Are you heading to Baltimore? Planning on retiring and settling in Baltimore? Then it’s better to get the facts and figures straight before you pack and move.
Recently, Julia took retirement from her work and decided to settle somewhere in the heart of the bustling yet beautiful state of Maryland. Baltimore, the Charm City, seemed like the best option of all so, there the decision was made. It was after shifting that the cost of living in Baltimore took her by surprise.
Sparkling with life, Baltimore has the Chesapeake Bay and Patapsco river that attracts a population of more than six Lakhs. Lively neighbourhood, rich history, and better employment opportunities make it an exciting place to live here, which is why the cost of living in Baltimore is 17% higher than in the U.S. national average.
Key Factors Influencing the Cost of Living in Baltimore, MD
Housing Costs in Baltimore, MD
The first requirement that should make one’s list before one shift is housing. A proper house in Baltimore would have an average price of $117,100 which is definitely more than the national average.
People who invested in real estate here before 2018 made a wise decision as there was a sudden spike in the value by 33.2% in 2018 and has since then always been skyrocketing.
All these changes boil down to one fact that buying a house in Baltimore is an expensive business and doing that would be the best investment keeping the future in mind.
If you are looking to rent a house in Baltimore, then you can expect the estimation to start at $1,718 for a 2-bedroom apartment and that makes it one of 24 priciest places in the U.S. Still the prices depend mainly on the factors such as:
- State of the building
- And, the demand, which is always up the steep slope.
|Rent Per Month||Costs|
|Apartment (1 bedroom) in City Centre||1,611.60 $|
|Apartment (1 bedroom) Outside of Centre||1,057.47 $|
|Apartment (3 bedrooms) in City Centre||2,353.33 $|
|Apartment (3 bedrooms) Outside of Centre||1,837.50 $|
|Buy Apartment Price||Costs|
|Price per Square Meter to Buy Apartment in City Centre||2,585.50 $|
|Price per Square Meter to Buy Apartment Outside of Centre||1,168.38 $|
Transportation Costs in Baltimore, MD
The most convenient and easiest way to transit within Baltimore is the Maryland Transit Authority. This comprises of light rail trains and buses that can take you throughout the city. The monthly transit passes may cost up to $68, which is an average estimate.
|One-way Ticket (Local Transport)||1.90 USD|
|Monthly Pass (Regular Price)||72.00 USD|
|Taxi Start (Normal Tariff)||3.00 USD|
|Taxi 1km (Normal Tariff)||2.11 USD|
|Taxi 1hour Waiting (Normal Tariff)||34.50 USD|
|Gasoline (1 liter)||0.65 USD|
|Volkswagen Golf 1.4 90 KW Trendline (Or Equivalent New Car)||24,000.00 USD|
|Toyota Corolla Sedan 1.6l 97kW Comfort (Or Equivalent New Car)||21,489.00 USD|
Food Costs in Baltimore, MD
While talking about food, the household budget can be around 12.1%, which is equivalent to the national average. There are splendid dine outs and restaurants that will tickle your taste buds on a whole new level.
|Meal, Inexpensive Restaurant||15.00 USD|
|Meal for 2 People, Mid-range Restaurant, Three-course||65.00 USD|
|McMeal at McDonalds (or Equivalent Combo Meal)||8.00 USD|
|Domestic Beer (0.5 liter draught)||6.00 USD|
|Imported Beer (0.33 liter bottle)||7.00 USD|
|Cappuccino (regular)||3.88 USD|
|Coke/Pepsi (0.33 liter bottle)||2.02 USD|
|Water (0.33 liter bottle)||1.50 USD|
|Shopping & Grocery||Costs|
|Milk (regular), (1 liter)||0.85 USD|
|Loaf of Fresh White Bread (500g)||2.19 USD|
|Rice (white), (1kg)||3.52 USD|
|Eggs (regular) (12)||2.43 USD|
|Local Cheese (1kg)||8.53 USD|
|Chicken Fillets (1kg)||8.03 USD|
|Beef Round (1kg) (or Equivalent Back Leg Red Meat)||13.66 USD|
|Apples (1kg)||4.33 USD|
|Banana (1kg)||1.65 USD|
|Oranges (1kg)||5.54 USD|
|Tomato (1kg)||5.20 USD|
|Potato (1kg)||2.92 USD|
|Onion (1kg)||3.59 USD|
|Lettuce (1 head)||1.46 USD|
|Water (1.5 liter bottle)||1.43 USD|
|Bottle of Wine (Mid-Range)||12.50 USD|
|Domestic Beer (0.5 liter bottle)||2.46 USD|
|Imported Beer (0.33 liter bottle)||2.21 USD|
|Cigarettes 20 Pack (Marlboro)||8.34 USD|
|1 Pair of Jeans (Levis 501 Or Similar)||42.05 USD|
|1 Summer Dress in a Chain Store (Zara, H&M, …)||29.33 USD|
|1 Pair of Nike Running Shoes (Mid-Range)||75.24 USD|
|1 Pair of Men Leather Business Shoes||90.58 USD|
Insurance and taxes
If we look at the insurance statistics, the insurance is a bit on the higher side in this part of the state. The living cost in Baltimore is highly influenced by the taxes and insurance that mainly covers house, car, and health. With sales tax charged as 6% and expensive yet reliable insurance, this place makes it to the next level.
Miscellaneous Costs in Baltimore, MD
|Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment||146.27 USD|
|1 min. of Prepaid Mobile Tariff Local (No Discounts or Plans)||0.11 USD|
|Internet (60 Mbps or More, Unlimited Data, Cable/ADSL)||73.39 USD|
|Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child||940.00 USD|
|International Primary School, Yearly for 1 Child||27,915.25 USD|
|Salaries and Financing||Costs|
|Average Monthly Net Salary (After Tax)||3,760.42 USD|
|Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate||4.02|
Like Julia, if you are planning on working, living, or retiring in the sophisticated area of Baltimore, you may want to calculate your expenses and check on the savings. To enjoy a comfortable living in Charm city, it is advised to try and adjust the budget to bring down the Baltimore cost of living. Especially, if you are thinking of moving to a sophisticated area.
All this will be worth the famous crab cakes that you can enjoy here. If you have a well-paid job in hand, then you can definitely move to this city and enjoy the cool sea breeze and refreshing mocktail while feasting on mesmerizing views.
By the way, if you are looking for one of the best property management companies in Baltimore, Maryland then consider Pioneer Enterprises, LLC for the same. We provide a full range of leading and property management services in Baltimore and other counties and cities of Maryland state.