Silver Spring, MD Cost Of Living

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.
Index	Silver Spring	Maryland	National
Cost of living index	144	120	100
Index	Silver Spring	Maryland	National
Goods & Services index	113	109	100
Groceries index	115	111	100
Health care index	94	93	100
Housing index	225	150	100
Transportation index	106	104	100
Utilities index	100	104	100

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 144, which is 20% higher than the Maryland average and 44% 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 3% higher than the Maryland average and 13% higher than the U.S. average.

Did you know?

The cost of living in Silver Spring is 20% higher than the Maryland average.
The cost of living in Silver Spring is 44% higher than the national average.
The cost of housing in Silver Spring is 125% 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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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 Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$123,942	$10,329	$2,892	$3,719
Renters	$54,078	$4,507	$1,262	$1,623

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 $123,942. This indicates that a monthly maximum of $2,892 should be spent by homeowners on all housing related costs. Renters have a median income of $54,078. This indicates that renters should have a maximum of $1,262 used 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%

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

Item	Silver Spring	National avg.	Difference
Haircut	$20.00	$16.09	24.3%
Beauty Salon	$55.00	$37.33	47.3%
Toothpaste	$2.42	$2.45	1.0%
Shampoo	$1.06	$1.00	5.6%
Movie	$15.17	$10.28	47.5%
Bowling	$6.00	$4.93	21.7%

Groceries

Item	Silver Spring	National avg.	Difference
Ground Beef	$4.42	$3.80	16.3%
Fried Chicken	$1.89	$1.40	35.3%
Milk	$2.32	$2.01	15.7%
Potatoes	$3.79	$3.01	25.9%
Pizza	$11.99	$9.89	21.3%
Beer	$9.99	$8.90	12.3%

Health Care

Item	Silver Spring	National avg.	Difference
Optometrist	$72.75	$102.16	28.8%
Doctor	$94.00	$108.36	13.3%
Dentist	$86.00	$92.53	7.1%
Ibuprofen	$10.19	$9.28	9.8%
Lipitor	$443.01	$425.82	4.0%

Housing

Item	Silver Spring	National avg.	Difference
Home Price	$469,800.00	$184,700.00	154.4%
Avg. Mortgage Payment	$2,740.19	$1,202.44	127.9%
Apartment Rent	$1,491.00	$949.00	57.1%

Transportation

Item	Silver Spring	National avg.	Difference
Gasoline	$2.35	$2.24	4.9%
Tire Balancing	$50.00	$46.29	8.0%

Utilities

Item	Silver Spring	National avg.	Difference
All Electricity	$176.24	$165.96	6.2%
Phone	$26.86	$28.68	6.4%

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, State	Population	Cost of Living Index	National Avg.
Rose Hill CDP (Lee County), VA	708	92	-8%
Wakefield town, VA	810	97	-3%
Cottage City, MD	1,209	110	10%
Silver Hill, MD	4,802	112	12%
Landover, MD	23,124	113	13%
Silver Spring, MD	78,038	144	44%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Kennewick, WA	77,975	95	-5%
Racine, WI	77,931	88	-12%
Mount Pleasant, SC	77,907	133	33%
Gary, IN	77,858	92	-8%
Hammond, IN	78,349	96	-4%
Silver Spring, MD	78,038	144	44%

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

Silver Spring, MD Cost of Living