How Does Baltimore's Cost of Living Compare to Other Cities?

Have you been wanting to move to Baltimore, Maryland but don't know where to start? Maybe you’ve heard about the great restaurants, unique attractions, and numerous job opportunities, but what about figuring out how much it will cost to live in Baltimore? Many readers have asked this same question - and if that includes you - we've got good news. We're breaking down everything you need to know about the current cost of living in Baltimore so you can make a smart decision on whether or not it's right for your lifestyle!

Baltimore Cost of Living

Baltimore has quickly earned a reputation for its diverse population, fine dining, big attractions, and a growing job market in construction, manufacturing, education, and tech. Read on to learn more about how your most common living expenses will shape up in Charm City.

Baltimore Housing Costs

Figuring out your budget and the cost of living in Baltimore should start with your rent. It will likely be your most significant expense, especially in trendy waterfront neighborhoods.

For one, rents are reasonable around Baltimore compared to its northeastern neighbors. Median rents run $1,106 for a one-bedroom apartment and $1,403 for a two-bedroom. The average rent in Baltimore recently rose by 0.4% over the month, but have stayed steady year over year.

The city of Baltimore is home to over 576,498 residents and 2.8 million in the metro area. Despite periodic declines and sluggish growth, the population grew by 13% since 1998. However, there are indicators that the market is still growing, such as real estate prices, especially as more start-ups and young professionals move into the area.

Baltimore Transportation Costs

You need your own set of wheels to make the most out of Baltimore, but there are public transportation options around the city. The Baltimore water taxi offers complete on-off service to over 30 attractions and waterfront neighborhoods. Whether you're a tourist or local, it's a fun way to explore the city.

The Charm City Circulator is a frugal way to cruise through downtown. Buses run every 15-minutes along four routes. The Baltimore Light Rail is ideal if you're headed north to south from Hunt Valley to BWI Airport. If you want to travel further, the local MTA bus features 60 bus routes.

Uber, Lyft, and taxis are also available in Baltimore, or you can hop on an electric scooter or rental bike with Lime, Bolt, Jump, and Spin for a small fee.

According to the MIT Living Wage Calculator, expect to spend about $5,509 on transportation as a single adult. On the other hand, families of two working adults and a single child need at least $15,012. Fortunately, Baltimore is still a relatively affordable city to live in compared to northeast cities like New York and Washington DC.

Learn more about costs and what to expect if you're moving out of state to Baltimore.

Baltimore Food Costs

A single full-time employed adult that cooks his or her meals (including snacks) spends approximately $3,351 per year on food. If you want to enjoy the waterfront restaurants and pubs Baltimore has to offer, expect to pay an average of $14.50 on a meal at an inexpensive restaurant without extras like appetizers and alcohol.

Dinner for two at a mid-range restaurant costs around $65. For reference, dining out in New York costs about 35% more. So if you are moving from the Big Apple, you'll come out ahead on reasonable housing costs and food options.

Baltimore Healthcare Costs

According to the MIT data from the Bureau of Labor Statistics and the Agency for Healthcare Research and Quality, the typical cost of medical services for a single, full-time employed adult in Baltimore is approximately $2,658 per year. A family of two full-time working adults and a child will pay up to $9,856 per year.

Baltimore Utility Costs

Make sure to factor utilities into your Baltimore cost of living, which will cost $142.83 per month. The estimated cost includes electricity, heating, cooling, water, and garbage. If you add on Internet (60Mbps or more of unlimited data, cable/ADSL), you'll spend $83.92 for a total of $226.75 each month.

Baltimore Fitness and Entertainment

Baltimore's bike paths and waterfront areas make it a gorgeous backdrop for biking and walking. If your workouts require equipment or you prefer the structure of group classes, plan to pay $72 on average in monthly membership fees. In comparison, a gym membership in New York will cost you $98.09 a month. Of course, you could also set up a small home gym to save some money.

Going on a date to see the latest blockbusters at the cinema will cost you $12 a ticket, plus drinks and popcorn. In comparison, movie theater tickets in New York are priced at $18, and in San Francisco they’re $17.

Other Expenses to Consider in Baltimore

Baltimore residents have a few additional expenses to consider when living in the city. For example, residents pay a flat city income tax of 3.05% on earned income in addition to the Maryland income tax and Federal income tax. If you live outside Baltimore but work in the city, you'll pay a reduced local income tax of 1.80%.

What Salary Do You Need to Live in Baltimore?

To live comfortably in a one-bedroom apartment in Baltimore, you should spend no more than 30% of your take-home pay on rent. If you rent a one-bedroom apartment for $1,106, you should earn at least $43,400 per year or $21.70 an hour. For a two-bedroom apartment, you'll need to earn at least $55,080 a year or $27.54 an hour.

The "living wage," or the minimum amount of money needed to live above the poverty threshold, is $18.07 per hour for a full-time employed individual in Baltimore. The median household income in Baltimore is $54,124, as reported by the U.S. Census Bureau. By comparison, the median income is $91,431 in the rest of Maryland.

There are still affordable Baltimore neighborhoods to fit your paycheck. However, if you want to live on the waterfront or in a new luxury high-rise, you should aim for a higher salary or take on some odd jobs to build the lifestyle you want.

Final Thoughts

Okay, you're officially a Baltimore cost of living guru! So, what's next? It's time to launch your grand apartment search in the heart of Charm City, of course. Get your journey off the ground with this tailored quiz – it's like your personal apartment-finding compass!

Intrigued about the rest of state? Don't miss out on a deep dive into the best places to live in Maryland. Get set to explore Baltimore's finest and discover your ideal home sweet home!

FAQs: Cost of Living in Baltimore

How Expensive Is an Apartment in Baltimore?

Baltimore is still an affordable, big city. A one-bedroom apartment in Baltimore costs $1,106. A two-bedroom apartment in Baltimore is 1,403.

What Is the Cheapest Rent in Baltimore?

The cheapest rent in Baltimore is a one-bedroom apartment. You'll spend an average of $1,106 for a one-bedroom apartment in Baltimore. A two-bedroom apartment in Baltimore is more expensive and will cost $1,403 a month.

How Expensive Is it to Live in Baltimore?

A one-bedroom apartment in Baltimore averages $1,106. The average for a two-bedroom apartment in Baltimore sits at $1,403.

Single adults living in Baltimore spend an average of $5,509 a year on transportation. A family of four will spend around $15,012 annually on transportation. Single adults pay about $3,351 a year on food. A family of four with two kids will spend $9,856 a year on food.

What Is the Population of Baltimore?

According to the U.S. Census Bureau, the population of Baltimore is 576,498. The entire state of Maryland is home to over 6,164,660 people.

How Far Is Baltimore from DC?

It's 40.9 miles between Baltimore and Washington DC via I-95. Depending on traffic, it takes about 1 hour and 12 minutes to drive between Baltimore and DC.