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Cost of Living in Baltimore

Is it better to rent or buy in Baltimore? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$67,436
$1,363/mo

Median in area: $1,363

$236,386

Median in area: $236,386

$47,277

If you Rent

🔑
$1,568 /mo
Base Rent$1,363
Est. Utilities$205
% of Income27.9%
Pre-tax Residual$4,052

If you Buy

🏠
$1,809 /mo
P&I (6.86%)$1,240
Taxes & Ins$364
Est. Utilities$205
% of Income32.2%
Pre-tax Residual$3,810

Cost of Living FAQs

Is it cheaper to rent or buy in Baltimore?›

Based on median housing data, renting is currently more affordable on a monthly basis in Baltimore. The estimated all-in monthly cost for renting is $1,568, while owning a median-priced home with a 20% down payment is roughly $1,809 per month (a difference of $241).

How much do utilities cost in Baltimore?›

The average monthly utility cost (electricity and natural gas) for a typical home in Baltimore is approximately $205. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Baltimore?›

To comfortably afford the median rent and utilities in Baltimore without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $62,720 per year.