B-
5%
Overall NAT. AVG.
3%
Goods & Services NAT. AVG.
7%
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 Edgewood Maryland National
Cost of living105119100
Goods & Services103106100
Groceries105106100
Health care9897100
Housing107150100
Transportation10198100
Utilities111111100

An Overview of Cost of Living in Edgewood, MD

The cost of living in Edgewood 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 Edgewood is 105, which is 5% higher than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.

The cost of living in Edgewood closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, goods and services, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Edgewood can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.

Is Edgewood Affordable?

Is Edgewood affordable? It's a key consideration when pondering a move, as affordability often shapes your choices. The cost of living index (we discussed it earlier), coupled with housing costs and income levels, serves as the cornerstone for determining a location's affordability. Take Edgewood, for instance, where the median home price falls 0.5% lower than the national average, and monthly rent rates are 24.3% higher than usual. Additionally, median income levels contribute to the equation, with Edgewood flaunting a median household income of $68,420, 23.7% higher than the national norm.

What Factors can Influence the Cost of Living in Edgewood?

Transportation: In areas where public transportation is scarce or unavailable, residents often find themselves compelled to own and upkeep vehicles, thereby increasing the overall cost of living. Monthly expenses encompass fuel, insurance, routine maintenance and potentially lease or financing payments. In Edgewood, the transportation index is 1.3% higher than the national average.

Housing: A sought-after location with high housing demand often leads to increased property values and rental rates, which can significantly inflate the overall cost of living. Conversely, areas with low housing demand, particularly in less desirable locales, tend to experience the opposite effect, causing prices to drop and contributing to a more affordable cost of living. In Edgewood, the housing index stands at 6.9% higher than the national average.

Utilities: Similar to the prices of any other goods or services, utility expenditures can exhibit substantial variability, influenced by factors such as climate, energy sources accessibility, geographical location and state regulations. Costs related to electricity, water, heating, and waste disposal can fluctuate, whether higher or lower, contingent on the city or state. In Edgewood, the utilities index is 11.1% higher than the national average.

Where is the Data From?

The cost of living in Edgewood, presented above is derived from the C2ER cost of living index, offering a practical method for assessing living cost disparities in urban areas. Published quarterly, this index compiles data from more than 300 independent researchers, encompassing over 60 goods and services in 6 categories. The weightings assigned to cost variances are informed by government survey data tracking the expenditure patterns of professional and executive households. It should be noted that the C2ER index does not include data on sales or income tax rates, however, AreaVibes incorporates tax rates into the overall cost of living score for each area.

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Cost Of Living Quick Facts

  • The cost of living in Edgewood is 12% lower than the Maryland average
  • The cost of living in Edgewood is 5% higher than the national average
  • Edgewood housing is 7% 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 Edgewood

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Compare Edgewood, 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$86,893$7,241$2,027$2,607
      Renters$36,224$3,019$845$1,087
      A good indicator of the general affordability of housing in Edgewood, MD, is the percentage of monthly income that should be spent on housing expenses, otherwise known as the debt-to-income ratio (DTI). Generally speaking, no more than 28 percent of your total gross income should be spent on your housing expenses and not more than 36 percent of your gross income on total expenses, including debts. In Edgewood, the median monthly income is $86,893 for those who own their own homes. Under the standard rule, that income level would allow for $2,027 to be budgeted for housing expenses each month, at the most. Renters, on the other hand, earn about $36,224, per the median income in the area. That would allow for renters to spend up to $845 on monthly rental expenses.

      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 Edgewood 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 Edgewood 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 Edgewood 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 Edgewood National avg. Difference
      Home Price $183,700.00$184,700.000.5%
      Avg. Mortgage Payment $1,906.29$2,346.6918.8%
      Apartment Rent $1,180.00$949.0024.3%

      Transportation

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

      Utilities

      Item Edgewood 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.
      Georgetown, MD231043.9%
      Bel Air CDP, MD1,383982.3%
      Butlertown, MD328990.9%
      Dundalk, MD63,8261021.7%
      Port Deposit, MD6241043.5%
      Edgewood, MD25,0651054.8%

      Cities with similar population

      City Population Cost of Living Index National Avg.
      Muskego, WI25,07711716.7%
      Palm City, FL25,03812929.3%
      University Park, TX25,027247146.5%
      Ridgewood, NJ25,11017978.6%
      De Pere, WI25,009972.5%
      Edgewood, MD25,0651054.8%
      Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.