Timonium 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.
IndexTimoniumMarylandNational
Cost of living index124115100
IndexTimoniumMarylandNational
Goods & Services index9191100
Groceries index111112100
Health care index9088100
Housing index185154100
Transportation index109108100
Utilities index9799100
Here we can see a simple outline of the cost of living in Timonium, MD. As you can see, with the average cost of living in Timonium, MD being 124, that puts it 8% higher than the average of Maryland and 24% 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 Timonium, 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 Timonium is 8% higher than the Maryland average.
  • The cost of living in Timonium is 24% higher than the national average.
  • The cost of housing in Timonium is 85% 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 Timonium, 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
Using the salary calculator lets you compare the salary you earn in Timonium, MD to what it is in other cities. It will let you know what your earnings would have to be in another city to have the same standard of living, as determined by the cost of living in each city. For example, if the cost of living in the area you want to move to is higher than the cost of living in Timonium, MD, you have to earn a higher income in order to still have the same standard of living. To operate the Timonium, MD salary calculator, put in the name of the other city, then move the slider to the point that represents the current income. The salary calculator will take care of the rest and tell you how much more or less you must earn in the new city. A Total breakdown of the cost of living is also provided.

Median Income & Debt-To-Income Ratio

Median IncomePer YearPer MonthMax Budget (28% DTI)Max Budget (36% DTI)
Owners$101,875$8,490$2,377$3,057
Renters$38,393$3,199$896$1,152
The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Timonium, 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 Timonium, MD homeowners, is $101,875. This would allow for a maximum of $2,377 per month to be spent on housing costs. For renters, the median monthly income is $38,393 which would result in a maximum of $896 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 Timonium, 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

ItemTimoniumNational 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

ItemTimoniumNational 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

ItemTimoniumNational 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

ItemTimoniumNational avg.Difference
Home Price $342,500.00$175,700.0094.9%
Avg. Mortgage Payment $1,575.45$1,081.0345.7%
Apartment Rent $1,496.00$920.0062.6%

Transportation

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

Utilities

ItemTimoniumNational 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.
Bel Air, MD1,11994-6%
Dundalk, MD62,18696-4%
Baltimore, MD622,27196-4%
Middle River, MD26,65298-2%
Lansdowne, MD8,71498-2%
Timonium, MD10,28012424%

Cities with similar population

City, StatePopulationCost of Living IndexNational Avg.
Countryside, VA10,27912929%
Centerton, AR10,27891-9%
Bohemia, NY10,27514848%
Jesup, GA10,27588-12%
Soquel, CA10,27515151%
Timonium, MD10,28012424%
Source: The Timonium, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for the fourth quarter of 2015.