How Much Does It Cost To Live In Annapolis MD?

Definition of "How much does it cost to live in Annapolis MD?"

Anna S. Terry real estate agent

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Anna S. Terryelite badge icon

Keller Williams Elite Realty

The capital of Maryland, Annapolis is one of Maryland’s most beautiful and scenic cities in the country. The city of Annapolis, MD has a population of about 40,000 people with a median age of 37 years, which makes it perfect for both families with children as well as seniors. Annapolis, MD is a place with history, good food, and a lot of fun awaits you in the colonial capital of Maryland.

Aside from all the obvious things, if you want to relocate to the sailing capital of the U.S, you might be asking yourself, can I afford it? According to most residents, Annapolis MD is a good place to live with plenty of restaurants, coffee shops, and parks as well as public schools that are above-average. However many would see the city of Annapolis as being quite expensive therefore, people who have already established their career might find it easier to cope with all the expenses.

What is the median household income in Annapolis, MD?

If the job market as well as the economy of an area is prosperous and moving in the right direction than you could find a good job that covers your expenses and allow you to comfortably live in Annapolis, MD. The large industries that prevail in Annapolis are Accommodation & Food Service, Health Care & Social Assistance, Professional, Scientific, and Technical Services.

The median income in Annapolis is about $85,000 per year and it has increased significantly in the past year. Not to mention the fact that the highest-paid industries are Utilities, Public Administration, Scientific and technical services with some of them offering salaries that pass the 6 figure mark per year.

How expensive is housing in Annapolis, MD?

Now that we talked about how people make a living in Annapolis, MD it is time to see what is the highest expense in terms of cost of living. The biggest factor in the cost of living difference is housing. The median home price in Annapolis is at around $420,000 which makes the housing market 10% more expensive than the state’s average while being 25% more expensive than the US average.

Rent is also expensive in Annapolis, MD standing at an average of about $1,700 and increasing. About 60% of apartments in Annapolis, MD are within the price range of $1,500 to $2,000 and only 40% of households are occupied by tenants. Make sure you contact one of our real estate agents in Annapolis MD if you want to get your foot in the door of an expensive but rewarding housing market.

 

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