Cost of living in Takoma Park research summary. The cost of living index is set to 100 for the average place in the United States. A cost of living index above 100 means Takoma Park is expensive. An index value below 100 means the city is a relatively cheap place to live.
On a city-by-city basis in Maryland, home prices and rent have the biggest impact on the cost of living. Here are the key takeaways based on Saturday Night Science:
The cost of living index in Takoma Park is 151, with 100 being the average.
The cost of living index in Takoma Park is 1.5x higher than the national average.
Takoma Park ranks as the #174 cheapest in Maryland out of 188.
Takoma Park ranks as the #5,861 cheapest out of 6,412 in the US.
The median home value in Takoma Park is $625,200.
The median income in Takoma Park is $86,644.
According to the most recent data on the cost of living, Takoma Park has an overall cost of living index of 151, which is 1.5x higher than the national index of 100.
Compared to Maryland, Takoma Park has a cost of living index that's 1.3x higher than Maryland's index of 120.
The standard of living in Takoma Park ranks as #174 most affordable out of the 188 places we measured in Maryland. By definition, that implies Takoma Park ranks as the #14 most expensive place in the Old Line State.
For more reading on life in Takoma Park, check out:
Six factors go into calculating the cost of living index in Takoma Park. Here is how it fairs on each of the criteria:
The Services index in Takoma Park is 123.
The Groceries index in Takoma Park is 116.
The Health index in Takoma Park is 91.
The Housing index in Takoma Park is 228.
The Transportation index in Takoma Park is 107.
The Utilities index in Takoma Park is 113.
Living Expense | Takoma Park | Maryland | National Average | |
---|---|---|---|---|
Overall | 151 | 120 | 100 | |
Services | 123 | 109 | 100 | |
Groceries | 116 | 108 | 100 | |
Health | 91 | 92 | 100 | |
Housing | 228 | 156 | 100 | |
Transportation | 107 | 100 | 100 | |
Utilities | 113 | 108 | 100 |
Housing swings affordability the most between places in Maryland, so we broke down housing costs into more detail. Home and income data comes from the most recent US Census ACS 2017-2021. The key points are:
The Median Home Value in Takoma Park is $625,200.
The Median Rent in Takoma Park is $1,198.
The Median Income in Takoma Park is $86,644.
The Home Value To Income in Takoma Park is 7.2x.
The Rent To Monthly Income in Takoma Park is 0.17x.
Statistic | Takoma Park | Maryland | United States |
---|---|---|---|
Median Home Value | $625,200 | $338,500 | $244,900 |
Median Rent | $1,198 | $1,485 | $1,163 |
Median Income | $86,644 | $91,431 | $69,021 |
Home Value To Income | 7.2x | 3.7x | 3.5x |
Rent To Monthly Income | 0.17x | 0.19x | 0.2x |
Item | Takoma Park | Maryland |
---|---|---|
Shampoo | $1.36 | $1.06 |
Movie | $13.92 | $10.68 |
Bowling | $19.57 | $14.67 |
Haircut | $30.9 | $18.62 |
Beauty Salon | $66.76 | $39.05 |
Item | Takoma Park | Maryland |
---|---|---|
Ground Beef | $4.41 | $4.22 |
Fried Chicken | $1.8 | $1.39 |
Milk | $2.46 | $2.05 |
Potatoes | $4.33 | $3.29 |
Pizza | $11.68 | $10.62 |
Beer | $10.08 | $9.38 |
Toothpaste | $3.47 | $2.34 |
Item | Takoma Park | Maryland |
---|---|---|
Optometrist | $79.25 | $108.57 |
Doctor | $109.41 | $116.17 |
Dentist | $94.31 | $99.13 |
Item | Takoma Park | Maryland |
---|---|---|
Gasoline | $2.31 | $2.22 |
Tire Balancing | $53.69 | $50.07 |
Item | Takoma Park | Maryland |
---|---|---|
All Electricity | $204.75 | $167.67 |
Phone | $184.51 | $175.64 |
The cost of living varies in the cities and towns around Takoma Park. Here's a quick look at the cost of living in the most populous nearby places:
Silver Spring, MD has a cost of living index of 147, 1.0x Takoma Park.
Chillum, MD has a cost of living index of 122, 0.8x Takoma Park.
Olney, MD has a cost of living index of 150, 1.0x Takoma Park.
City | Population | Cost Of Living | Vs. Takoma Park |
---|---|---|---|
Silver Spring, MD | 82,472 | 147 | 1.0x |
Chillum, MD | 36,428 | 122 | 0.8x |
Olney, MD | 35,815 | 150 | 1.0x |
North Potomac, MD | 24,449 | 167 | 1.1x |
North Laurel, MD | 24,233 | 129 | 0.9x |
Hyattsville, MD | 20,790 | 123 | 0.8x |
Langley Park, MD | 20,769 | 119 | 0.8x |
Adelphi, MD | 16,977 | 123 | 0.8x |
Kemp Mill, MD | 14,509 | 141 | 0.9x |
Colesville, MD | 14,468 | 140 | 0.9x |