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If you're looking for a merry land, go to Maryland.

Home Mortgage Rates in Maryland

Downtown Baltimore Inner Harbor.

Known for blue crabs and seafood, Maryland has a population of around 6 million and is located in the mid-section on the east coast. Maryland is a dynamic state with big cities like Baltimore, proximity to D.C., and a robust economy. While some parts of the state struggle such as Baltimore, many other places have healthy economies and housing markets. The state continues to grow, and so does the demand for houses, making supply a slight concern. While some places are expensive, especially near D.C.,  there are many affordable areas within the state.

Current Real Estate Trends

The current median home price in Maryland is $272,400. This is a good bit above the national average of $200,000. For many areas in the state there is a high demand for housing, and the market faces a supply problem. Prices are going up as well. Places like Prince Georges county saw prices go up by as much as 10 percent in 2017. Generally, places closer to D.C. are more expensive. High housing costs are exacerbated by high cost of construction labor and high land costs.

Maryland does have many affordable locations, however. Towns such as Cumberland, Hagerstown, Frostburg, Aberdeen, and Frederick have been ranked as among the most affordable.

The Baltimore area is especially cheap for a city of its size; however, the city has been plagued by high crime and urban decay for many years. Trends highlighted in The Wire remain in place to this day.

Historic Real Estate Trends

Maryland has experienced a decent rebound from the last recession and the housing market is growing, but many residents still struggle. According to an article by the Baltimore Sun, wage growth has been modests, rents are increasing faster, and home ownership is low. The state's homeownership rate peaked at 72.6% in 2006 and has slid almost every year since, to a level of 66.5% in 2017.

However, Maryland outshines many other places in the country in terms of post-recession growth. According to the same article, the state's median income in 2014 was $20,000 higher than the national average, and its poverty rate was 10.1 percent while the average was 15.5%.

Maryland had a growing housing market leading up to the recession. During the recession, some communities were hit harder than others and after the recession some areas have not fared as well as others. According to an article by ggwash.org, homes inside Maryland's beltway such as Silver Springs and Takoma Park have far superseded pre-recession levels, while homes outside the beltway such as Wheaton and Four Corners have not made as much of a comeback, and some still have not recovered their value.

Glenview Mansion in Rockville, Maryland.

Places to Live

Metropolitan Areas

MD Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 6 Washington-Arlington-Alexandria, DC-VA-MD-WV Metro Area 6,131,977 5,636,232 495,745 8.80%
2 7 Philadelphia-Camden-Wilmington, PA-NJ-DE-MD Metro Area 6,070,500 5,965,343 105,157 1.76%
3 21 Baltimore-Columbia-Towson 2,798,886 2,710,489 88,397 3.26%
4 135 Salisbury, MD-DE Metro Area 400,200 373,802 26,398 7.06%
5 183 Hagerstown-Martinsburg, MD-WV Metro Area 263,817 251,599 12,218 4.86%
6 353 California-Lexington Park 112,587 105,151 7,436 7.07%
7 384 Cumberland, MD-WV Metro Area 99,541 103,299 -3,758 -3.64%
8 734 Easton 37,278 37,782 -504 -1.33%
9 799 Cambridge 32,258 32,618 -360 -1.10%

Popular Cities & Towns in Maryland

Baltimore

Baltimore Harbor Aerial View.

Baltimore is Maryland's most populous city, with a population of around 621,849. Despite being known for its high crime and poverty rates, the city is still home to many businesses and offers a plethora of attractions. The city is the cultural capital of the state and the most popular travel destination. Known as the “Charm City,” Baltimore is steeped in history and has both an east coast and southern charm.

Baltimore is home to professional sports teams such as the Ravens who play at M&T Stadium and the Orioles who play at Camden Yards. Other attractions include the Maryland Zoo, Federal Hill Park, and the Baltimore Symphony Orchestra.

In addition to professional sports teams such as the Ravens and the Orioles, Baltimore is home to many other teams. The Baltimore Blast are a soccer team that play in the Major Arena Soccer League, and the Baltimore Blues are a rugby team that compete in the USA Rugby league.

The city is known for blue crabs, crab cakes, locally produced Old Bay Seasoning, pit beef, among others. Baltimore's Little Italy is also a notable culinary destination. The Baltimore Public Market System is the oldest public market system in the country, dating back to 1751.

