Cost of living
Potomac, Maryland
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Potomac, MD is #38 on the list Top 100 Most Educated Cities in America in 2023, #3 on the list Top 100 Best Places to Raise a Family in the South in 2023, #18 on the list Top 100 Most Educated Cities in America in 2022, #61 on the list Top 100 Best Cities to Work Remote in 2022, #52 on the list Top 100 Best Places to Raise a Family in the South in 2022, situated in the county #49 on the list Top 100 Healthiest Counties in America
Cost of living in Potomac, Maryland
Cost of living compared to USAthe highest
Cost of living compared to Marylandthe highest
Median household incomethe highest
Is it expensive to live in Potomac, Maryland? When calculating the cost of living in Potomac, Maryland we factor in state income tax rates, average housing rental prices, average property values, cost of living index, and more.
The cost of living in Potomac, Maryland is the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in Maryland, while median household income in Potomac is $189,729 which is the highest Analytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in Maryland.
Taxes in Potomac, Maryland
The sales tax rate in Potomac, Maryland is 6.0%. Last year, the average property taxes paid was 0.9% Potomac, Maryland.
Here is the table with the State Income Taxes in the state of Maryland:
State Income Tax Brackets (Single):
| Income Bracket Threshold | Income Bracket Ceiling | Maryland Income Tax Rate |
|---|---|---|
| $0 | $1,000 | 2.0% |
| $1,000 | $2,000 | 3.0% |
| $2,000 | $3,000 | 4.0% |
| $3,000 | $100,000 | 4.75% |
| $100,000 | $125,000 | 5.0% |
| $125,000 | $150,000 | 5.25% |
| $150,000 | $250,000 | 5.5% |
| $250,000 | $9,999,999 | 5.75% |
State Income Tax Brackets (Married):
| Income Bracket Threshold | Income Bracket Ceiling | Maryland Income Tax Rate |
|---|---|---|
| $0 | $1,000 | 2.0% |
| $1,000 | $2,000 | 3.0% |
| $2,000 | $3,000 | 4.0% |
| $3,000 | $150,000 | 4.75% |
| $150,000 | $175,000 | 5.0% |
| $175,000 | $225,000 | 5.25% |
| $225,000 | $300,000 | 5.5% |
| $300,000 | $9,999,999 | 5.75% |
Housing costs in Potomac, Maryland
The average cost of a single-family home compared to USAthe highest
The average cost of a single-family home compared to Marylandthe highest
In Potomac, Maryland, 86.0% of the population owns their homes, while approximately 14.0% rent. The average cost of a single-family home in Potomac, Maryland in 2022 is $808,606 which is the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in the United States and the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest in Maryland. The average one-bedroom apartment cost is approximately $2,209 per month.
| Rental Size | Monthly Cost | Compared to Maryland |
|---|---|---|
| 1 Bedroom | $2,209 | the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest |
| 2 Bedroom | $2,513 | the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest |
| 3 Bedroom | $3,141 | the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest |
| 4 Bedroom | $3,752 | the highestAnalytics team at Dwellics grouped locations into 5 ranges for each metric: Lowest, Low, Moderate, High, Highest |
Pros and Cons of living in Potomac, Maryland in reviews from users in their own words:
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