Cost of Living in Baltimore, MD
Baltimore is about 6% more expensive than the national average.
What Things Cost
Compared to the US average (100)
Census ACS 2024
Census ACS 2024
BEA RPP 2023
BEA RPP 2023
Baltimore at a Glance
On the median income of $64,778, state income tax is roughly $3,725/year.
Sources: Census ACS 2024, Tax Foundation.
Baltimore is a city of contradictions that offers genuine value for the right person. The median home price of about $200,000 in a metro of 2.8 million people with Johns Hopkins, the Inner Harbor, and proximity to D.C. is a number that stops people mid-sentence. Vibrant neighborhoods like Federal Hill, Canton, and Hampden offer walkable charm at prices that are a fraction of D.C. or Philadelphia. The trade-offs are well-documented: crime rates in some areas, aging infrastructure, and a city that has struggled with inequality and population loss.
How People Get Around
Source: Census ACS 2024.
Who Lives Here
Source: Census ACS 2024.
Why People Move to Baltimore
Johns Hopkins University and Hospital anchor an economy of education, healthcare, and research. The neighborhoods with the most character (Federal Hill, Fells Point, Canton, Mount Vernon, Hampden) offer walkable urban living with restaurants, bars, and parks at remarkably low prices. The Baltimore Museum of Art is free. The food scene includes Chesapeake Bay crab cakes, pit beef, and a growing independent restaurant culture. D.C. is 40 minutes by car or MARC train, adding an enormous job market to the equation.
Neighborhoods
Federal Hill has harbor views and sports bars. Canton offers waterfront living and a community square. Fells Point is historic with cobblestones and nightlife. Hampden (the Avenue) is quirky and artsy. Mount Vernon has the Walters Art Museum and brownstone elegance. Locust Point is a hidden gem near Fort McHenry. For affordable homeownership, Remington and Medfield are gentrifying neighborhoods with lower prices.
Things to Consider
Crime is the honest conversation that every Baltimore discussion requires. The city has one of the highest homicide rates among major US metros. Crime is heavily concentrated in specific neighborhoods, and the areas popular with transplants and young professionals are significantly safer than citywide statistics suggest. But it is not invisible. The combined state and city income tax burden is high (5.75% state plus 3.2% city). Property taxes in the city are also above average. Blight in some neighborhoods is visible and sobering.
Frequently Asked Questions About Baltimore
For what you get, remarkably so. Median home prices around $247,400 in desirable neighborhoods like Federal Hill or Canton are some of the best values on the East Coast. A well-kept row house in Canton for $250,000-350,000 would cost $600,000+ in a comparable D.C. neighborhood. The trade-off is a city with real challenges that the low prices reflect.
Safety varies dramatically by neighborhood. Federal Hill, Canton, Fells Point, Roland Park, and the northern suburbs are comparable to any mid-size city. Parts of West Baltimore and East Baltimore have among the highest crime rates in the country. The city's overall statistics are elevated, but most residents in the popular neighborhoods report feeling safe with normal urban awareness. Researching specific neighborhoods is essential.
Baltimore city residents pay Maryland's 5.75% top state rate plus a 3.2% city income tax, for a combined rate of about 8.5% on higher incomes. This is one of the highest combined rates in the country and is a significant financial factor. Many people who work in Baltimore live in surrounding counties with lower local tax rates.