| Index | Montgomery Village | Maryland | National |
| Cost of living | 127 | 121 | 100 |
| Groceries | 104 | 105 | 100 |
| Health care | 110 | 109 | 100 |
| Housing | 172 | 151 | 100 |
| Transportation | 107 | 109 | 100 |
| Utilities | 110 | 108 | 100 |
| Lifestyle & Entertainment | 107 | 109 | 100 |
| Household Items | 106 | 105 | 100 |
| Education & Childcare | 108 | 112 | 100 |
Knowing the cost of living in Montgomery Village allows individuals to create a realistic budget. This helps them understand how their income will cover expenses and whether they need to make financial adjustments. The cost of living in any region can fluctuate due to various factors. To assess the cost of living consistently across different areas, a national average of 100 serves as the basis for the cost of living index. The cost of living in Montgomery Village stands at 127, marking it 27% higher than the national average.
The cost of living in Montgomery Village is among the highest in the country, making it a very expensive place to live. Only a small fraction of regions boast a cost of living that is at least 20% higher than the national average, and regrettably, Montgomery Village falls into this category, which may not be suitable for those seeking an economically favorable living environment.
When it comes to the cost of living in Montgomery Village, housing costs are a real heavyweight, often hogging a significant chunk of your earnings. Sadly, in this area, housing expenses for both buying and renting were 72.5% more expensive compared to your average city. That means you'll be shelling out more for homes, rents, mortgage rates and insurance.
Is Montgomery Village affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Montgomery Village, for instance, where the median home price falls 72.4% higher than the national average, and monthly rent rates are 72.6% higher than usual. Additionally, median income levels contribute to the equation, with Montgomery Village flaunting a median household income of $121,256, 49.1% higher than the national norm.
Groceries: Grocery prices have seen substantial hikes in the last 2-3 years, with some markets witnessing food cost increases of over 20% during this period. Conversely, certain markets have experienced only moderate upticks. These variations in food expenses can have a substantial impact on the overall cost of living in any locality. In Montgomery Village, the groceries index is 3.7% higher than the national average.
Urbanization: Urban areas with a wealth of amenities and employment opportunities tend to come with a higher price tag for living. Why? Well, more people want to be there, which drives up home prices and rents. On the flip side, less densely populated rural areas or places where there's not as much demand usually mean fewer attractions, things to do and slower job growth. That often results in a lower cost of living.
Transportation: In situations where public transportation is limited or nonexistent, local residents may be required to own and maintain their own vehicles, contributing to an elevated cost of living. Monthly expenditures may encompass fuel costs, insurance premiums, routine vehicle upkeep and possibly lease or financing payments. In Montgomery Village, the transportation index is 7.4% higher than the national average.
The cost of living data for Montgomery Village shown above is based on a U.S. average baseline score of 100, making it easier to compare how far your dollar may go from one city to another. Housing uses U.S. Census home price and rental data, while all remaining values are AI-assisted estimates informed by regional pricing, climate, transportation dynamics, and local economic factors. These scores are best used for directional comparisons between cities.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $155,247 | $12,937 | $3,622 | $4,658 |
| Renters | $65,608 | $5,467 | $1,531 | $1,968 |
| State | General Sales Tax | With Max Surtax |
| Maryland | 6% | 6% |
| State | Income Tax (Low) | Income Tax (High) |
| Maryland | 2% | 5.75% |
| City | Population | Cost of Living Index | National Avg. |
| Langley Park, MD | 19,837 | 118 | 17.9% |
| Leisure World, MD | 9,569 | 119 | 19.1% |
| Summerfield, MD | 14,929 | 123 | 22.6% |
| Ballenger Creek, MD | 22,229 | 124 | 23.6% |
| Adelphi, MD | 16,780 | 126 | 26.5% |
| Montgomery Village, MD | 35,133 | 127 | 26.7% |
| City | Population | Cost of Living Index | National Avg. |
| Newark, DE | 35,117 | 115 | 14.5% |
| Chester, PA | 35,117 | 86 | 13.9% |
| Sun Prairie, WI | 35,107 | 110 | 9.5% |
| San Dimas, CA | 35,164 | 166 | 65.8% |
| Chillum, MD | 35,167 | 126 | 26.1% |
| Montgomery Village, MD | 35,133 | 127 | 26.7% |
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