What Is The Cost Of Living In Rockville, MD?

Rockville, Maryland boasts the charms of a small town with the opportunities of a big city. Its proximity to Washington, D.C. makes it a prime location for commuters seeking to live away from the hustle and bustle of the nation’s capital.

Rockville has everything from vast, luscious parks and historic architecture to a beloved town square and thriving technology job market. This location may combine small-town heart with big-city prospects, but how much does it cost to make Rockville your home?

The median home cost of living in Rockville, Maryland is $502,200. This amount does not take into account the various additional expenses of life, such as groceries and utilities, that can quickly add up for a homeowner. With a cost of living index of 143.6, buying a home and living in Rockville is quite expensive in comparison to nearby cities.

According to MIT’s living wage calculator, the livable wage in Montgomery County (where Rockville is located) can amount to $19.82 per hour for a single adult. The minimum wage in Maryland is $11.00 per hour. Because it is such a prime location, Rockville demands a higher cost of living, but it is still an accessible city for many individuals working at a range of salaries.

Though the cost of living is lower than nearby hotspots like Washington, D.C., Rockville itself is a coveted destination that necessitates residents offering up a pretty penny to make it their home base. Below you’ll find a detailed breakdown of the total amount you can expect to count toward monthly expenses while living in Rockville, Maryland.

Homeownership in Rockville, Maryland may seem daunting at first, particularly because Rockville housing can cost 41.44% more than Maryland in general. The median cost of a home in Maryland is $294,100, which is significantly lower than the cost to live in Rockville.

What’s driving that home cost up so much? Likely it’s a combination of the booming local biomedical and software markets as well as the cache of living in such a stunning, historic spot. Compared to the national median home cost, Rockville is 54% more expensive.

Don’t let these figures scare you. Remember, a median home cost means that half of all homes are below and half all homes are above that price tag. There are plenty of options for affordable, quality homes that will fit smack dab into your ideal budget. Plus, renting is an excellent option for those seeking a more affordable entry into the Rockville living scene.

According to the City of Rockville, residents can expect to pay a real property tax of $0.292 per $100. One caveat to note is the State of Maryland’s Homeowner’s Tax Credit Program, which offers property tax credits to households with income below $91,000 per year and net worth less than $200,000. There is also a tax credit for the elderly and those retired from the military.

Property tax is an important consideration for those wishing to make Rockville their long-term home. Rockville’s approximately 0.940% tax rate is actually lower than the property tax in Maryland at large and nationally. Clearly, the city wants to incentivize people to move to Rockville.

The price of food will be a substantial contributor to your overall cost of living in Rockville. You will likely find yourself stopping by the grocery store at least once per week. The more dependents you have, the more you’ll pay. Choosing to dine out less and make your own meals from home can help drive your food costs down.

Check out the list below of common grocery items and their corresponding prices in Rockville. This will help you estimate how much you’ll generally spend weekly while living comfortably in the city.

Rockville is a paradise of outdoor and indoor entertainment, with plenty of activities that can simultaneously keep you healthy without breaking the bank. For those who like to spread out their daily runs around the park with the occasional fine dining or a feature film showing, Rockville has plenty to choose from.

A great idea is to start from a reasonable budget for entertainment and try your best to stick to it. To help you out, we’ve listed the price range for common activities in this historic town.

Grade school and high school don’t have to be expensive, especially when you leverage high-quality public-school systems to your advantage. Private schooling costs are astronomical, especially in locations with high median incomes like Rockville. We’re here to ensure you are fully prepared and truly understand the value you’re getting from public and private education.

In Rockville, each teacher instructs about 15 students, with schools spending around $16,548 for every kid, which is about $4,000 higher than the US average. Though this is the cost of schooling in Rockville, the expense is displaced when you choose to place your children in public schools. Here’s what you should consider when examining the cost of a good education in Rockville:

Rockville is a short 25-minute drive to the University of Maryland, an outstanding public research university with in-state tuition of only $8,824 for an entire academic year. This is highly affordable compared to the cost of many private universities.

Of course, tuition doesn’t account for how much it will cost to pay for mandatory fees, room, and board to attend the University of Maryland. For that, you’re looking at around $4,760 per academic year for board, $1,955 in mandatory fees, and $8,064 per academic year for a standard 2-person living arrangement with AC.

Rockville is also home to Montgomery College’s Gudelsky Institute for Technical Education, which offers degrees in automotive technology, carpentry, electrical wiring, and HVAC wiring, as well as certificates in these fields. For a Montgomery County resident, 12 credit hours will come out to $2,128.80. Compare this to a non-Maryland resident’s tuition for the same number of credits ($5,613.60) and you’ll see it’s over double what a resident pays.

For those looking to move to Rockville, Maryland with education in mind, your bank account will benefit from waiting the requisite time to become a resident. Public schooling is a promising alternative to the cost of private schools, especially considering many of the schools rate above average in quality.

Related Questions

How much do you need to live comfortably in Rockville?

In general, to live comfortably in Rockville you will need to make a minimum of $41,222 a year before taxes. This comes out to about $3,435 per month for an adult living on their own in the area. As more children are added into the equation, the necessary income increases correspondingly.

Is Rockville a good place to live?

Rockville combines the best of outdoor beauty and easily accessible recreation with the optimistic outlook of burgeoning software and biomedical industries. Many talented individuals settle down in Rockville, which makes it a vibrant location for families and young professionals.

What are the main industries in Rockville?

Rockville, Maryland is a growing hub for biotech companies, federal government employment, and many information technology companies.

Rockville, Maryland can be both beautiful and practical for anyone looking to expand their career outlook while also enjoying historic scenery. Though it is an expensive city by many metrics, it is quite attainable considering the vast professional landscape.

You will adore the gorgeous parks and find yourself meandering around the classic Rockville Town Square time after time. By providing quality of life, convenient transportation, and small-town charm, Rockville can be an incredible place to put down roots without sacrificing proximity to the social environment of a big city.