The cost of living in Baltimore is slightly higher than the national average. However, it’s lower than when compared to nearby large cities, like Washington, D.C.
Whatever type of apartment you’re looking for, Baltimore, Maryland, is a fantastic place for young renters to live. Its long history as an important seaport and its status as the “city of neighborhoods” contribute to the many reasons why Baltimore is nicknamed Charm City. Not only does Baltimore maintain a rich history, but it also offers plenty of things to see and do to suit a range of interests. The city honors its history as a port town with active shipping and steel-processing industries to a colorful, diverse, and exciting place to live.
Home to 17 universities and colleges and major employers in financial services, medicine, health care, biotech, manufacturing, and professional sports, is it any wonder why many millennials are moving to Baltimore? Find out everything you need to know about the Baltimore cost of living.
Baltimore housing costs
When you’re doing your research on the cost of living in Baltimore, finding out the monthly cost of renting an apartment should be at the top of your list. This is how much you can expect to pay for housing in Baltimore, Maryland:
- Average cost of a studio apartment: $1,199 per month
- Average cost of a one-bedroom apartment: $1,350 per month
- Average cost of a two-bedroom apartment: $1,550 per month
Baltimore is made up of a diverse collection of neighborhoods you can call home. Some of Baltimore’s most popular neighborhoods include Fells Point, Canton, Charles Village, and Hampden.
Browse Baltimore apartments for rent
Baltimore transportation costs
Getting around Baltimore is easy with the city’s public transportation system. The Baltimore Water Taxi takes residents to over 30 attractions and neighborhoods. You can buy an adult daily ticket for $20 or opt for the annual pass for $75. The Charm City Circulator is a bus system that runs downtown, and tickets are free.
At $4.40 for a day pass, the MTA Bus service and SubwayLink will get you where you need to go. There are also dockless scooters and bicycles located around the city. If you decide to drive, you can expect to pay an average of $2,127 per year for auto insurance in Baltimore.
Baltimore utilities
When considering the cost of living in Baltimore, it’s essential to include the monthly cost of your utilities. These utility costs require a portion of your monthly income when you’re evaluating the average cost of living in Baltimore. The average cost of essential utilities per month in Baltimore is $144.06. For Internet, the average monthly cost is slightly under $82. Most people use Baltimore Gas & Electric as their utility provider in Baltimore.
Baltimore food costs
Your cost of living is also made up of food and grocery costs. You can expect to pay around $3.58 for a gallon of milk or $2.49 on average for a loaf of bread. Dining out at an inexpensive restaurant in Baltimore costs an average of $15 per person, whereas an expensive restaurant can be up to $65 for two people. It’s estimated that a single person needs around $424.04 per month for groceries in Baltimore.
Baltimore health care costs
Health care costs can significantly vary in Baltimore, with an average insurance premium of $312 per person per year. Baltimore residents have a lot of health care insurance choices, including CareFirst, UnitedHealthcare, and Kaiser Permanente.
Baltimore entertainment costs
You’ll never run out of entertainment options in Baltimore. Some popular attractions in Baltimore include:
- Fort McHenry National Monument: A seven-day pass starts at $15 per person
- Maryland Zoo: Tickets are $26 per person
- Oriole Park at Camden Yards: Tickets start at $15 per person
- National Aquarium: Tickets start at $39.95 per person
There are a lot of free things to do in Baltimore as well, including the Baltimore Museum of Art and Fells Point. You can also visit any of the area’s free parks, including Federal Hill Park and Overlook Park.
Other expenses to consider when living in Baltimore
Some other costs to consider when living in Baltimore include child care and fitness expenses. The average cost of childcare in Baltimore is $1,024 per month per child. Joining a fitness club in Baltimore costs an average of $60.11 per month.
You’ll also want to factor in taxes. Sales tax in Baltimore is 6% and income tax begins at 2% and goes up to 5.75%, depending on your income.
Average salary in Baltimore
The average salary in Baltimore is $51,449 per year. Baltimore’s top employers are the Social Security Administration and T. Rowe Price, an investment management firm. Because of its close proximity to Washington, D.C., a lot of people in Baltimore work for the U.S. government.
FAQs: Cost of living in Baltimore
The Baltimore cost of living is about 10% lower than in nearby Washington, D.C. However, when compared to the national average cost of living, Baltimore is 7% higher.
Baltimore, Maryland, has a population of 576,498 people as of 2021.
Some of the cheapest neighborhoods in Baltimore include Perryman and Pleasant Hills, Maryland. Other affordable neighborhoods in Baltimore include Franklin Square and Mosher.
The cheapest rent in Baltimore tends to be in downtown Baltimore, with an average price of under $1,400 per month. The lowest cost for housing is for studio apartments with fewer amenities.
When it comes to finding cheap apartments in Baltimore, you should first establish significant factors you are looking for, such as the apartment’s size, location, any amenities you’d like it to include, and whether you are prepared to live with roommates. Of course, you should also set a reasonable budget and only search for apartments within your target range.
Once you have clarified the basics, it’s time to start looking for a new apartment. When searching for a cheap apartment in Baltimore, follow the steps below:
• Join social media groups: Joining groups on social media sites such as Facebook can help you locate cheap apartments for rent in Baltimore. Both renters and private landlords can advertise on this platform, and they can often be a trustworthy resource for finding an affordable apartment without much competition from other renters.
• Move outside the academic year: Since Baltimore is home to many universities and colleges, apartment rent prices will likely fluctuate depending on the time of year you choose to move in. Try to avoid moving at the start of a semester if you can, since rental prices tend to surge during this time. If you move during the middle or at the end of a semester, you can often enjoy some cost savings on an apartment.
• Choose middle-floor apartments: Often, apartments tend to be more expensive if they are on the top or ground floor because of the demand for views on the higher floors and ease of access on the ground floor. Opting for a middle-floor apartment usually works out cheaper.
• Find a roommate: Finding a roommate to live with is probably the best way to cut rental costs. Not only will your monthly rental cost be split in half, but so will the monthly cost of utilities. When trying to find a roommate, make sure you have a checklist in mind about your “ideal” roommate. For example, would you like your roommate to be a similar age to you? Would you prefer the individual to be a nonsmoker? These points are essential to know before choosing a roommate.
Whether you’re planning a move to Baltimore immediately or simply researching your options for a potential move in the future, there’s no doubt that moving to a new city is a huge life step. Now that you know the Baltimore cost of living, you can confidently start your search for a new place.
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