4 Facts You Must Know to Buy a House in Baltimore, MD
Baltimore’s real estate market has gone through a tough time. The year 2014 saw a major decline in property prices. In the last year, prices have managed to increase, but the increase is not significantly high. If you plan to buy a house in Baltimore; rest assured that it is going to be a safe investment. Your investment won’t multiply dramatically, but increased rental values will yield huge profits. These four facts will tell you more about it.
1. Baltimore is an expensive housing market, but…
It is never easy to buy a house, but Baltimore seems the most affordable market compared to other areas. According to Zillow.com, the median home value in Baltimore MD is $109,800. The statistics predict a 2% increase over the next year. Another source gives the average selling price of $175,000. Average individual earning is about $43,496 whereas minimum salary required to afford a home is $33,698. It is a good news for buyers because you can easily afford a safe place called “home”.
2. Affordability has fueled the demand.
Baltimore is ranked 21st in the Bloomberg Housing Affordability Index. This ranking shows that more people can afford to buy a home in Baltimore. This fact has increased demand over past few years. On an average, it takes around 23 days to sell a house in Baltimore. The average time can be more or less depending on property condition and location. Be ready to make a purchase, otherwise, your dream home will be sold long ago.
3. Buying is more affordable than renting.
The 2016 rental affordability report suggests that buying is still more affordable than renting. Rent prices have increased significantly while the average property value remains the same. According to RealtyTrac, Baltimore is one of the most expensive rental markets where rents are expected to rise by 5.7%.
4. The best time to buy a house in Baltimore
As a buyer, it is a good time to invest in commercial and residential properties. Rental values are going up, so it is best to make money by renting the property. According to Worldpropertyjournal, rental property in Baltimore can potentially make 24.82% gross profit that is more than any other county in the United States.
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