Quick facts: Monrovia, MD

Quick Facts

114.1
Cost of Living
above US average
2,980
Population
3.36
Crime Rate per 1000
below US average
$224,886
Median Income
above US average
$569,900
Median House Price
above US average
$2890.0
Average Rent
above US average
2%
Poverty Rate
below US average
3.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $224,886.

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Income Needed to Buy

βœ“ Affordable
$179k/year
Based on $569,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($224,886) exceeds requirement
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Income Needed to Rent

βœ“ Affordable
$124k/year
Based on $2890.0/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($224,886) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monrovia, MD

Monrovia is a small, unincorporated community located in Frederick County, Maryland. Nestled between the bustling cities of Gaithersburg and Frederick, Monrovia offers a balance of rural charm and proximity to urban amenities. The area is characterized by its scenic landscapes, with rolling hills and lush greenery, making it an attractive locale for families and nature enthusiasts. The community is primarily residential, with a mix of single-family homes and townhouses. Local parks provide outdoor recreational opportunities, including hiking and picnicking. The nearby Monocacy River offers additional nature-centric activities like fishing and kayaking. Monrovia residents benefit from easy access to major highways, helping facilitate commutes to Washington, D.C., and Baltimore. Additionally, the Frederick County Public Schools system serves the area, offering quality education options for children. While the community itself is quieter, residents can easily access shopping, dining, and entertainment options in nearby urban centers. Monrovia's blend of tranquility and convenience makes it a desirable place to live for those who appreciate a slower pace while remaining close to city life.

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