Silver Spring, Maryland, has long been heralded as one of the most coveted residential hubs in the greater Washington, D.C., area. Nestled just north of the nation's capital, a little less than seven miles from the heart of D.C., Silver Spring combines the allure and convenience of the suburbs with proximity to the pulse and power of the nation's capital.
An incorporated community of more than 82,000 residents, Silver Spring boasts an impressive collection of lifestyle options and highly regarded educational institutions, both public and private. Indeed, it's a near-perfect union of bucolic single-family neighborhoods set under thick, verdant canopies of trees and vibrant urban districts, such as Downtown Silver Spring, which features a townhome and condo real estate landscape, a lively arts and entertainment scene, and a vast array of shopping and dining spots.
The entire Silver Spring footprint defies convention. It appeals to young professionals, new and well-established families, empty nesters, and retirees wanting to be close — but not too close — to the U.S. capital. There's little doubt that Silver Spring is among the region's best places to call home.
But for newcomers looking for a change of scenery and those relocating from further afield, the central question is whether Silver Spring is an affordable place to live. As with many highly desirable, sought-after communities, the costs associated with calling the area home are greater now than at any previous time in the past decade. But does that put this ideal residential destination out of reach for most homeowners?
Read on to explore this community further and determine the real cost of living in Silver Spring, Maryland.
Housing
As one would expect in a prime location, real estate in Silver Spring is a significant investment. The median sales price for homes in Montgomery County as of September 2023 is $555,000, which is up by 5.7% from a year ago. Likewise, the average sales price in the county has risen by 3.6% since 2022, up to $664,000. Zooming into Silver Spring specifically, the median home sales price in September 2023 is approximately $600,000, which is up by 3.4% since a year ago. The price of housing in Silver Spring is also significantly higher than for the state as a whole.
That said, the cost of living in Silver Spring represents an attainable luxury that makes its housing inventory such an attractive draw for a broad group of home buyers. For example, the neighboring enclaves of Bethesda and Chevy Chase both feature median home prices above $1 million.
As it stands, Silver Spring real estate is not just affordable but also features a wide variety of options — condos, townhomes, and single-family residences— at nearly every price point, from $300,000 high-rise condos to secluded, million-dollar houses.
Primary living expenses
Even moving beyond the housing expenses, the cost of living in Silver Spring aligns with the rest of Montgomery County. The cost of living in this region is commonly measured against neighboring Washington, D.C., which routinely ranks among the most expensive places to live in the entire country.
Read on to learn more about the primary costs that you can expect.
Groceries and dining out
Recent inflation within the U.S. has hit practically all segments of society, but nowhere is the pinch of higher prices felt more strongly than at your local grocery store, where almost every item on a shelf or behind a glass door costs more now than it did a year ago.
Silver Spring offers a variety of grocery shopping options. From big box-store warehouses to chain supermarkets, and small, local grocers, shoppers are sure to find just what they’re looking for in Silver Spring. And given the diverse nature of the community, specialty grocery stores and organic markets are abundant. However, these can often be considerably more expensive than typical grocery chains. For those who savor gourmet dining, it’s important to allocate extra for a fine-dining experience in Silver Spring. An excursion into Washington, D.C., can also cost considerably more than your standard restaurant as well.
Utilities
The cost of utilities varies widely throughout Silver Spring and Montgomery County based on the area's variety of homes and differing square footage. On average, though, residents will spend between $200 and $250 on energy costs and another $100 to $200 on internet services, cable, or streaming services per month. Aside from home size and additional power-using amenities and electrical systems, these rates stay relatively consistent across the region.
Transportation
Owning a high-end vehicle or two is typical for residents in this affluent community, and costs related to car ownership extend from insurance premiums and regular maintenance to fuel, which typically trends higher the closer you get to D.C.
However, the excellent public transportation infrastructure provides an alternative for daily commutes into D.C. and elsewhere throughout the region. Regular commuters on the D.C. Metro can secure a monthly unlimited pass from between $64 and $192 per month, based on ridership.
Is Silver Spring a worthwhile value?
When weighed against other communities in the D.C. area, like Bethesda or Chevy Chase, Silver Spring offers a competitive value proposition. Add in the many lifestyle benefits and its strategic proximity to Washington, D.C., and it makes sense that Silver Spring is worth considering as your next home or major investment.
If you're ready to discover the broad appeal of living in Silver Spring, connect with The Foley Group of Go Brent Realty today. Trust our team's experience and expertise to guide you through the Silver Spring residential marketplace.
*Header photo courtesy of The Foley Group of Go Brent Realty
