The cost of living in Monkton is 18.8% higher than the average cost of living in the United States. Monkton scores a 2 out of 10 in terms of cost of living. A cost of living score of 1 indicates most expensive while a 10 represents cheapest. Cost of living is calculated based on accumulating the cost of food, transportation, health services, rent, utilities, taxes, and miscellaneous.
When compared with the rest of the state, Monkton ranks as the 60th most expensive city in Maryland for overall cost of living. The cost of living in Monkton is 1.8% higher than the Maryland average.
Cost of Food
Food
3/10
The cost of food in Monkton is lower than the United States average and earns a score of 3 out of 10. A cost of food score of 1 indicates most expensive while a 10 represents cheapest. The following are collected for use in calculating cost of food: meats, dairy products, produce, bakery products, miscellaneous grocery products, fast food, and average casual restaurant.
The data used to calculate the cost of food score is a sample of data pulled from ERI Economic Research Institute’s Relocation Assessor. For a more detailed food price index, please try a free demo of the cloud-based Relocation Assessor.
Cost of Transportation
Transportation
6/10
The cost of transportation in Monkton is lower than the United States average and earns a score of 6 out of 10. A cost of transportation score of 1 indicates most expensive while a 10 represents cheapest. The cost of transportation score uses local data on commuting patterns and city dispersion combined with fuel cost factors, public transportation, and efficiency patterns of public transportation in relationship to a transportation price level index. A relative cost of airline travel component is also included. In major cities, where parking is a substantial cost, estimates are included for parking expenses during regular business hours.
Transportation factors also include the yearly total cost of operating automobile(s) and/or equivalent commuter expense for ten miles. The cost of operating an automobile defaults to 20 miles round trip daily, maintenance, taxes and licensing fees, insurance, gasoline costs including taxes, etc. Costs vary according to changes to number of vehicles, combined value and combined prose, and annual mileage/kilometers. Sources include IRS allowed reimbursement policies, local gasoline, insurance, licensing and maintenance/service prices.
The data used to calculate the cost of food score is a sample of data pulled from ERI Economic Research Institute’s Relocation Assessor. For a more detailed food price index, please try a free demo of the cloud-based Relocation Assessor.
Cost of Housing
Housing
3/10
The cost of housing in Monkton is lower than the United States average and earns a score of 3 out of 10. A cost of housing score of 1 indicates most expensive while a 10 represents cheapest. The following are collected for use in determining the cost of housing score: square footage, monthly rent, home prices, and utilities.
For the estimated monthly rent prices, data on average and median rent price per square foot on a 900 square foot (2 bed room), unfurnished higher-quality apartment is collected. Estimated apartment rental prices assume a standard lease (usually 1-year) is signed. The same geographic assumptions and data standards used for home prices are applied to data collection and survey procedures. Utilities are estimated based on costs for common heating/cooling/sources of energy for the location. Water and sewer cost estimates are also included.
The data used to calculate the cost of food score is a sample of data pulled from ERI Economic Research Institute’s Relocation Assessor. For a more detailed food price index, please try a free demo of the cloud-based Relocation Assessor.
Cost of Health Care
Health Care
9/10
The cost of health care in Monkton is higher than the United States average and earns a score of 9 out of 10. A cost of health care score of 1 indicates most expensive while a 10 represents cheapest. The following are collected for use in the health care grade estimate: a “check-up” to a primary care physician, a regular cleaning with a dentist, and the cost of a widely prescribed non-generic pharmaceutical drug.
Health care services include out-of-pocket costs for the employee and carrier zone rates by location, along with hospital costs. They are based primarily upon group medical benefits as tracked by national carriers and in-house methodology. Health care services vary by family size.
The data used to calculate the cost of food score is a sample of data pulled from ERI Economic Research Institute’s Relocation Assessor. For a more detailed food price index, please try a free demo of the cloud-based Relocation Assessor.
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The above data is a sample of data available in ERI Economic Research Institute'sRelocation Assessor. Cost of living data is derived from ERI's cost of living surveys and web digitization of public domain records. To generate detailed cost of living reports suitable for creating cost comparisons for relocating employees customized to spending patterns, please consult ERI's Relocation Assessor. The Relocation Assessor includes cost of living data for 10,000 areas worldwide and allows for customization based on salary, housing, family size, consumption, services, and travel. Try a free demo of the cloud-based Relocation Assessor.
Cost of Living data not detailed enough?
Try our business version made for employers, HR, & compensation professionals
The upward mobility rate in Monkton is 42.2%. Monkton receives an overall upward score of 5 out of 10. Upward mobility is a measure of the average economic outcome of a child from a below-median income family compared to their parents. In areas with higher absolute upward mobility, children from low-income parents earn higher incomes as adults compared to their parents.
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