Cost of Living in Paramount-Long Meadow, MD

With a cost of living index of 104, Paramount-Long Meadow, MD is somewhat more expensive than average. Living here is 4% more expensive than the national average and 15% below the Maryland state average of 119. Paramount-Long Meadow is a small community of 2,660 residents.

Housing costs are the biggest factor in Paramount-Long Meadow's cost of living. The median monthly rent is $1,421 (8% above the US median of $1,319), and the median home value sits at $340,500 (12% above the national median of $304,900). At current prices, the median home costs roughly 3.3x the median household income — a moderately affordable ratio by today's standards.

The median household income in Paramount-Long Meadow is $101,763, which is 35% higher than the national median of $75,149. Residents spend roughly 17% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Paramount-Long Meadow. The area sees an average annual temperature of 55.4°F, with summers averaging 75°F and winters around 35°F. Annual rainfall totals 35.6 inches spread over roughly 124 days.

Everyday prices in the Hagerstown-Martinsburg, MD-WV (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 6 are priced lower 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.