Cost of Living in Baltimore: What to Expect When Living Here as a Renter

Relocating to a new city as a renter can feel both thrilling and daunting. With so many decisions to make, one of the most critical is understanding the cost of living in your new home.

A city steeped in history and culture, Baltimore ranks 13th among the hottest rental markets in the nation. Known for its waterfront views, lively neighborhoods, and diverse population, it’s no surprise that apartment hunters are drawn to the Charm City. However, before finding an apartment for rent in Baltimore and signing a lease, it’s important to understand what living here means in terms of expenses.

So, let’s break down the cost of living in Baltimore and see how it compares to both Maryland and the national average.

What is the average cost of living in Baltimore?

Baltimore’s median income is $59,822, which helps provide some context when comparing costs. Overall, the cost of living here is 13% lower than the state average, offering some relief to those concerned about Maryland’s typically higher expenses. However, it’s important to note that the cost of living in Baltimore is still 1% higher than the U.S. average, which means that while Charm City might be more affordable than other parts of Maryland, it’s not necessarily a bargain compared to other cities across the country.

One of the most significant expenses for renters is housing. In Baltimore, housing is typically 6% more affordable than the U.S. average, with the monthly rent hovering around $1,574. However, renters should be aware that utilities are about 10% more expensive than the national benchmark, which can slightly increase monthly bills.

In addition to housing and utilities, necessities such as food and clothing also contribute to the cost of living in Baltimore. Groceries in this city are approximately 4% more expensive than the national average, which is something to consider when planning your food budget. Similarly, clothing costs about 4% more than in other parts of the country, which may weigh more if shopping is part of your routine.

Healthcare is another vital consideration when evaluating the cost of living in Baltimore. Fortunately for renters, healthcare services such as doctor check-ups and dentistry are 2% less expensive here compared to the U.S. average, offering the possibility for some savings in this essential area. At the same time, this can help offset some of the higher costs in other areas.

When it comes to non-essential expenses, such as entertainment and personal grooming, renters in Baltimore can expect to pay around 4% more than the national average. Whether you’re enjoying a night out in the city’s thriving arts scene or scheduling a haircut at your local salon, these costs are slightly above average, but still manageable for most renters.

Is Baltimore a good choice for renters?

Baltimore offers a unique combination of affordability and upscale urban life. With housing costs lower than the national average and other expenses slightly above, renters should feel confident about the city’s overall balance.

If you’re considering making the move, be sure to keep these factors in mind as you prepare to budget for life in Charm City. With its rich history, diverse neighborhoods, and a cost of living that’s competitive with the national average, Baltimore is a city that offers both value and opportunity for renters.

Curious about the financial implications of living in other cities across the U.S.? Check out our guides for the cost of living in Washington, D.C., cost of living in Milwaukee, cost of living in Chicago, cost of living in Detroit, cost of living in Atlanta, cost of living in Minneapolis and cost of living in Vancouver, WA.