Taneytown, MD Cost Of Living

Taneytown 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	Taneytown	Maryland	National
Cost of living index	110	120	100
Index	Taneytown	Maryland	National
Goods & Services index	106	109	100
Groceries index	107	111	100
Health care index	92	93	100
Housing index	123	150	100
Transportation index	103	104	100
Utilities index	107	104	100

Here we can see a simple outline of the cost of living in Taneytown, MD. As you can see, with the average cost of living in Taneytown, MD being 110, that puts it 8% lower than the average of Maryland and 10% higher than our nation's average. This simple outline of the cost of living index was formulated using prices of: goods and services (weighted 33%), housing prices (weighted 30%), groceries (weighted 13%), utilities (weighted 10%), transportation (weighted 9%), and health care (weighted 5%). Thus, goods/services, along with housing influences the majority of the cost of living index. The price of daily goods and services is a valuable and reliable number to be aware of when considering the general price of the city's goods. In the case of Taneytown, MD, the price of goods and services are 3% lower than the average of Maryland as well as 6% higher than the nation's average.

Did you know?

The cost of living in Taneytown is 8% lower than the Maryland average.
The cost of living in Taneytown is 10% higher than the national average.
The cost of housing in Taneytown is 23% 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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Compare Taneytown, MD Cost of living To Other Cities

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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

The salary calculator allows you to compare how much your current salary in Taneytown, MD would be worth in another city. In other words, the salary calculator will adjust the figure you enter for cost of living so that you can determine how much more or much less you would need to earn while maintaining your current quality of living. If you are considering relocating to a more expensive city than Taneytown, MD, the calculator will tell you how much more you need to earn so you can assess job offers more accurately. The Taneytown, MD salary calculator is easy to use. All you do is enter the name of another city, then move the slider to your current income. After that, the salary calculator will crunch the numbers for you and give you the information you need about the place you are considering going. Additionally, it will show a detailed breakdown 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	$80,077	$6,673	$1,868	$2,403
Renters	$36,520	$3,043	$852	$1,096

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Taneytown, MD as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Taneytown, MD homeowners, is $80,077. This would allow for a maximum of $1,868 per month to be spent on housing costs. For renters, the median monthly income is $36,520 which would result in a maximum of $852 to be spent on rental 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%

One thing to keep in mind when considering the cost of living in Taneytown, MD is the Maryland sales tax and Maryland income tax rates. Sales taxes are taxes that are collected on most goods or services sold. Sales taxes can vary by state and can be as high as 7% and as low as 0% as not every state imposes a sales tax. The Maryland sales tax rate is 6% and the maximum surtax that can be charged is 6%. Income tax is the tax imposed on income by both the federal and state government. The income tax rates varies by individual state and will also be higher or lower depending on the applicable tax bracket. The rates of state income tax can vary from 0% to more than 9%. The Maryland income tax rates range from 2% to 5.75%.

Goods & Services

Item	Taneytown	National avg.	Difference
Haircut	$19.44	$16.09	20.9%
Beauty Salon	$54.28	$37.33	45.4%
Toothpaste	$3.43	$2.45	40.0%
Shampoo	$1.12	$1.00	12.3%
Movie	$12.83	$10.28	24.8%
Bowling	$5.54	$4.93	12.4%

Groceries

Item	Taneytown	National avg.	Difference
Ground Beef	$4.46	$3.80	17.2%
Fried Chicken	$1.70	$1.40	21.9%
Milk	$2.89	$2.01	43.9%
Potatoes	$4.04	$3.01	34.2%
Pizza	$10.50	$9.89	6.2%
Beer	$10.49	$8.90	17.9%

Health Care

Item	Taneytown	National avg.	Difference
Optometrist	$75.77	$102.16	25.8%
Doctor	$87.18	$108.36	19.5%
Dentist	$83.13	$92.53	10.2%
Ibuprofen	$10.69	$9.28	15.2%
Lipitor	$448.22	$425.82	5.3%

Housing

Item	Taneytown	National avg.	Difference
Home Price	$240,100.00	$184,700.00	30.0%
Avg. Mortgage Payment	$1,748.91	$1,202.44	45.4%
Apartment Rent	$1,007.00	$949.00	6.1%

Transportation

Item	Taneytown	National avg.	Difference
Gasoline	$2.21	$2.24	1.4%
Tire Balancing	$52.00	$46.29	12.3%

Utilities

Item	Taneytown	National avg.	Difference
All Electricity	$182.48	$165.96	10.0%
Phone	$29.99	$28.68	4.6%

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.
McKnightstown, PA	151	102	2%
Middleburg, MD	19	105	5%
Midway borough, PA	880	91	-9%
Pennville, PA	1,818	96	-4%
Hanover, PA	15,429	96	-4%
Taneytown, MD	6,755	110	10%

Cities with similar population

City, State	Population	Cost of Living Index	National Avg.
Marion, SC	6,756	87	-13%
Vandalia, IL	6,758	81	-19%
Ephraim, UT	6,751	96	-4%
Torrington, WY	6,759	92	-8%
Gibsonville, NC	6,759	90	-10%
Taneytown, MD	6,755	110	10%

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

Taneytown, MD Cost of Living