Pikesville, Maryland Cost Of Living

F

20%

Overall NAT. AVG.

3%

Goods & Services NAT. AVG.

59%

Housing NAT. AVG.

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.

The cost of living index is based on a national average of 100. For example, if the cost of living is 90, then it is 10% lower than average. If the cost of living is 110, then it is 10% higher than average. The breakdown for each index is as follows: goods & services (33%), groceries (13%), health care (5%), housing (30%), transportation (9%) and utilities (10%). If the cost of living data was unavailable for this city, estimates based upon nearby cities were used.
Index	Pikesville	Maryland	National
Cost of living	120	119	100
Goods & Services	103	105	100
Groceries	110	110	100
Health care	81	83	100
Housing	159	150	100
Transportation	102	107	100
Utilities	106	105	100

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Cost Of Living Quick Facts

The cost of living in Pikesville is 1% higher than the Maryland average
The cost of living in Pikesville is 20% higher than the national average
Pikesville housing is 59% higher than the national average
Maryland general sales tax is 18% higher than the national average
Maryland state income tax is 11% lower than the national average

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Price difference in compared to

Cost of living index
Goods & Services index
Groceries index
Health care index
Housing index
Transportation index
Utilities index

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$96,675	$8,056	$2,256	$2,901
Renters	$53,215	$4,435	$1,242	$1,597

The affordability of the housing market in Pikesville, MD as well as the overall cost of living can be predicted 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 be spent on the overall costs related to housing and no more than 36% of gross income on all expenses and debts. Among Pikesville homeowners, the median income is $96,675. This indicates that a monthly maximum of $2,256 should be spent by homeowners on all housing related costs. Renters have a median income of $53,215. This indicates that renters would have a maximum of $1,242 for their rent related monthly costs.

Maryland Sales Tax

State	General Sales Tax	With Max Surtax
Maryland	6%	6%

Maryland Income Tax

State	Income Tax (Low)	Income Tax (High)
Maryland	2%	5.75%

Goods & Services

Item	Pikesville	National avg.	Difference
Haircut	$23.75	$20.27	17.2%
Beauty Salon	$55.39	$40.39	37.1%
Toothpaste	$2.74	$2.36	16.1%
Shampoo	$1.11	$1.08	2.8%
Movie	$13.91	$10.99	26.6%
Bowling	$16.17	$15.49	4.4%

Groceries

Item	Pikesville	National avg.	Difference
Ground Beef	$4.03	$4.30	6.1%
Fried Chicken	$1.53	$1.40	9.3%
Milk	$2.57	$2.20	16.7%
Potatoes	$3.63	$3.22	12.8%
Pizza	$11.32	$10.74	5.4%
Beer	$9.49	$9.60	1.1%

Health Care

Item	Pikesville	National avg.	Difference
Optometrist	$82.95	$109.73	24.4%
Doctor	$82.95	$118.34	29.9%
Dentist	$84.98	$100.94	15.8%
Ibuprofen	$10.13	$9.93	2.0%
Lipitor	$370.40	$469.53	21.1%

Housing

Item	Pikesville	National avg.	Difference
Home Price	$307,200.00	$184,700.00	66.3%
Avg. Mortgage Payment	$1,299.62	$1,229.62	5.7%
Apartment Rent	$1,348.00	$949.00	42.0%

Transportation

Item	Pikesville	National avg.	Difference
Gasoline	$2.70	$2.71	0.4%
Tire Balancing	$54.77	$51.86	5.6%

Utilities

Item	Pikesville	National avg.	Difference
All Electricity	$181.84	$170.84	6.4%
Phone	$195.41	$187.18	4.4%

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	Population	Cost of Living Index	National Avg.
Dundalk, MD	62,337	98	2.0%
Baltimore, MD	621,000	99	1.3%
Lansdowne, MD	8,365	100	0.1%
Middle River, MD	26,631	101	0.6%
Essex, MD	38,955	102	1.8%
Pikesville, MD	33,625	120	19.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Benton, AR	33,613	94	6.4%
Owasso, OK	33,598	94	6.1%
Dalton, GA	33,653	86	13.9%
Pointe-Claire, QC	33,658	n/a
Richmond, KY	33,583	89	10.7%
Pikesville, MD	33,625	120	19.8%

Date & Last Updated: This data reflects 2022 and was released from C2ER in January, 2022; this is the most current data available.