Cost of Living in Ridgely, MD

With a cost of living index of 88, Ridgely, MD is a very affordable place to live. Living here is 12% cheaper than the national average and 31% below the Maryland state average of 119. Ridgely is a small community of 1,685 residents.

Housing costs are the biggest factor in Ridgely's cost of living. The median monthly rent is $1,070 (19% below the US median of $1,319), and the median home value sits at $236,000 (23% below the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Ridgely is $64,432, which is 14% lower than the national median of $75,149. Residents spend roughly 20% 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 Ridgely. The area sees an average annual temperature of 57.7°F, with summers averaging 77°F and winters around 39°F. Annual rainfall totals 44 inches spread over roughly 0 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.