Dundalk cost of living index

Displayed above is a general overview of the Dundalk, MD cost of living index. The overall cost of living index in Dundalk, MD is 99, which is 17% lower than the Maryland average and 1% lower than the national average. The cost of living index is created from the following categories: goods/services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). As you can see, goods/services and housing make up the majority of the overall cost of living index. Everyday goods and services can be a good indicator of the general cost of goods in a given city. In this case, the goods and services in Dundalk, MD are 3% lower than the Maryland average and 6% higher than the national average.

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Salary Calculator

Using the salary calculator lets you compare the salary you earn in Dundalk, 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 Dundalk, MD, you have to earn a higher income in order to still have the same standard of living. To operate the Dundalk, 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

One can approximate the cost of living and the housing affordability in Dundalk, MD by the percentage of a person’s income that he or she spends on the monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side and keep one’s head above the water, a consumer should never spend more than 28 percent of his or her gross income on housing-related expenses and costs and not more than 36 percent of income on all expenses and debts. Homeowners in Dundalk, MD have a median income of $55,577. Therefore, the amount that a consumer should spend on housing costs should be no more than $1,297 per month to avoid calamity and poverty. The renters in the city have an income of about $37,829, which would make their monthly maximum allowable rental costs $883.

Maryland Sales Tax

Maryland Income Tax

When assessing the complete cost of living in Dundalk, 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

Groceries

Health Care

Housing

Transportation

Utilities

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.

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Source: The Dundalk, MD cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.