cost-of-living-in-baltimore

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
  • Neighbourhood
  • And, the demand, which is always up the steep slope.
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Rent Per MonthCosts
Apartment (1 bedroom) in City Centre1,611.60 $
Apartment (1 bedroom) Outside of Centre1,057.47 $
Apartment (3 bedrooms) in City Centre2,353.33 $
Apartment (3 bedrooms) Outside of Centre1,837.50 $
Buy Apartment PriceCosts
Price per Square Meter to Buy Apartment in City Centre2,585.50 $
Price per Square Meter to Buy Apartment Outside of Centre1,168.38 $

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.

TransportationCosts
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.

RestaurantsCosts
Meal, Inexpensive Restaurant15.00 USD
Meal for 2 People, Mid-range Restaurant, Three-course65.00 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 & GroceryCosts
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 Shoes90.58 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.

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Miscellaneous Costs in Baltimore, MD

Utilities (Monthly)Costs
Basic (Electricity, Heating, Cooling, Water, Garbage) for 85m2 Apartment146.27 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
ChildcareCosts
Preschool (or Kindergarten), Full Day, Private, Monthly for 1 Child940.00 USD
International Primary School, Yearly for 1 Child27,915.25 USD
Salaries and FinancingCosts
Average Monthly Net Salary (After Tax)3,760.42 USD
Mortgage Interest Rate in Percentages (%), Yearly, for 20 Years Fixed-Rate4.02

Summary

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.

Baltimore Living Costs – FAQs