Cost of Living in Annapolis, MD
Housing
The housing market plays a significant role in determining the cost of living in Annapolis, MD.
- Housing Index: 120.0 / 100
- Median Home Price is: $300,000
- Average Rent (2 BR Apartment): $2230 per month
- Average Rent (2 BR House): $2424 per month
When considering a move to Annapolis, MD, it's essential to weigh the local housing market carefully. The housing index of 120.0 suggests that prices here are above the national average, which may indicate a competitive real estate environment. With a median home price of 300000 and average rents of 2230 for a 2-bedroom apartment and 2424 for a house, it may be worth exploring whether purchasing a home provides a better long-term investment than renting. Additionally, consider other costs of living and local amenities before making your final decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Annapolis, MD.
- Electricity Price: $17.41 USD (median by state)
- Natural Gas Price: $18.44 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $280 per month
Living in Annapolis, MD could entail higher utility costs. Electricity costs sit at $17.41, while natural gas is priced at $18.44 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $280 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Annapolis is a financially viable option for your relocation.