Silver Spring 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 SpringMarylandNational
Cost of living index137115100
IndexSilver SpringMarylandNational
Goods & Services index9291100
Groceries index113112100
Health care index8688100
Housing index226154100
Transportation index108108100
Utilities index10199100
A general overview of the cost of living index for Silver Spring, MD is displayed above. In Silver Spring, MD, the overall cost of living index is 137, which is 19% higher than the Maryland average and 37% higher than the U.S. average. The following categories are used to calculate the overall cost of living index: goods/services (33%), housing (30%), groceries (13%), utilities (10%), transportation (9%) and health care (5%). From the list, it is clear that the categories of goods/services and housing are responsible for the largest portions of the overall cost of living index. As a general rule, everyday goods and services provide an accurate measure of the general cost of goods in any given city. In the case of Silver Spring, MD, the city's goods and services are 1% higher than the Maryland average and 8% lower than the U.S. average.

Did you know?

  • The cost of living in Silver Spring is 19% higher than the Maryland average.
  • The cost of living in Silver Spring is 37% higher than the national average.
  • The cost of housing in Silver Spring is 126% 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.

Find Real Estate Listings In Silver Spring

Location
Price
Bedrooms
Bathrooms
 

New Real Estate Listings In Silver Spring

Compare Silver Spring, MD Cost of living To Other Cities

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
Use the salary calculator to compare your current income in Silver Spring, 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 Spring, MD, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Silver Spring, 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$121,071$10,089$2,825$3,632
Renters$54,582$4,549$1,273$1,638
The affordability of the housing market in Silver Spring, MD as well as the overall cost of living can be indicated accurately 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 ever be used on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Silver Spring, MD homeowners, the median income is $121,071. This indicates that a monthly maximum of $2,825 should be spent by homeowners on all housing related costs. Renters have a median income of $54,582. This indicates that renters should have a maximum of $1,273 used for their rent related monthly costs.

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 Silver Spring, 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

ItemSilver SpringNational 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

ItemSilver SpringNational 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

ItemSilver SpringNational 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

ItemSilver SpringNational avg.Difference
Home Price $447,800.00$175,700.00154.9%
Avg. Mortgage Payment $2,313.93$1,081.03114.0%
Apartment Rent $1,459.00$920.0058.6%

Transportation

ItemSilver SpringNational avg.Difference
Gasoline $2.28$2.099.0%
Tire Balancing $48.00$45.296.0%

Utilities

ItemSilver SpringNational 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.
Cottage City, MD1,07099-1%
Capitol Heights, MD4,4521055%
Silver Hill, MD5,3351055%
Seat Pleasant, MD4,6561055%
Landover, MD23,1121055%
Silver Spring, MD75,74813737%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Alameda, CA75,76317171%
Scranton, PA75,84292-8%
Arlington Heights, IL75,57712424%
Kennewick, WA75,97191-9%
St. George, UT75,46999-1%
Silver Spring, MD75,74813737%
Source: The Silver Spring, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2016.