What is the Real Cost of Living in Hyattsville, Maryland?

What is the Real Cost of Living in Hyattsville, Maryland?

Hyattsville, Maryland, is a vibrant, charming city
within a stone’s throw of Washington, DC. As one would assume, the city’s proximity to the nation’s Capital offers residents abundant employment opportunities and convenient access to cultural attractions. Locals relish spinning to DC for brunch and visiting one of its museums before dashing home. And young professionals, families, and retirees treasure Hyattsvile’s diverse and inclusive atmosphere.

Gorgeous Victorian homes, contributing character to the locale, adorn Hyattsville Hyattsville’s historic district. The area’s thriving arts scene boasts many galleries, public art installations, and creative events, encouraging creativity and community engagement. Education is a top priority in the region, so numerous reputable schools and easy university access factor heavily into Hyattsvile’s desirability. Additionally, plentiful Parks and recreational facilities in the area encourage an active lifestyle.

Public transport in the area is a dream. Hyattsville enjoys two DC Metro stops, ensuring ten-minute-long trips to the Capital and an array of buses (both to DC and within the city) are also available. Additionally, locals love Hyattsville’s wide range of dining options, from trendy cafes to upscale eateries, satisfying diverse tastes and preferences. Regarding shopping, local boutiques and area malls provide anything locals could desire without having to venture out of their community. And green initiatives, recycling programs, and support for local agriculture demonstrate the city’s commitment to sustainability.

Hyattsville attracts buyers by embracing an enviable blend of suburban amenities, urban conveniences, and a tight-knit community. But what is the actual cost of living there? For an accurate breakdown and guide, read below.

A dream home in the DC area

Because it is so close to Washington, DC, and it is a desirable area in its own right, investing in Hyattsville, Maryland, real estate comes with a bigger price tag than other areas. The median price of a property in Hyattsville is $380 900. However, do not be surprised if the prices of homes start at significantly higher rates, given how in demand this family-friendly locale near DC is. And, realistically, other factors are worth considering. A four-bedroom estate featuring a pool, for example, will fetch a higher asking price than a condo in a co-op, though a condo might, theoretically, command a high rate, too, if it is close to one of Hyattsville’s two DC Metro stops.

Beyond the purchase price, would-be homebuyers should also consider closing costs. These usually run from 2% to 5% of a property’s purchase price. To exemplify this, a $650,000 Hyattsville home would involve closing costs ranging from $13,000 to $32,500. Property taxes in the DC Beltway Area, as a whole, are higher than the average, and Hyattsville is no exception. Homeowners can expect to pay around a thousand dollars annually. At the same time, homeowner’s insurance depends on an estate’s location, value, and general coverage options.

When it comes to utilities

The ultimate costs of utilities in the region depend on a home’s size, usage, and company-providing service. That being said, utility bills in the area are usually around $400 a month.

Both a home’s size and the energy consumption therein determine electricity costs. Prices generally hike during the summer, as the DC area’s notorious heat and humidity spurs air conditioning use. Unsurprisingly, heating costs during the winter depend on your home’s size, insulation, heating system efficiency, and, of course, individual preferences. That being said, Winters in Hyattsville are generally on the mild side.

High-speed internet plans fall between $50 and $100 per month, though, like everything else, internet service costs vary from case to case and depend most on the provider and package.

Did someone say food?

Locals love shopping at the nearby Riverdale Farmer’s Market, where fresh produce and artisanal products are abundant. This is not only because the food is delicious — patronizing local producers is often cost-effective. On average, locals pay around $300 a month for their groceries. The prices vary as much as the local restaurants do when dining out. Dinner at a mid-range eatery will come with a bill of around $15-$20, while exclusive, higher-end restaurants involve higher prices.

In transit

As mentioned, Hyattsville enjoys easy access to excellent public transit options, namely, two stops along the DC area Metro. The fee for a Monthly Unlimited Pass from Hyattsville to the center of DC is $128. Of course, costs differ, depending on how often you take other transportation modes, such as this rideshare services or bike rentals. Thankfully, detached homes in Hyattsville offer streetside parking, a standard amenity in multi-unit buildings.

What are average salaries?

As the cost of living in Hyattsville is higher than average, it is helpful to know the region’s average salaries. The Bureau of Labor Statistics reports that, in 2022, the mean annual salary of DC area residents was around $30,000. Remember, though, that this is across the entire metro region, from the least expensive areas to the more expensive (like Hyattsville). So take this statistic with a grain of salt.

Jobs in government, education, healthcare, and technology are especially available in the Hyattsville region. The minimum wage in Maryland is $13.25 an hour for large employers and $12.80 for small employers. Still, given that the cost of living in Hyattsville exceeds the state’s average, realistically, a comfortable lifestyle requires more income.

The value of working with a top-quality real estate agent

Ready to lock down for your Hyattsville dream home? For all the help you need navigating homes for sale in Hyattsville, Maryland, turn to the buyer-focused team at Argent Realty. Their unrivaled expertise, expansive experience, and steadfast commitment to customer service position them ahead of their competition. Argent’s team offers both negotiating prowess and an impressive network of contacts. Moreover, Argent understands that purchasing a home is a monumental investment and will gladly do whatever is necessary to fulfill your vision — a dedication that helps explain its stellar reputation. Do not hesitate to reach out today.

*Header photo courtesy of Pexels

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