So, you are thinking about moving to the DC area and wondering: what is the cost of living in Silver Spring MD? That’s great. I live here and I love it. Silver Spring MD is a suburb of DC inside the Beltway that circles DC, and is located in Montgomery County MD. It is the fourth largest city in Maryland after Baltimore, Columbia, and Germantown.

Silver Spring is a suburb, but it much more urban that what rural America would consider a suburb. There are a lot of restaurants, shops, and parks and trails. Silver Spring is also one of the most diverse places to live in Maryland. To learn more about living in Silver Spring, check out the other videos in my Silver Spring neighborhood series.

So let’s talk about why you are really here – how much does it cost to live in Silver Spring?

The cost of living in Silver Spring MD index is 132.4, which means it is above the US average. No surprise here — housing is the biggest factor that pushes it above average.
Silver Spring, MD area prices were up 1.3% from a year ago. The largest increases were found in Transportation, Food, and Housing. Source

Average Rent:

1 Bed: $1523
2 Bed: $1747
3 Bed: $2283
The median home price in Silver Spring is $406,600.
Salary average: $89,000
The cost of living in Silver Spring is:
  • 21% higher than the Maryland average.
  • 46% higher than the national average.
Maryland Sales Tax: 6%
Income tax rates range from 2% to 5.75% in Maryland.
Maryland general sales tax is 18% higher than the national average.
Maryland state income tax is 10% lower than the national average.

Source

Maryland is ranked number 10 out of all states in overall healthcare access and affordability. Healthcare costs make up a significant part of the cost of living.
Source

This is probably what you expected. Living in Silver Spring is more expensive than other parts of the nation, but not as expensive as living in downtown DC or Arlington. People come to Silver Spring to be close to everything DC, but still enjoy a quieter life with trees and parks galore.

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