Elkton, MD

Average · 94

Maryland · Population 15,867 · Updated March 2026

$1,368
Median Rent / Month
$56,565
Median Income
$271,700
Median Home Value
$1,433
Owner Costs / Month

Affordability

How far your income goes in Elkton

29.0%
Rent-to-Income Ratio
Moderate
Rent takes 25-35% of median income — moderate affordability.

Tax Burden in Maryland

State-level tax rates that affect your costs

5.75%
Income Tax (Top Rate)
6.0%
Sales Tax
1.07%
Property Tax Rate

Estimated Annual Costs

$16,416
Annual Rent
$3,252
State Income Tax
$2,907
Property Tax (est.)

Cost of Living Overview

Elkton offers a below-average cost of living, giving residents more purchasing power compared to many US cities. With a cost index of 94 (where 100 equals the national median), Elkton residents can expect to pay median rent of $1,368/month while earning a median household income of $56,565/year.

The median home value in Elkton, MD is $271,700, with typical monthly owner costs around $1,433 including mortgage, insurance, and taxes. With a rent-to-income ratio of 29.0%, Elkton falls within the generally affordable range, though it's approaching the 30% burden threshold.

Maryland has a moderate income tax rate of 5.75%. Combined with a 6.0% sales tax rate and 1.07% effective property tax rate, the overall tax environment is a factor in the total cost of living in Elkton.

Frequently Asked Questions

Common questions about living costs in Elkton

What is the cost of living in Elkton, MD?
The cost of living index in Elkton, MD is 94 (US average = 100). Median monthly rent is $1,368, median household income is $56,565/year, and the median home value is $271,700.
Is Elkton, MD affordable?
Yes, Elkton is more affordable than the national average with a cost index of 94. The rent-to-income ratio is 29.0%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Elkton, MD?
The median gross rent in Elkton, MD is $1,368 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $16,416.
What is the median household income in Elkton?
The median household income in Elkton, MD is $56,565 per year. This compares to the national median of approximately $80,000.
What are the taxes like in Maryland?
Maryland has a top income tax rate of 5.75%, a sales tax of 6.0%, and an effective property tax rate of 1.07%.