With a war going on in Europe, everything in the world is getting more expensive these days.
Many people consider making the move to another city in search of a higher income.
That may or may not have nudged you to find out about the average income in Maryland.
If you haven’t heard, it’s one of the richest, if not the richest of all the States.
That makes it tempting for most, but exactly how rich is it?
What is the population of Maryland and how do the counties’ salaries differ?
Join us and find out!
Insightful Facts about the Average Income and Demographics in Maryland
- Maryland owns the biggest part of its riches due to its closeness to Washington, D.C.
- Approximately 6,150,000 people live in Maryland.
- The median income for households in Maryland in 2020 was $94,384.
- Its income per capita was $69,266 in 2021.
- Howard County is the richest county in Maryland.
- In 2022, 29.8% of Maryland’s residents were black.
- Somerset County’s average income per capita is 36% of Montgomery County’s.
2022 Median Maryland Income Stats
Before we delve into the specifics of Maryland’s salary, let’s go through its counties’ and cities’ incomes.
1. Maryland’s mostly rich because it’s so close to Washington, D.C.
(Source: Veranda)
The median income in Maryland is one of the biggest in the US. What gives?
First of all, it’s near Washington, where many people of Maryland work. Other than that, it’s the location of multiple agencies such as the NSA. Marriott International, the largest hotel company in the world, is also nested here.
Finally, two of the richest US cities are also located in this wealthy state.
2. Walkersville is the richest city in Maryland overall.
(Source: HomeSnacks)
Its median income is $107,781. There are a few towns with a somewhat bigger income, but their unemployment and/or poverty rates are higher.
Walkersville has an unemployment rate of only 2.1%, and its poverty rate is 2.7%.
The low population of this Maryland town may explain how come it’s so rich, as only 6,306 people live here.
3. Howard County is the highest-earning Maryland county.
(Source: Stacker)
Out of all 23 counties, Howard County has the highest median household income. With an astonishing $121,160, it goes 42.9% higher than the state’s median, and 92.8% above America’s median.
It’s not the only rich one, as four other Maryland counties have median household incomes of over $100,000. The following three, amazingly, have income over $90,000.
4. Somerset County’s average income is just 36% of Montgomery County’s.
(Source: FRED)
Maryland may be a rich state, but the difference between its own counties is surprising.
Somerset County, one of the poorest, has an average personal income per capita of only $32,531.
That’s even smaller than the average salary of a 24-year-old and considerably lower than the $40,000 salary, considered by many to be somewhat sufficient to live well.
Montgomery County, on the other side, has an average income of $89,552.
So, if you thought about moving to Maryland, take these differences into consideration.
5. The richest Maryland ZIP code is 21737.
(Source: Income by Zip Code)
It’s associated with multiple cities, but the primary one is Glenelg. Its median household income is at a whopping $250,001, twice as big as Howard County’s.
Its average household income is considerably bigger at $308,594. Its income per capita is much smaller at “just” $86,826. Finally, another amazing fact is that 54.8% of its households make over $200,000 per year.
Median Household Income in Maryland
With so many rich cities, you’d expect this state to also have huge household incomes.
In that case, your expectations will be met.
6. The median household income in Maryland was $94,384 in 2020.
(Source: FRED)
Federal Reserve Economic Data last updated this stat in September 2021. That would mean that households make more or less than $95,000 per year.
This number was a bit higher than in 2019, i.e. it slightly decreased in 2020. Considering how the majority of this year was under lockdown, a decrease of just over $1,000 is anything but big. It goes to show how affluent the country really is.
7. America’s 2020 median household income was $67,521.
(Source: Maryland.gov)
The average US income for 2022 is still unknown, but we can already tell it’s much smaller than Maryland’s. In 2020, its median household income was nearly $30,000 smaller!
Just keep in mind that Maryland is regarded as a pretty expensive place to live. Apparently, its big income comes at a big price.
Median Income per Capita in Maryland
Maryland households make a huge amount of money, and so do the individuals living here.
8. The average income in Maryland is $69,266.
(Source: FRED)
Maryland is already one of the richest states, and it’s only getting richer. In fact, its income’s been on a rise since 2013.
It was at $69,266 at the end of 2021. For comparison, the average salary in Maryland per capita in 2013 was $52,249.
9. The Maryland median adjusted gross income is around $50,842.
(Source: FRED)
At least that’s how big it was at the end of 2019. FRED hasn’t updated this since the end of 2021, so we can expect this number to at least be somewhat accurate now.
This, unfortunately, is a decrease from 2018, when the median AGI hit $52,857.
Median Maryland Income Demographics
You probably already know who the winner here is, but how did it come to this?
10. Maryland’s population in 2022 was at around 6,150,000.
(Source: populationU)
You know how come it’s so rich, but do you know how many people live in Maryland? The answer is surprisingly few.
The closeness to Washington, D.C. explains its enviable economic environment, but it may not be the only factor. Along with its low poverty and unemployment rates, the small population also explains the country’s high income.
11. Maryland is the sixth most expensive state.
(Source: 24/7 Wall St.)
Given how rich it is, the cost of living in Maryland is expectedly high. For starters, goods and services here will cost you 8.4% more than the US average.
Also, a typical Maryland home costs $305,600 on average, almost 50% more than the US median of $204,900. Renting a home is also highly expensive, as this is the third most expensive state in terms of rents.
12. 29.89% of Maryland’s residents in 2022 identified as black.
(Source: AP News)
When it comes to race, Maryland demographics are generally rather friendly. It may be a particularly good place for African Americans, as they account for nearly 30% of Maryland’s population.
55.54% of the population is white.
6.28% are Asian, with 4.52% belonging to another race.
Wrap Up
If you were wondering about whether or not you should go to Maryland, we hope we’ve helped you make the big decision.
The average income in Maryland is no joke, but then again, neither is the cost of living there.
Finally, do keep in mind it’s not all about the state.
The discrepancy between the richest county in Maryland and the poorest ones is massive. This can, consequently, make them feel like they belong to different states.
Sources
With an eye for research, Aleksandra is determined to always get to the bottom of things. If there’s a glitch in the system, she’ll find it and make sure you know about it.
