Cost of Living in Baltimore, MD [2025]

Craving history, culture, and a thriving waterfront vibe? Baltimore, Maryland could be your next great adventure. Nestled on the scenic Chesapeake Bay, Baltimore offers a seamless blend of historic charm and modern energy. From wandering the cobblestone streets of Fell’s Point to savoring iconic seafood dishes and exploring the vibrant Inner Harbor, Baltimore truly has something for everyone.

But before you start planning your move, it’s important to factor in the cost of living. Renting an apartment or house is often a top priority for newcomers, and this guide will dive into Baltimore’s rental market and the cost of living so you can make an informed decision whether or not moving to Charm City is the right decision for you.

Cost of Living in Baltimore, MD

What Is the Cost of Living in Baltimore, MD?

Baltimore has quickly earned a reputation for its diverse population, fine dining, big attractions, and a growing job market in construction, manufacturing, education, and tech. According to data from BestPlaces.net, the cost of living in Baltimore, MD is about 7.4% lower than the rest of the United States, and about 17.2% lower than average cost of living in Maryland. We pulled the data so you can see how that all breaks down across different categories:

Where is the Cost of Living Highest in Baltimore, MD?

Among the highest cost of living in Baltimore is Fells Point, Maryland where the average rent is $2,221. You'll spend more if you live in a building packed with amenities, including a rooftop lounge, pool, on-site fitness center, and concierge service.

Where is the Cost of Living Lowest in Baltimore, FL?

The cost of living in Baltimore is very affordable compared to nearby areas in the Northeast. Currently, Old Town is among the cheapest neighborhoods for renters in Baltimore, where rents start at $826 a month.

How Much Is Rent in Baltimore, MD?

The overall median rent in Baltimore stands at $1,448, which is stable compared to last month. However, the overall rents in Baltimore show a 3.1% rise year-over-year. In November 2024, the city saw a slight dip in median rent by 0.5%, but overall, rents have climbed 3.1% in the past year. This growth aligns closely with the state average of 2.3% and significantly surpasses the national trend, which saw a decline of 0.6%.

How Much Is a 1-Bedroom Apartment in Baltimore, MD?

According to our latest rent report from December 2024, the median rent for a one-bedroom apartment is $1,225 a month.

How Much Is a 2-Bedroom Apartment in Baltimore, MD?

As of December 2024, our most recent rent report shows that the median monthly cost for a two-bedroom apartment in Baltimore is $1,534 a month. To compare, the median rent for a two-bedroom apartment in Washington, DC is $2,220 a month.

How Much Does a House Cost in Baltimore?

Baltimore enjoys both reasonable rents and housing costs. If you're considering buying a home at some point, the median house in Baltimore costs $180,200. That number is a sharp decline from Maryland's median home price of $388,100 or the U.S. median home price of $338,100.

What Salary Do You Need to Live in Baltimore?

To live comfortably in a one-bedroom apartment in Baltimore, you should spend no more than 30% of your take-home pay on rent. If you rent a one-bedroom apartment for $1,225, you should earn at least $49,000 per year or about $23.56 an hour. For a two-bedroom apartment that costs $1,534, you'll need to earn at least $61,360 a year or $27.54 an hour.

The "living wage," or the minimum amount of money needed to live above the poverty threshold, is $20.43 per hour, or about $42,494 a year, for a full-time employed individual in Baltimore. The living wage is the basic wage you need to cover expenses from housing to transportation and groceries. However, it doesn't take into account savings, student debt repayment, or splurges.

You can also take into account the median household income in Baltimore, which is $59,623, as reported by the U.S. Census Bureau. By comparison, the median income is $101,652 in the rest of Maryland and $78,538 for the rest of the country.

There are still affordable Baltimore neighborhoods to fit your paycheck. However, if you want to live on the waterfront or in a new luxury high-rise, you should aim for a higher salary or take on some odd jobs to build the lifestyle you want.

Baltimore Transportation Costs

You need your own set of wheels to make the most out of Baltimore, but there are public transportation options around the city. The Baltimore water taxi offers complete on-off service to over 30 attractions and waterfront neighborhoods. Whether you're a tourist or local, it's a fun way to explore the city.

The Charm City Circulator is a frugal way to cruise through downtown. Buses run every 15-minutes along four routes. The Baltimore Light Rail is ideal if you're headed north to south from Hunt Valley to BWI Airport. If you want to travel further, the local MTA bus features 60 bus routes.

