Cost Of Living in Spring Ridge, MD

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F

29%

Overall NAT. AVG.

9%

Goods & Services NAT. AVG.

81%

Housing NAT. AVG.

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	Spring Ridge	Maryland	National
Cost of living	129	119	100
Goods & Services	109	106	100
Groceries	108	106	100
Health care	97	97	100
Housing	181	150	100
Transportation	95	98	100
Utilities	110	111	100

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Cost Of Living Quick Facts

The cost of living in Spring Ridge is 9% higher than the Maryland average
The cost of living in Spring Ridge is 29% higher than the national average
Spring Ridge housing is 81% 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	$119,100	$9,925	$2,779	$3,573
Renters	$59,750	$4,979	$1,394	$1,793

The percentage of monthly income spent on housing related expenses can help predict the affordability of housing in Spring Ridge, MD, as well as what the overall cost of living might be. Generally, a good rule to follow is that the debt-to-income (DTI) level you want to maintain is 28 percent or less of your income on your rent or mortgage payments and not more than 36 percent of income on all expenses and debts. In Spring Ridge, homeowners have a median income of $119,100. Using that number, a maximum of $2,779 per month should be allocated to housing expenses. For those who are renting instead of owning, the median income is $59,750, which means there is a maximum of $1,394 to be spent on the costs of renting a home or apartment.

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	Spring Ridge	National avg.	Difference
Haircut	$26.11	$24.26	7.6%
Beauty Salon	$70.08	$45.56	53.8%
Toothpaste	$3.81	$3.70	2.8%
Shampoo	$1.51	$1.28	17.9%
Movie	$15.69	$12.13	29.3%
Bowling	$24.83	$18.00	38.0%

Groceries

Item	Spring Ridge	National avg.	Difference
Ground Beef	$6.24	$5.84	6.9%
Fried Chicken	$1.40	$1.57	11.0%
Milk	$4.78	$4.67	2.2%
Potatoes	$5.49	$4.93	11.3%
Pizza	$12.56	$12.09	3.9%
Beer	$11.10	$10.41	6.6%

Health Care

Item	Spring Ridge	National avg.	Difference
Optometrist	$92.00	$125.68	26.8%
Doctor	$135.03	$135.78	0.5%
Dentist	$117.67	$113.29	3.9%
Ibuprofen	$11.52	$10.65	8.1%
Lipitor	$403.79	$468.60	13.8%

Housing

Item	Spring Ridge	National avg.	Difference
Home Price	$342,300.00	$184,700.00	85.3%
Avg. Mortgage Payment	$4,819.29	$2,346.69	105.4%
Apartment Rent	$1,618.00	$949.00	70.5%

Transportation

Item	Spring Ridge	National avg.	Difference
Gasoline	$3.25	$3.46	6.0%
Tire Balancing	$59.00	$59.92	1.5%

Utilities

Item	Spring Ridge	National avg.	Difference
All Electricity	$222.47	$193.99	14.7%
Phone	$197.37	$192.25	2.7%

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.
Middleburg, MD	0	104	3.9%
Union Bridge, MD	963	104	4.3%
Bagtown, MD	400	114	14.1%
Thurmont, MD	6,783	114	14.1%
Mount Lena, MD	355	116	15.7%
Spring Ridge, MD	5,612	129	28.7%

Cities with similar population

City	Population	Cost of Living Index	National Avg.
North Manchester, IN	5,612	88	12.4%
Severance, CO	5,611	123	23.2%
Bryn Mawr, PA	5,611	128	28.1%
Wake Village, TX	5,611	90	9.9%
Old Fig Garden, CA	5,613	131	30.7%
Spring Ridge, MD	5,612	129	28.7%