| Index | Takoma Park | Maryland | National |
| Cost of living | 157 | 121 | 100 |
| Groceries | 104 | 105 | 100 |
| Health care | 107 | 109 | 100 |
| Housing | 276 | 151 | 100 |
| Transportation | 106 | 109 | 100 |
| Utilities | 110 | 108 | 100 |
| Lifestyle & Entertainment | 108 | 109 | 100 |
| Household Items | 104 | 105 | 100 |
| Education & Childcare | 109 | 112 | 100 |
The cost of living in Takoma Park affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Takoma Park is 157, which is 57% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
If you're in pursuit of an economical living environment, Takoma Park may not fit the bill, as it ranks among the most expensive places to reside in the United States. Just a minority of regions exhibit a cost of living that is more than 20% higher than the national average, and, unfortunately, Takoma Park falls within this bracket.
Housing costs are a very significant part of the Takoma Park cost of living index and generally encompass a large percentage of take-home income. Unfortunately, in this area, the housing costs for both homes and rentals were 175.7% more than the average city. This includes things like home and rent prices, mortgage rates and insurance.
Is Takoma Park affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Takoma Park, the median home price is 241.3% higher than the national average and monthly rent prices are 22.6% higher than the typical rates. Additionally, the median income levels play a role in affordability, with Takoma Park boasting a median household income of $122,797, 51% higher than the national average.
Housing: Elevated demand for housing within coveted locales has the propensity to escalate both property values and rental rates, thereby serving as a primary catalyst for an augmented cost of living. Conversely, areas witnessing diminished housing demand, particularly within less desirable environs, often experience an inversely proportional effect, leading to price reductions and subsequently contributing to a more modest cost of living. In Takoma Park, the housing index is 175.7% higher than the national average.
Transportation: In cities with limited or no public transportation, residents may find it necessary to own and maintain vehicles, thereby elevating the cost of living. Monthly expenditures include fuel, insurance, routine maintenance and potential lease or financing commitments. In Takoma Park, the transportation index stands at 5.6% higher than the national average.
Taxes: Cities that impose higher taxes, including sales and income taxes, can contribute to an escalated cost of living. The added expense of taxes on everyday goods like clothing and food naturally results in higher overall costs. Similarly, a higher income tax rate can further elevate the cost of living. In Takoma Park, the general sales tax rate starts at 6%, and income tax rates begin at 2%.
The cost of living estimates displayed for Takoma Park are modeled using a U.S. average baseline of 100, helping provide a useful comparison of local living expenses. Housing calculations include U.S. Census home price and rental data, while all other values are AI-assisted estimates based on regional cost patterns, climate, transportation, and everyday spending expectations. These values are intended for directional comparisons across 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 | $233,904 | $19,492 | $5,457 | $7,018 |
| Renters | $70,643 | $5,887 | $1,648 | $2,120 |
| 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. |
| Rose Hill CDP (Lee County), VA | 731 | 89 | 11.0% |
| Wakefield town, VA | 838 | 92 | 8.4% |
| Belle Haven town, VA | 578 | 99 | 1.4% |
| Cottage City, MD | 1,193 | 105 | 5.5% |
| Silver Hill, MD | 5,346 | 132 | 31.6% |
| Takoma Park, MD | 18,062 | 157 | 57.2% |
| City | Population | Cost of Living Index | National Avg. |
| Spanish Lake, MO | 18,055 | 86 | 13.6% |
| Saint-Basile-le-Grand, QC | 18,054 | n/a | |
| Martinsburg, WV | 18,070 | 102 | 2.3% |
| Macomb, IL | 18,071 | 87 | 12.5% |
| Ada, OK | 18,052 | 87 | 13.1% |
| Takoma Park, MD | 18,062 | 157 | 57.2% |
Here are the best places to live in Maryland
These are the 10 cheapest cities in Maryland
These are the largest cities in Maryland
Most Dangerous Cities In The US