Quick facts: Ridgely, MD

Quick Facts

114.1
Cost of Living
above US average
1,605
Population
28.66
Crime Rate per 1000
above US average
$65,060
Median Income
below US average
$299,000
Median House Price
above US average
$1928
Average Rent
above US average
8%
Poverty Rate
below US average
3.5%
Unemployment Rate
below 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 $65,060.

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Income Needed to Buy

βœ— Stretch
$94k/year
Based on $299,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $94k vs median $65,060
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Income Needed to Rent

⚠ Stretch
$83k/year
Based on $1928/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $83k vs median $65,060
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Ridgely, MD

Ridgely is a small town located in Caroline County, Maryland, situated in the eastern part of the state. Characterized by its rural charm, the town has a friendly, close-knit community and is known for its peaceful surroundings. The town is approximately 12 miles southwest of Dover, Delaware, making it accessible to larger urban areas while maintaining its quaint atmosphere. Ridgely is recognized for its rich agricultural heritage, with many farms and open spaces contributing to the scenic landscape. The town features local parks and recreational areas, providing residents with opportunities for outdoor activities such as walking, biking, and picnicking. The town has a few small businesses and amenities, catering to the local population, while larger shopping and dining options can be found in nearby towns. Ridgely also benefits from its proximity to several waterways, offering opportunities for fishing, boating, and enjoying nature. Overall, Ridgely embodies a serene and inviting environment, ideal for those seeking a slower pace of life amidst the beauty of Maryland's eastern shore.

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