Quick facts: Montgomery village, MD

Quick Facts

114.1
Cost of Living
above US average
34,748
Population
5.32
Crime Rate per 1000
below US average
$91,703
Median Income
above US average
$445,000
Median House Price
above US average
$2388.63
Average Rent
above US average
7%
Poverty Rate
below US average
4.2%
Unemployment Rate
above 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 $91,703.

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Income Needed to Buy

βœ— Stretch
$140k/year
Based on $445,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $140k vs median $91,703
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Income Needed to Rent

⚠ Stretch
$102k/year
Based on $2388.63/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $102k vs median $91,703
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Montgomery village, MD

Montgomery Village is a charming census-designated place located in Montgomery County, Maryland, just north of Washington, D.C. Established in the 1960s as a planned community, it features a mix of residential neighborhoods, commercial areas, and abundant green spaces. The community is known for its well-maintained parks, such as the 150-acre Lake Whetstone Park, offering recreational opportunities like fishing, boating, and walking trails. Montgomery Village is characterized by its diverse population and various housing options, ranging from single-family homes to townhouses and apartments. The area hosts numerous events and activities throughout the year, fostering a strong sense of community among residents. In terms of amenities, Montgomery Village provides residents with access to shopping centers, restaurants, and schools, making it a convenient place to live. Its proximity to major highways allows for easy commuting to Washington, D.C., and other parts of Maryland. Overall, Montgomery Village combines suburban tranquility with the accessibility of urban life, making it a desirable location for families and professionals alike.

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