Cost of Living in Cambridge, MD

With a cost of living index of 87, Cambridge, MD is a very affordable place to live. Living here is 13% cheaper than the national average and 32% below the Maryland state average of 119. Cambridge is a smaller community of 13,094 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Cambridge's cost of living. The median monthly rent is $971 (26% below the US median of $1,319), and the median home value sits at $254,400 (17% below the national median of $304,900). At current prices, the median home costs roughly 5.5x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Cambridge is $46,261, which is 38% lower than the national median of $75,149. Residents spend roughly 25% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Cambridge. The area sees an average annual temperature of 58.3°F, with summers averaging 77°F and winters around 39°F. Annual rainfall totals 45.3 inches spread over roughly 118 days.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.