Cost of Living in Chestertown, MD

With a cost of living index of 97, Chestertown, MD is slightly more affordable than average. Living here is 3% cheaper than the national average and 23% below the Maryland state average of 119. Chestertown is a smaller community of 5,548 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Chestertown's cost of living. The median monthly rent is $1,090 (17% below the US median of $1,319), and the median home value sits at $333,900 (10% above the national median of $304,900). At current prices, the median home costs roughly 7.1x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Chestertown is $47,047, which is 37% lower than the national median of $75,149. Residents spend roughly 28% of household income on rent. This is near the 30% threshold that financial experts generally consider the upper limit of affordability.

Climate is another factor for anyone considering a move to Chestertown. The area sees an average annual temperature of 55.2°F, with summers averaging 75°F and winters around 36°F. Annual rainfall totals 47.1 inches spread over roughly 0 days.

Everyday prices in the Baltimore-Columbia-Towson, MD (Metropolitan Statistical Area) metro area tend to run above the national average. Out of 6 common grocery and utility items tracked by the Bureau of Labor Statistics, 6 are priced higher than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.