New Market, MD
Population 1,588 · Maryland
About New Market, MD
New Market is a small town located in Maryland with a population of 1,588 residents according to the latest US Census Bureau American Community Survey data. The median household income is $198,080 per year, which is 164% above the national median of $75,149. The median age of 34 years is notably younger the US median age of 38.9 years, indicating a younger, often more dynamic population base.
Housing Market Overview
The housing market in New Market features a median home value of $607,700, which is 148% above the national median of $244,900. This places New Market in a higher-cost housing market, where property demand often outpaces supply. Median monthly rent is $1,694, 46% above the national average of $1,163/month. Of the 478 total housing units, 96% are owner-occupied (452 units) and 4% are renter-occupied (17 units). The high homeownership rate suggests a stable, established residential community.
Economy & Employment
The local economy in New Market shows an unemployment rate of 3.0%, which is lower than the national rate of 3.7%, indicating a relatively strong job market. The poverty rate stands at 0.9%, below the national average of 12.4%, reflecting generally favorable economic conditions. Workers in New Market have an average one-way commute time of 33 minutes.
Education & Demographics
69.0% of New Market residents aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This significantly higher educational attainment rate often correlates with access to knowledge-economy jobs and higher household incomes. The community's demographic composition includes 1.3% White, 0.9% Hispanic or Latino, 0.2% Black or African American, and 3.4% Asian residents, with 4.5% of the population being foreign-born.
How New Market Ranks in Maryland
Cost of Living in New Market, MD
Compared to national averages, New Market has a median household income of $198,080 (164% above the national median of $75,149). Home values average $607,700, which is 148% above the national median. Monthly rent at $1,694 is 46% above the US average of $1,163. Within Maryland, New Market's income is 83% above the state average of $107,956, and home values are 51% above the state median of $402,447.
Why Live in New Market, MD?
New Market offers a strong local economy with a median household income of $198,080, well above the national average, and a strong job market with an unemployment rate of just 3.0%, and a well-educated community where 69.0% of residents hold a bachelor’s degree or higher. Additionally, the city features a low poverty rate of 0.9%, better than the national average.
Potential considerations include a competitive housing market where the typical home costs $607,700. However, New Market’s smaller community size offers a quieter lifestyle and tight-knit neighborhoods.
New Market has a population of 1,588 with a median age of 34 years. Compare New Market with other cities to see how it stacks up, or explore all cities in Maryland.
Similar Cities Near New Market
Cities in Maryland with a similar population size.
| City | Population | Median Income | Home Value | |
|---|---|---|---|---|
| Naval Academy | 1,592 | $120,347 | $0 | Compare |
| Colmar Manor | 1,579 | $104,074 | $359,200 | Compare |
| Wilson-Conococheague | 1,614 | $60,258 | $225,300 | Compare |
| Mechanicsville | 1,521 | $115,556 | $425,500 | Compare |
| Ridgely | 1,685 | $64,432 | $236,000 | Compare |
| Arden on the Severn | 1,691 | $117,188 | $475,600 | Compare |
| Crownsville | 1,701 | $146,486 | $885,600 | Compare |
| Romancoke | 1,705 | $118,077 | $397,200 | Compare |
Demographics
Racial & Ethnic Composition
Economy & Education
Housing
Other Cities in Maryland
Data source: US Census Bureau ACS 5-Year Estimates. Last updated: 2026-04-05.
Compare New Market With Other Cities
Frequently Asked Questions about New Market
What is the population of New Market, MD?
The population of New Market, MD is 1,588 according to the latest US Census Bureau American Community Survey estimates. This makes it a small town in Maryland.
What is the median household income in New Market?
The median household income in New Market, MD is $198,080 per year, which is 164% above the national median of $75,149.
What is the median home value in New Market?
The median home value in New Market, MD is $607,700, which is 148% above the national median of $244,900. The majority of housing units are owner-occupied.
What is the average rent in New Market?
The median monthly rent in New Market, MD is $1,694, which is 46% above the national average of $1,163/month.
What is the unemployment rate in New Market?
The unemployment rate in New Market, MD is 3.0%, compared to the national average of 3.7%. This lower-than-average rate suggests a relatively healthy local job market.
Is New Market, MD a good place to live?
New Market offers above-average incomes, a competitive housing market, and a strong job market. With a population of 1,588 and a median age of 34, the city appeals to young professionals and families.
How educated is New Market, MD?
69.0% of residents in New Market aged 25 and older hold a bachelor's degree or higher, compared to the national average of 33.7%. This above-average educational attainment often reflects a knowledge-based local economy.
What is the cost of living in New Market?
Key cost-of-living indicators for New Market, MD: median home value is $607,700 (148% above national), median rent is $1,694/month, and median household income is $198,080. The home-value-to-income ratio is 3.1x, indicating relatively affordable housing relative to local incomes.
What is the poverty rate in New Market?
The poverty rate in New Market, MD is 0.9%, compared to the national average of 12.4%. This below-average poverty rate reflects generally favorable economic conditions in the community.
How diverse is New Market, MD?
New Market's population is 1.3% White, 0.9% Hispanic or Latino, 0.2% Black or African American, 3.4% Asian, and 4.8% two or more races. 4.5% of residents are foreign-born.