Cost of Living in College Park, MD

With a cost of living index of 130, College Park, MD is a notably expensive place to live. Living here is 30% more expensive than the national average and 10% above the Maryland state average of 119. With a population of 34,397, College Park is a mid-sized community that balances access to services with a more manageable cost of living compared to larger metros.

Housing costs are the biggest factor in College Park's cost of living. The median monthly rent is $1,846 (40% above the US median of $1,319), and the median home value sits at $429,000 (41% above the national median of $304,900). At current prices, the median home costs roughly 5.7x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in College Park is $74,867, which is 0% higher than the national median of $75,149. Residents spend roughly 30% 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 College Park. The area sees an average annual temperature of 59.3°F, with summers averaging 79°F and winters around 40°F. Annual rainfall totals 41.8 inches spread over roughly 118 days.

Everyday prices in the Washington-Arlington-Alexandria, DC-VA-MD-WV (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.