F
31%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
95%
Housing NAT. AVG.
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Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; 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 North Laurel Maryland National
Cost of living131119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing195150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in North Laurel, MD

The cost of living in North Laurel 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 North Laurel is 131, which is 31% 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 value affordability in your search for a new place to live, North Laurel may not be the most suitable option, as it stands out as one of the priciest areas in the entire United States. Only a small fraction of regions have a cost of living that is more than 20% higher than the national average, and regrettably, North Laurel falls into this category, which may not align with your desire for an affordable place to call home.

Housing costs make up a big chunk of the cost of living in North Laurel, and they usually eat into a large part of your take-home pay. Unfortunately, in this area, both buying a home and renting one costs 94.7% more than the average city. This includes stuff like home prices, rent, mortgage rates, and insurance.

Is North Laurel Affordable?

Is North Laurel 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 North Laurel, the median home price is 100.4% higher than the national average and monthly rent prices are 81.5% higher than the typical rates. Additionally, the median income levels play a role in affordability, with North Laurel boasting a median household income of $103,337, 86.8% higher than the national average.

What Factors can Influence the Cost of Living in North Laurel?

Taxes: Cities that enforce higher taxes, covering both sales taxes and income taxes, can be a factor contributing to a higher cost of living. Paying more in taxes for everyday essentials like clothing and food inevitably leads to higher expenses. A higher income tax rate can further contribute to an overall elevated cost of living. In North Laurel, the baseline sales tax rate begins at 6%, and income tax rates start at 2%.

Subsidies: Some cities and states may extend government subsidies or aid programs aimed at reducing the cost of living for their residents. These initiatives encompass diverse forms of support, including Medicare, Medicaid, housing subsidies, low-income home energy assistance programs, school lunch programs, supplemental nutrition assistance programs, student loans, electric vehicle tax credits, affordable care act subsidies and farm subsidies. Regions with limited subsidy provisions may witness an increase in their overall cost of living.

Groceries: Over the past 2-3 years, grocery expenses have experienced substantial upward trends. In certain markets, food prices have surged by over 20% during this period, while others have witnessed more modest increases. These fluctuations in food costs can wield significant influence over the overall cost of living in a given region. In North Laurel, the groceries index is 4.5% higher than the national average.

Where is the Data From?

The North Laurel cost of living data displayed above is derived from the C2ER cost of living index to provide a useful and reasonably accurate measure of living cost differences in urban areas. The index takes into account data from 300 independent researches, covering more than 60 goods and services across 6 different categories, to create an overall index for each area, with 100 being the average. The C2ER index does not include sales or income tax rates in their data, however AreaVibes does include both income and sales tax rates in the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in North Laurel is 11% higher than the Maryland average
  • The cost of living in North Laurel is 31% higher than the national average
  • North Laurel housing is 95% higher than the national average
  • Maryland general sales tax is 18% higher than the national average
  • Maryland state income tax is 23% lower than the national average

Most Affordable Places to Live in and Around North Laurel

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Compare North Laurel, MD Cost of Living

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      Salary Calculator

      This is how much you would need to earn in
      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$132,266$11,022$3,086$3,968
      Renters$78,120$6,510$1,823$2,344
      To approximate the cost of living and the housing affordability in North Laurel, MD, we can look at the percentage of income that is available to be spent on monthly housing, otherwise known as the debt-to-income ratio (DTI). To stay on the safe side, a consumer should not spend more than 28% of his or her gross income on housing-related expenses and costs and not more than 36% of income on all expenses and debts. Homeowners in North Laurel have a median income of $132,266. Therefore, the amount that a consumer should spend on housing costs should be no more than $3,086 per month to avoid calamity and poverty. The renters in the city have an income of about $78,120, which would make their monthly maximum allowable rental costs $1,823.

      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 North Laurel National avg. Difference
      Haircut $28.33$24.2616.8%
      Beauty Salon $58.17$45.5627.7%
      Toothpaste $3.69$3.700.3%
      Shampoo $1.44$1.2812.7%
      Movie $13.69$12.1312.9%
      Bowling $23.03$18.0027.9%

      Groceries

      Item North Laurel National avg. Difference
      Ground Beef $6.23$5.846.7%
      Fried Chicken $1.39$1.5711.4%
      Milk $4.73$4.671.2%
      Potatoes $5.46$4.9310.7%
      Pizza $13.24$12.099.5%
      Beer $10.36$10.410.5%

      Health Care

      Item North Laurel National avg. Difference
      Optometrist $114.22$125.689.1%
      Doctor $133.22$135.781.9%
      Dentist $117.22$113.293.5%
      Ibuprofen $11.10$10.654.2%
      Lipitor $401.39$468.6014.3%

      Housing

      Item North Laurel National avg. Difference
      Home Price $370,200.00$184,700.00100.4%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,722.00$949.0081.5%

      Transportation

      Item North Laurel National avg. Difference
      Gasoline $3.46$3.460.1%
      Tire Balancing $62.66$59.924.6%

      Utilities

      Item North Laurel National avg. Difference
      All Electricity $223.91$193.9915.4%
      Phone $199.62$192.253.8%
      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.
      Baltimore, MD602,2741022.1%
      Lansdowne, MD8,6351022.4%
      Cottage City, MD1,1501088.4%
      Woodlawn CDP (Prince George's County), MD7,8731077.4%
      Brooklyn Park, MD15,1631098.7%
      North Laurel, MD24,85613131.1%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Burlington, IA24,8588812.1%
      Bainbridge Island, WA24,85918787.5%
      Denison, TX24,851981.7%
      Forest Grove, OR24,84712626.4%
      Kernersville, NC24,8761010.6%
      North Laurel, MD24,85613131.1%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.