tax

StateGeneral Sales TaxWith Max Surtax
Maryland6%6%

Maryland Income Tax

StateIncome Tax (Low)Income Tax (High)
Maryland2%5.75%
For those who live in Severna Park, MD and want to know what the true cost of living is, they ought to look at both the Maryland income tax rate and the Maryland sales tax rate. By sales tax, we mean the taxes that are included whenever a person is purchasing any goods or services. The amount that is taxed depends upon the particular state, where some states have a sales tax of zero percent while others can have a tax higher than seven percent. In Maryland, the sales tax is 6%, while the most you'll pay in surtax is 6%. There is also income tax to consider, which is based upon the amount of money made in a year. Just like sales tax, income tax depends upon the particular state but also depends upon what tax bracket the person is in. Income tax for the state can be higher than nine percent in some states to zero percent in others. For those that live in Maryland, the income tax rate ranges between 2% to 5.75%.

Goods & Services

ItemSeverna ParkNational 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

ItemSeverna ParkNational 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

ItemSeverna ParkNational 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

ItemSeverna ParkNational avg.Difference
Home Price $480,100.00$175,700.00173.2%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,480.00$920.0060.9%

Transportation

ItemSeverna ParkNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.80$45.297.8%

Utilities

ItemSeverna ParkNational 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%
Brooklyn Park, MD14,1361044%
Severna Park, MD38,17714040%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Hurst, TX38,14098-2%
Carpentersville, IL38,1281022%
Puyallup, WA38,09211616%
Hallandale Beach, FL38,27099-1%
Pacifica, CA38,28317474%
Severna Park, MD38,17714040%
Source: The Severna Park, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.