Takoma Park, MD, has a higher cost of living compared to the nationwide average. The overall cost of living index in Takoma Park stands at 125%, indicating that residents can expect to pay 25% more than the national average across various categories. Housing costs are notably higher, with an index of 158%, while groceries and utilities also exceed the national average by 20% and 10%, respectively.
Takoma Park, MD, has a higher cost of living compared to the nationwide average, which is set at 100. Housing costs in Takoma Park are notably higher, with an index of 158. This means that housing expenses are 58% more than the national average. For job seekers considering this area, it is important to budget for higher housing costs.
In addition to housing, other expenses in Takoma Park also exceed the national average. Groceries have an index of 120, indicating a 20% increase over the average. Utilities are 10% higher, with an index of 110. Transportation costs are slightly above the average, at 107, which is a 7% increase. Healthcare costs are also higher, with an index of 130, meaning they are 30% more expensive. Miscellaneous expenses, with an index of 125, are 25% higher than the national average. These figures highlight the need for careful financial planning for those relocating to Takoma Park.