Cost of living in maryland vs new york
Maryland and New York are both located in the northeastern United States and have similar cost of living indexes. However, there are some differences in the cost of living between the two states. Here are some examples:
Housing:
- Maryland: The median home price in Maryland is around $340,000, with the highest prices found in Montgomery County and the lowest in Western Maryland.
- New York: The median home price in New York is around $430,000, with the highest prices found in Manhattan and the lowest in upstate New York.
Taxes:
- Maryland: Maryland has a state income tax rate of 5.75%, with a top marginal rate of 8.95%. The state also has a 6% sales tax.
- New York: New York has a state income tax rate of 6.33%, with a top marginal rate of 8.82%. The state also has a 4% sales tax.
Food:
- Maryland: The cost of food in Maryland is slightly higher than the national average, with a grocery index score of 104.3.
- New York: The cost of food in New York is also slightly higher than the national average, with a grocery index score of 105.3.
Transportation:
- Maryland: Maryland has a comprehensive public transportation system, including buses and trains. The cost of a monthly pass is around $90.
- New York: New York has a comprehensive public transportation system, including subways, buses, and trains. The cost of a monthly pass is around $33.
Healthcare:
- Maryland: Maryland has a high-quality healthcare system, with several top-ranked hospitals. The cost of healthcare in Maryland is slightly higher than the national average.
- New York: New York has a high-quality healthcare system, with several top-ranked hospitals. The cost of healthcare in New York is also slightly higher than the national average.
Overall Cost of Living:
- Maryland: The overall cost of living in Maryland is around 125.2, which is slightly higher than the national average of 100.
- New York: The overall cost of living in New York is around 146.4, which is significantly higher than the national average.
Comparison:
- Maryland: Maryland is a more affordable option than New York, with lower housing costs and a lower overall cost of living.
- New York: New York is a more expensive option than Maryland, with higher housing costs and a higher overall cost of living.
Ultimately, the decision between Maryland and New York depends on your individual circumstances and priorities. If you're looking for a more affordable option with a lower cost of living, Maryland may be the better choice. If you're willing to pay a premium for the opportunity to live in one of the world's greatest cities, New York may be the better choice.