Baltimore living costs breakdown

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Baltimore living costs breakdown

Baltimore living costs breakdown

The steel production has returned to Sparrow’s Point. Those, who know Baltimore’s rich history, will understand why this news is important. The capital of Maryland has been an important seaport for a long time. In its bastion “Fort McHenry” the American national anthem was born. And on the outer part of the harbor was located a large industrial complex. It was famous for steel-making and shipbuilding. Its closure in 2012 resulted in the loss of 30,000 jobs. And now, with steel production restarting, Baltimore’s job market is becoming rich. Are you planning to move to Baltimore too? If so, seek the help of 24/7 Logistic Services for a smooth move. To help you further, we’ll present you with a Baltimore living costs breakdown.

Why are people moving to Baltimore?

In general, in the last several years, the number of citizens remained the same. And it is still around 2.3 million. However, the situation has started to change lately. So, many people began to return to Baltimore. Also, a lot of millennials have been moving to the city too. There are two main reasons for that:

  • highly-ranked colleges and universities
  • good job opportunities

And now, steel production is coming back. So, this also means that a larger number of well-paid jobs are opening. And, in case you are in the tech, biotech, medicine, and financial services sectors, you will have a lot of attractive job offers.

Baltimore’s job market is becoming rich, and it is attracting many people

Baltimore living costs breakdown

Firstly, if we check the cost of living index, which considers the cost of consumer goods, we can see that Baltimore is cheaper than the neighboring metropolitan areas. However, if we want to check the living costs more closely, we can divide them into several categories. Such a breakdown of the Baltimore costs will give us a more detailed picture. And, it can turn handy if you are moving to this famed city. Namely, it will help to see where you can do some savings. That is important if you want to save up some funds. Or, in case you are living on a budget. So, here is the general Baltimore living costs breakdown:

  • Housing (rental and purchase)
  • Utility costs
  • Food costs
  • Commuting costs
  • Healthcare

Talking about costs, consider hiring movers in Baltimore area. Besides affordable services, you will be highly satisfied with the quality of their work.

Housing prices in Baltimore

Like in many other cities, rental prices are increasing. So, the median apartment rent in 2021 was $1,321. However, in 2022, for the same size apartment, you will pay $1,609. And, in some neighborhoods, you can expect to pay over $2,000. The safer the neighborhood, the higher the rental prices will be. However, let’s see what average rental prices per month you should expect in relation to the apartment size:

  • studio – $1,562
  • 1-bedroom apartment – $1,609
  • 2-bedroom apartment – $1,913

So, if you don’t like the area where apartments are cheaper, but safety is not satisfactory, consider different options. Namely, you can always rent in the better city parts. Renting a bigger apartment and sharing the costs with roommates could be a good start for young professionals.

Purchase prices

In September 2022, Baltimore home prices were up 10.0% compared to last year. So, the median household price that you can now expect is $320,000. However, as with rental prices, you have to expect the purchase prices to be different, depending on the neighborhood they are located in.

And, the real estate prices are expected to go further up in 2023, due to high demand. So, no wonder that there is a considerable drop in sales. And that more people are renting than owning property. Regardless if you decide to buy or rent, you will need to move your property. So, keep in mind that local movers Baltimore are at your disposal.

Utility costs

Most Baltimore residents are living in average size apartments. If you are moving to a similar one, you can expect to pay about $150 per month for utility costs. And, this price is about $20 less than the national average. And just so you know what will you be paying, the utility costs include gas, electricity, water, and garbage pickup.

Let’s talk about food and groceries cost

Typically, living in Baltimore, residents spend around $346 on groceries. That is about 1.5% higher than the national average. However, that is still lower than grocery costs in the neighboring metropolitan areas. Besides, Baltimore is famous for its fresh seafood. And, you don’t need to prepare it at home. Namely, in the Inner port, besides numerous shops and coffees, you will find excellent restaurants. A delicious seafood meal for two served in those restaurants costs around $65.

Healthcare costs

Regarding healthcare, you will choose the insurance plans that fit your needs and budget. On average, in 2021, it will cost you about $475 per month for HMO insurance. In case you opt for a PPO insurance plan, your average monthly premium was $517.

Here are also some statistics about healthcare coverage in Maryland:

  • Total Maryland HMO enrollment – 1,915,721
  • Avg annual employee premium in Maryland (after employer contribution)- $1,659
  • Avg Maryland hospital cost per inpatient day (before insurance) – $3,336
  • Total Uninsured Maryland Residents – 6%
Regarding healthcare costs, they will depend on your insurance plan

How much will you pay for the commute?

The Maryland Transit Authority runs light rail trains and buses through the city. And the monthly pass will cost you between $74 and $93. In case you need just a single, one-way ticket, it will cost you $1.90. Also, there is a free shuttle bus, covering four areas where parking is limited.

Still, most people better like to use their own cars. And, about 60% of them are commuting alone. The average commuting time in Baltimore is 30 minutes. So, by calculating your car consumption, oil price, and commuting distance, you can easily count your monthly commuting costs. In 2022, the average annual commuting cost by car in Baltimore was around $13,255.

Moving from another state, it is good to know the Baltimore living costs

In case you decide to move to Maryland from another state, the Baltimore living costs breakdown will show you what to expect. You may, due to some reasons, decide to leave Florida. In such a case, movers Baltimore MD to Florida will help you with relocation. Namely, you can use their skillful services to relocate both ways. And, knowing what to expect at the end of the trip, will help you to better organize life in your new state.

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