Uber, Lyft, and taxis are also available in Baltimore, or you can hop on an electric scooter or rental bike with Lime, Bolt, Jump, and Spin for a small fee.

According to the MIT Living Wage Calculator, expect to spend about $7,206 on transportation as a single adult. On the other hand, families of two working adults and a single child need at least $12,088. Fortunately, Baltimore is still a relatively affordable city to live in compared to northeast cities like New York and Washington DC.

Learn more about costs and what to expect if you're moving out of state to Baltimore.

Baltimore Food Costs

A single full-time employed adult that cooks his or her meals (including snacks) spends approximately $4,991 per year on food. If you want to enjoy the waterfront restaurants and pubs Baltimore has to offer, expect to pay an average of $19 on a meal at an inexpensive restaurant without extras like appetizers and alcohol.

Dinner for two at a mid-range restaurant costs around $77.50. For reference, dining out in New York costs about 35% more. So if you are moving from the Big Apple, you'll come out ahead on reasonable housing costs and food options.

Baltimore Healthcare Costs

According to the MIT data from the Bureau of Labor Statistics and the Agency for Healthcare Research and Quality, the typical cost of medical services for a single, full-time employed adult in Baltimore is approximately $3,043 per year. A family of two full-time working adults and a child will pay up to $9,699 per year.

Baltimore Utility Costs

Make sure to factor utilities into your Baltimore cost of living, which will cost $142.83 per month. The estimated cost includes electricity, heating, cooling, water, and garbage. If you add on Internet (60Mbps or more of unlimited data, cable/ADSL), you'll spend $83.92 for a total of $226.75 each month.

Baltimore Fitness and Entertainment

Baltimore's bike paths and waterfront areas make it a gorgeous backdrop for biking and walking. If your workouts require equipment or you prefer the structure of group classes, plan to pay $60.17 on average in monthly membership fees. In comparison, a gym membership in New York will cost you $147.94 a month, and in DC, you'll spend $108.08. Of course, you could also set up a small home gym to save some money.

Going on a date to see the latest blockbusters at the cinema will cost you $15 a ticket, plus drinks and popcorn. In comparison, movie theater tickets in New York are priced at $20, and in Washington DC they’re $17.18.

Other Expenses to Consider in Baltimore

Baltimore residents have a few additional expenses to consider when living in the city. For example, residents pay a flat city income tax of 3.05% on earned income in addition to the Maryland income tax and Federal income tax. If you live outside Baltimore but work in the city, you'll pay a reduced local income tax of 1.80%.

Final Thoughts

Okay, you're officially a Baltimore cost of living guru! So, what's next? It's time to launch your grand apartment search in the heart of Charm City, of course. Get your journey off the ground with this tailored quiz – it's like your personal apartment-finding compass!

Intrigued about the rest of state? Don't miss out on a deep dive into the best places to live in Maryland. Get set to explore Baltimore's finest and discover your ideal home sweet home!

FAQs: Cost of Living in Baltimore

How Expensive Is an Apartment in Baltimore?

Baltimore is still an affordable, metropolitan city, especially compared to the rest of the northeast. A one-bedroom apartment in Baltimore costs $1,225. A two-bedroom apartment in Baltimore is 1,534.

What Is the Cheapest Rent in Baltimore?

The cheapest rent in Baltimore is a one-bedroom apartment. You'll spend an average of $1,225 for a one-bedroom apartment in Baltimore. A two-bedroom apartment in Baltimore is more expensive and will cost $1,534 a month.

How Expensive Is it to Live in Baltimore?

A one-bedroom apartment in Baltimore averages $1,225. The average for a two-bedroom apartment in Baltimore sits at $1,534.

Single adults living in Baltimore spend an average of $7,206 a year on transportation. A family of four will spend around $15,012 annually on transportation. Single adults pay about $3,351 a year on food. A family of four with two kids will spend $12,088 a year on food.

What Is the Population of Baltimore?

According to the U.S. Census Bureau, the population of Baltimore is 565,239. The entire state of Maryland is home to over 6,180,253 people.

How Far Is Baltimore from DC?

It's 40.9 miles between Baltimore and Washington DC via I-95. Depending on traffic, it takes about 1 hour and 12 minutes to drive between Baltimore and DC.