Cost of Living in Olney, MD
Housing
The housing market plays a significant role in determining the cost of living in Olney, MD.
- Housing Index: 120.3 / 100
- Median Home Price is: $608,000
- Average Rent (2 BR Apartment): $2300 per month
- Average Rent (2 BR House): $2400 per month
When considering a move to Olney, MD, it's essential to note the housing index is at 120.3, indicating that home prices are somewhat above the national average. The median home price stands at 608000, which could be a strong investment depending on your financial situation. Rental prices for a 2-bedroom apartment average 2300, while a house costs around 2400. Remember, a commitment to renting may provide flexibility, but home ownership in this area could yield long-term financial benefits given potential appreciation in property values over time.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Olney, 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 Olney, 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 Olney is a financially viable option for your relocation.