Silver Hill 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.
IndexSilver HillMarylandNational
Cost of living index114120100
IndexSilver HillMarylandNational
Goods & Services index121104100
Groceries index117113100
Health care index9892100
Housing index107154100
Transportation index104106100
Utilities index119103100
A general summary of the cost of living index in Silver Hill, MD is shown above. Compared to the state average of Maryland the cost of living index in Silver Hill, MD is 114, which is 5% lower than the average in Maryland and compared to the national average it is 14% 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 Silver Hill, MD goods and services come in at 17% higher than the average in Maryland and are 21% higher than compared to the nationwide average.

Did you know?

  • The cost of living in Silver Hill is 5% lower than the Maryland average.
  • The cost of living in Silver Hill is 14% higher than the national average.
  • The cost of housing in Silver Hill is 7% 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 Silver Hill, MD Cost of living To Other Cities

Salary Calculator

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Use the salary calculator to compare your current income in Silver Hill, MD to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Silver Hill, MD, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Silver Hill, MD salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$77,813$6,484$1,816$2,335
Renters$50,951$4,246$1,189$1,529
How much of your monthly income goes to housing can tell you whether or not you can afford housing in Silver Hill, MD, as well as what the average cost of living is. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payment and not more than 36 percent of income on all expenses and debts. In Silver Hill, MD homeowners have a median income of $77,813. Using that number, you will come up with a maximum of $1,816 per month that can be spent on the cost of housing. For those who are renting instead of owning, the median income is $50,951, which means there is a maximum of $1,189 to be spent on the costs of renting a home or apartment.

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 Silver Hill, 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

ItemSilver HillNational avg.Difference
Haircut $20.00$15.5628.5%
Beauty Salon $70.00$36.1193.9%
Toothpaste $3.58$2.4744.7%
Shampoo $1.42$0.9647.5%
Movie $13.33$10.1331.7%
Bowling $5.45$4.7415.1%

Groceries

ItemSilver HillNational avg.Difference
Ground Beef $3.77$3.985.3%
Fried Chicken $2.26$1.4160.4%
Milk $2.39$2.0615.8%
Potatoes $3.82$2.9828.2%
Pizza $10.12$9.476.9%
Beer $9.99$8.7913.6%

Health Care

ItemSilver HillNational avg.Difference
Optometrist $72.00$101.0428.7%
Doctor $93.50$107.4413.0%
Dentist $92.67$90.422.5%
Ibuprofen $9.99$9.287.7%
Lipitor $463.06$426.508.6%

Housing

ItemSilver HillNational avg.Difference
Home Price $169,900.00$175,700.003.3%
Avg. Mortgage Payment $2,777.28$1,133.23145.1%
Apartment Rent $1,211.00$920.0031.6%

Transportation

ItemSilver HillNational avg.Difference
Gasoline $2.00$1.990.6%
Tire Balancing $51.67$45.7612.9%

Utilities

ItemSilver HillNational avg.Difference
All Electricity$223.39$163.8136.4%
Phone $27.32$28.393.8%
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, StatePopulationCost of Living IndexNational Avg.
Woodlawn, VA2,08294-6%
Cedarville, MD610100-0%
Cottage City, MD1,0701088%
Belle Haven, VA3761033%
Capitol Heights, MD4,45211414%
Silver Hill, MD5,33511414%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Turtle Creek, PA5,33578-22%
Northfield, IL5,33217070%
Tichigan, WI5,33211212%
Walterboro, SC5,33993-7%
Pecan Acres, TX5,33112323%
Silver Hill, MD5,33511414%
Source: The Silver Hill, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.