Census Bureau’s American Community Survey, there are about 1,479,400 families living in the state, and an estimated 14.6% of them earn less than $40,000 per year.Īvg. According to the five-year estimates from the U.S. The average cost of living for a family of four in the state highlights the financial hardship many Maryland families face. Of all living expense categories, housing has the highest annual cost in Maryland, averaging $17,840 per year for a family of four – or 20.0% of the family’s estimated annual expenses. In Maryland, the estimated cost of living for a family of four stands at $89,0, higher than the national average and the 14th highest among states. Cost estimates include expenses related to housing, food, child care, transportation, health care, taxes, and other necessities. This model assumes a family of two adults and two children – aged four and eight – and a modest yet adequate standard of living.

Gas prices accounted for more than half of the rise in costs, but the cost of groceries skyrocketed 10% from the previous year, too.Īccording to the Family Budget Calculator published by the nonprofit think tank Economic Policy, an average family of four can expect its living expenditures in 2022 to total $86,718. The consumer price index rose an annual 8.5% in March, the highest increase since December 1981. Whether at the pump or the grocery store, Americans are being hit with a severe case of sticker shock.

We all require a certain amount of money each month to pay for normal living expenses, and in recent months, that amount has gotten much higher.

Average household budget 2022