The city is home to several colleges, most notable being Johns Hopkins University, ranked as one of the best in the nation. John Hopkins contains the George Peabody library, considered to be one of the most beautiful in the world. Other colleges include Loyola University Maryland and Notre Dame of Maryland University.

The top employers in the city include Johns Hopkins Hospital, Under Armor, McCormick & Company, and T. Rowe Price. The city and its surrounding area is also home to a growing tech industry. The Port of Baltimore and tourism are also major employers in the city. However, Baltimore ranks high in unemployment and much of the city's population lives at or below the poverty line.

The median home price in Baltimore is around $123,000 – far below the national average and the average for Maryland. Baltimore has had consistently high crime rates for years, and murder rates which are astronomical for a city of its size. According to neighborhoodscout.com, the safest neighborhoods in Baltimore are: Stoneleigh/Yorktown, Pinehurst/Rogers Forge, Charlcote Rd/ Millbrook Rd, and Summit Park.

Columbia

Wilde Lake Reflection in Columbia, MD.

Columbia is Maryland's second largest city with a population of 103,467. It is a planned community, founded in 1967.

The homeowner's association manages many of the recreational activities in the city. It manages water parks, miniature golf, pavilions, and athletic clubs. Columbia's bars bring in a variety of live music acts. The Merriweather Post Pavilion is the most notable venue for hosting musical acts.
The Federal government provides many jobs in the city such as the Department of Defense and National Security Agency. Columbia is home to companies such as PetMeds, MICROS Systems, and Integral Systems, among others.

The median home price in Columbia is $337,000 or $203 per square foot. The city has a high proportion of educated and high-income individuals.

Germantown

Marc Train Station in Germantown, MD.

The third largest town in Maryland, Germantown has a population of 90,676. The BlackRock Center for the Arts is one of the main entertainment venues in the town. The venue sponsors the Germantown Oktoberfest, a celebration of German culture, with cultural foods and music. The Maryland SoccerPlex is also located in Germantown, and is a major venue for prominent soccer teams in state.

The town has seen major growth since the 1980's, and has become increasingly urbanized. Many high tech companies such as Library Systems and Services, Qiagen North America, Earth Network System Inc., and Hughes Network Systems have headquarters in the area. Other large companies with offices in the area include Xerox, Wabtec, WeatherBug, and General Electric Aviation.

According to data compiled from trulia.com, the average home price in Germantown is around $290,000 or $211 per square foot.

Silver Spring

Library in Silver Spring, MD.

Silver Spring is Maryland's fourth most populated city, with a population of 76,716. The town is located 6.2 miles North of Washington, D.C.

The city has an active entertainment scene with several venues hosting bands, music festivals, ethnic festivals, and film festivals. The AFI Docs documentary film festival is held every year downtown and is hosted by Discovery Communications and the American Film Institute. The Silver Spring Jazz Festival is also a popular event, drawing thousands of people each year. The jazz festival hosts notable bands/acts like Wynton Marsalis, Mingus Big Band, Aaron Neville, local artists, and a battle of high school jazz bands.

The American Film Institute Silver Theatre and Cultural Center located in the town plays modern art-house films, classic films, independent films, and foreign films. The theatre is run by the American Film Institute.

The median home price in Silver Springs is $388,800, which exceeds both the state and national averages. Part of the reason for its high home values is the town's proximity to DC, which is one of the most expensive places in the nation.

Companies that have offices in Silver Springs are United Therapeutics, Discovery Communications, American Nurses Association, Urban One, TV One, among others.

Bethesda

Downtown Bethesda at Night.

Bethesda is a census-designated place with a population of around 63,374 people. Located in Southern Maryland, close to Washington, D.C., it has been ranked among the nation's most educated towns by publications such as Forbes and Time.

Bethesda is a well-educated and desirable suburb close to D.C., and its home prices correspond to that. According to Trulia, the median home price in the town is $849,900 or $476 per square foot.

Many residents commute into D.C. for work, but there are many large corporations based in the town. These include companies such as Lockheed Martin, Marriott International, Ritz Carlton, Coventry Health Care, Calvert Investment, among many others.

Annapolis

Annapolis Skyline.

Annapolis is another popular location in Maryland for people to reside with 39,418 residents.

The city has plenty of history dating back to the Revolutionary War, when it served as the new nation’s capital. The city is the Maryland state capital and has more buildings still standing from the revolutionary period than any other city in the United States. Annapolis is also known as the home of the United States Naval Academy, the U.S. Naval Academy Museum & St. John's College.

