Cost of Living in Preston, MD

With a cost of living index of 99, Preston, MD is right around the national average in cost. Living here is 1% cheaper than the national average and 20% below the Maryland state average of 119. Preston is a small community of 794 residents.

Housing costs are the biggest factor in Preston's cost of living. The median monthly rent is $1,406 (7% above the US median of $1,319), and the median home value sits at $248,100 (19% below the national median of $304,900). At current prices, the median home costs roughly 3.6x the median household income — a moderately affordable ratio by today's standards.

The median household income in Preston is $69,375, which is 8% lower than the national median of $75,149. Residents spend roughly 24% 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 Preston. The area sees an average annual temperature of 57.6°F, with summers averaging 76°F and winters around 39°F. Annual rainfall totals 43.9 inches spread over roughly 132 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.