Cost Of Living in Fairwood, MD

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	Fairwood	Maryland	National
Cost of living	166	119	100
Goods & Services	103	106	100
Groceries	105	106	100
Health care	98	97	100
Housing	310	150	100
Transportation	101	98	100
Utilities	111	111	100

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Cost Of Living Quick Facts

The cost of living in Fairwood is 40% higher than the Maryland average
The cost of living in Fairwood is 66% higher than the national average
Fairwood housing is 210% 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

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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

Median Income & Debt-To-Income Ratio

Median Income	Per Year	Per Month	Max Budget (28% DTI)	Max Budget (36% DTI)
Owners	$173,975	$14,498	$4,059	$5,220
Renters	$142,852	$11,904	$3,333	$4,286

To approximate the cost of living and the housing affordability in Fairwood, 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 Fairwood have a median income of $173,975. Therefore, the amount that a consumer should spend on housing costs should be no more than $4,059 per month to avoid calamity and poverty. The renters in the city have an income of about $142,852, which would make their monthly maximum allowable rental costs $3,333.

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	Fairwood	National avg.	Difference
Haircut	$28.33	$24.26	16.8%
Beauty Salon	$58.17	$45.56	27.7%
Toothpaste	$3.69	$3.70	0.3%
Shampoo	$1.44	$1.28	12.7%
Movie	$13.69	$12.13	12.9%
Bowling	$23.03	$18.00	27.9%

Groceries

Item	Fairwood	National avg.	Difference
Ground Beef	$6.23	$5.84	6.7%
Fried Chicken	$1.39	$1.57	11.4%
Milk	$4.73	$4.67	1.2%
Potatoes	$5.46	$4.93	10.7%
Pizza	$13.24	$12.09	9.5%
Beer	$10.36	$10.41	0.5%

Health Care

Item	Fairwood	National avg.	Difference
Optometrist	$114.22	$125.68	9.1%
Doctor	$133.22	$135.78	1.9%
Dentist	$117.22	$113.29	3.5%
Ibuprofen	$11.10	$10.65	4.2%
Lipitor	$401.39	$468.60	14.3%

Housing

Item	Fairwood	National avg.	Difference
Home Price	$579,600.00	$184,700.00	213.8%
Avg. Mortgage Payment	$1,906.29	$2,346.69	18.8%
Apartment Rent	$2,867.00	$949.00	202.1%

Transportation

Item	Fairwood	National avg.	Difference
Gasoline	$3.46	$3.46	0.1%
Tire Balancing	$62.66	$59.92	4.6%

Utilities

Item	Fairwood	National avg.	Difference
All Electricity	$223.91	$193.99	15.4%
Phone	$199.62	$192.25	3.8%

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.
Edesville, MD	163	104	3.9%
Dundalk, MD	63,826	102	1.7%
Baltimore, MD	602,274	102	2.1%
Lansdowne, MD	8,635	102	2.4%
Rock Hall, MD	1,563	103	3.1%
Fairwood, MD	6,780	166	65.8%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
Pacific, MO	6,780	92	7.9%
Dysart et al, ON	6,779	n/a
Peace River C, BC	6,779	n/a
Kosciusko, MS	6,778	81	19.2%
Bee Cave, TX	6,778	140	39.9%
Fairwood, MD	6,780	166	65.8%

Date & Last Updated: This data reflects 2023 and was released from C2ER in January, 2024; this is the most current data available.

Cost of Living in Fairwood, MD