Financial Profile: Maryland
Financial landscape, tax rates, cost of living, and median income scoring for Maryland residents.
Maryland at a Glance
Avg Salary
$72,000
Cost of Living
129
Top Tax Rate
5.8%
Adjusted Income
$55,813
Monthly Take-Home
$4,556
Max Rent (30%)
$1,800
Financial Genome at Median Income
Scores calculated for someone earning $72,000/yr in Maryland with typical expenses.
PPI
40
C
FPI
25
F
LRS
53
C+
REW
30
D
Living in Maryland: Financial Overview
Maryland has graduated rates from 2% to 5.75%, plus all counties levy local income taxes of 2.25-3.2%.
- High salaries (DC suburbs)
- County taxes add 2-3%
- High cost of living
Major Cities
Baltimore, Columbia, Silver Spring, Annapolis
With a cost of living index of 129 (above the national average of 100), expenses are higher in Maryland. A $60,000 salary here has the purchasing power equivalent of only $46,511 in an average-cost area.
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