Maryland – Retirement Guide

Maryland   Retirement Guide

Maryland’s high cost of living and high tax burden may prove discouraging to retirees on a budget. It’s estimated that living costs in the state are 20 percent higher than the national average while the median home price is $229,000. Still, for many retirees already living in the state, or those that are willing to make the move, Maryland can offer a lot of positives.

Much of the state is flanked by water, including the Chesapeake Bay and Atlantic Ocean, giving retirees a number of charming waterfront towns in which to settle. Boating, fishing, sunbathing and beach combing are all popular activities. There are also a number of lush parks with hiking and cycling trails found throughout the state.

For retirees seeking a more urban environment, Baltimore can be a bustling alternative.

The city is home to a number of universities, museums, historic sites and excellent hospitals, including Johns Hopkins Hospital.

Pros: Many waterfront neighborhoods and rural charm
Con: High cost of living and overall tax burden

At a Glance
Best For: Water lovers
Population: 5,885,000
Cost of Living: 20% higher than national average
Median Home Cost: $229,700
Unemployment: 6.5%
Top State Income Tax: 5.75%

Other popular communities for retirees include Annapolis, where the esteemed U.S. Naval Academy is located, and which has a colorful and convivial small-town atmosphere. Retirees are also attracted to beach towns like Ocean City, or smaller, rural areas such as Leonardtown.

Another Maryland perk is its proximity to large, metropolitan areas. Washington DC, Philadelphia and New York City are all an easy train ride away from many Maryland towns.

Photo by  Randy Pertiet via Flickr. All statistics were up to date as of publication. See these sources for the most current data.