Takoma Park, MD Cost Of Living

Demographics | Crime | Cost Of Living
Updated: 2023-11-15

Cost Of Living In Takoma Park, MD Summary

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.

Table Of Contents

  1. Summary
  2. National Comparison
  3. Housing Breakdown
  4. Detailed Pricing
  5. Nearby Comparisons
151
Takoma Park's Overall Cost Of Living
1.5x
Higher Than The National Average

What is the cost of living in Takoma Park, MD?

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:

174 out of 188
In Maryland
5,861 out of 6,412
In America

Takoma Park Cost Of Living Vs. Maryland

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
For more reading on cost of living around Maryland, check out:
Takoma Park Cost of Living Vs. MD

Takoma Park, MD Housing Cost Breakdown

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
Search Homes For Sale In Takoma Park, MD
$625,200
Median Home Value
$1,198
Median Rent
$86,644
Median Income

Takoma Park, MD Costs By Category

Detailed Takoma Park Services Costs Vs. Maryland

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

Detailed Takoma Park Groceries Costs Vs. Maryland

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

Detailed Takoma Park Health Costs Vs. Maryland

Item Takoma Park Maryland
Optometrist $79.25 $108.57
Doctor $109.41 $116.17
Dentist $94.31 $99.13

Detailed Takoma Park Transportation Costs Vs. Maryland

Item Takoma Park Maryland
Gasoline $2.31 $2.22
Tire Balancing $53.69 $50.07

Detailed Takoma Park Utilities Costs Vs. Maryland

Item Takoma Park Maryland
All Electricity $204.75 $167.67
Phone $184.51 $175.64

Takoma Park SnackAbility

8
/10
Overall SnackAbility
Jobs
8/10
Housing
9
Affordability
6
Diversity
10
Safety
5
Amenities
9.5
Education
8
Commute
3

Cost Of Living In Cities Around Takoma Park

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

Articles About Maryland

Enjoy The Snack?