Cost of Living in Hampstead, MD
Housing
The housing market plays a significant role in determining the cost of living in Hampstead, MD.
- Housing Index: 115.0 / 100
- Median Home Price is: $420,000
- Average Rent (2 BR Apartment): $1800 per month
- Average Rent (2 BR House): $1975 per month
When considering a move to Hampstead, MD, it's essential to note that the housing index is at 115.0, indicating a moderately competitive market. The median home price is quite substantial at 420000, suggesting that purchasing a home may require a considerable financial commitment. Conversely, average rents for a 2-bedroom apartment and house are at 1800 and 1975 respectively, offering potential renters options but also indicating a trend towards higher living costs. Overall, careful financial planning and consideration of your long-term goals will be pivotal in making an informed decision.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Hampstead, 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.): $250 per month
Living in Hampstead, 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 $250 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 Hampstead is a financially viable option for your relocation.