If a move to the Washington, DC, area is in your future, you’ll find just about everything about living there to be more expensive than in other parts of the country. The cost of living drives many people out to various suburbs, but some of those can be just as expensive to call home.
That is until you hit the small town of Landover, MD. Compared to DC, Arlington, or Bethesda, the town is one of your most affordable options that’s still close to the heart of DC.
Let’s take a look at the various aspects of the cost of living in 2022 in Landover to see if it’s a good option for you.
Overall Cost of Living
Overall, Landover’s cost of living is about the same as the average for the state, which is a little higher than the country as a whole. That said, DC is 34.2 percent more expensive than Landover, in large part because housing prices are lower and the average rent far more affordable.
This makes the suburb an attractive option for those working in Washington, DC, those with growing families, and recent retirees. Landover has grown a bit in the past 10 years to pass 28,000 residents and is a fairly dense area with plenty of parks and schools. If you want to be living outside DC, it provides everything you could need while keeping you close to the action in the city.
Housing Costs
The biggest factor in Landover’s affordability is housing since DC is 134.5 percent more expensive than Landover. The small town is about on par with the average housing cost for the country as a whole, though, with a median home price of around $280,000.
Add to that lower costs for home repairs and the like since houses in Landover are much younger and in need of less repair than those in DC. Houses in Landover are also appreciating at a much better clip than those in DC, particularly in the past five years. A higher percentage of the Landover population owns their home rather than rents compared to DC, which has more renters than homeowners.
The average rent is less in Landover as well, although not by as much as you might expect. You’d pay around $2,000 on average in Landover and around ,200 on average in DC to rent a home or apartment. Smaller apartments run relatively close on rent, although significantly higher than the national average.
Current Housing Market Trends
The housing market has heated up all across the country, which is influencing the affordability of housing in Landover as well. Low inventory fuels higher prices and the average time on the market, and indicators point to continued strong demand in the area.
The average sold price in Prince George’s County jumped 12.4 percent in March 2022 over March 2021, while the average home is only on the market for 19 days.
For the most part, homes in Landover get multiple offers, so expect to have competition when you find a home you like. Most houses sell for just more than the list price now with hot homes getting about 3 percent above.
Houses in Landover have appreciated almost 80 percent in the past 10 years and more than 16 percent in the past year, making a purchase there a good investment.
Low inventory is a continuing concern. While new listings were up 26.6 percent in February, they are still down from a year ago. This is the case across the state, which has resulted in a drop in the number of sales while the average price has gone up.
Transportation Costs
One of the few things in Landover that is more expensive than in DC is transportation. This makes sense since you have a shorter commute if you’re already in the city.
Still, how far is Landover, MD from Washington, DC? Most trips between the two run eight or nine miles via the various highways. Since Landover sits in the corner created by US 50E and State Hwy 202, it’s easy to jump on one to find your way into town. Most people still drive themselves with an average commute of more than 35 minutes.
Metrorail’s Orange Line offers a station in Landover with generous parking for the 20 percent of commuters who use public transit. The subway service is just as popular the other way since Landover is the location of FedEx Field, home to the Washington Commanders.
Taxes
Shopping in Landover won’t cost you more in taxes than DC since both have sales tax rates of 6 percent, which is lower than the national average.
However, income taxes in Maryland are higher than average at 8 percent. Compare this to DC at 6.5 percent and the national average of 4.6 percent national average. Depending on where you have to file your taxes, this can have a significant impact on the cost of living in Landover.
Property taxes are also higher in Prince George’s County than in DC. The average tax rate in the county is 1.29 percent, while property taxes in DC are just .56 percent.
Considering Moving to Landover, MD?
Landover, MD, is an island of affordable living in the midst of some of the most expensive places to live in the country. From housing to food, the living costs here make the town attractive to many young professionals and new families, especially those looking for a close commute to DC. The town offers a dense urban vibe without the high costs you see in large cities.
If you’d like to learn more about living in Landover, MD, contact Nomadic Real Estate to discuss your residential real estate needs and options in Prince George’s County.