The Annapolis Summer Garden Theatre produces outdoor shows during the warmer months while The Colonial Players produces holiday themed classics in the winter.

The Banneker-Douglass Museum is a famous historical African Methodist Episcopal Church.

Both Baltimore and Annapolis are quite close to Washington D.C., the nation’s capital.

Frederick

Downtown Frederick From Baker Park.

In 2016 70,060 residents lived in the city of Frederick, which is a part of the Baltimore-Washington metro area. Many people commute to these cities for work. Fort Detrick is a US Army medical command which is the leading employer in the city.

On the First Saturday of each month there is a downtown entertainment event. The city also has a lively arts seen with around a dozen art galleries downtown. The Frederick Symphony Orchestra performs 5 times annually.

The Maryland Ensemble Theatre is a local professional theater company which has performed since April of 1993. They are located near both the Weinberg Center for the Arts and the Cultural Arts Center. The Delaplaine Visual Arts Education Center is a local art nonprofit which has served the community since 1986.

Statewide Trends

The three counties of southern Maryland has been growing the faster than counties in the rest of the state. Montgomery County, the state’s most populous county, is projected to experience accelerating growth throughout the remainder of the decade.

Gaithersburg, MD.

Cities like Gaithersburg and Bowie are among Maryland’s fastest growing population areas. These cities have been growing due to their prime location between other major urban areas like Baltimore, Washington D.C., and Annapolis.

Maryland Census Data

According to the United States Census an estimated 6,016,447 people live in the state of New Jersey. The state has 9,707.24 mi² of land area, which gave it a population density of 619.79 per mi². Here is a list of cities, towns, villages & Census Designated Places with more than 2,500 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016 the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Baltimore Baltimore city 614,664 620,961 -6,297 -1.01% 80.94 7,594.07
Columbia CDP Howard 103,055 99,615 3,440 3.45% 31.93 3,227.53
Germantown CDP Montgomery 89,826 86,395 3,431 3.97% 17 5,283.88
Silver Spring CDP Montgomery 77,460 71,452 6,008 8.41% 7.92 9,780.30
Waldorf CDP Charles 71,399 67,752 3,647 5.38% 36.22 1,971.26
2 Frederick Frederick 70,060 65,239 4,821 7.39% 21.99 3,185.99
Glen Burnie CDP Anne Arundel 68,550 67,639 911 1.35% 17.32 3,957.85
Ellicott City CDP Howard 68,513 65,834 2,679 4.07% 29.96 2,286.82
4 Gaithersburg Montgomery 67,776 59,933 7,843 13.09% 10.2 6,644.71
3 Rockville Montgomery 66,940 61,209 5,731 9.36% 13.51 4,954.85
Dundalk CDP Baltimore 62,349 63,597 -1,248 -1.96% 13.07 4,770.39
Bethesda CDP Montgomery 62,102 60,858 1,244 2.04% 13.29 4,672.84
5 Bowie Prince George's 58,393 54,727 3,666 6.70% 18.43 3,168.37
Towson CDP Baltimore 57,725 55,197 2,528 4.58% 14.15 4,079.51
Aspen Hill CDP Montgomery 52,607 48,759 3,848 7.89% 9.62 5,468.50
Wheaton CDP Montgomery 50,688 48,284 2,404 4.98% 6.9 7,346.09
North Bethesda CDP Montgomery 48,818 43,828 4,990 11.39% 8.85 5,516.16
Severn CDP Anne Arundel 47,432 44,231 3,201 7.24% 17.71 2,678.26
Bel Air South CDP Harford 46,955 47,709 -754 -1.58% 15.67 2,996.49
Potomac CDP Montgomery 45,945 44,965 980 2.18% 25.11 1,829.75
Catonsville CDP Baltimore 42,265 41,567 698 1.68% 13.96 3,027.58
6 Hagerstown Washington 40,452 39,662 790 1.99% 11.79 3,431.04
Woodlawn CDP Baltimore 40,390 37,879 2,511 6.63% 9.54 4,233.75
7 Annapolis Anne Arundel 39,418 38,394 1,024 2.67% 7.18 5,489.97
Clinton CDP Prince George's 39,336 35,970 3,366 9.36% 25 1,573.44
Odenton CDP Anne Arundel 38,374 37,132 1,242 3.34% 14.78 2,596.35
Severna Park CDP Anne Arundel 38,364 37,634 730 1.94% 16.49 2,326.50
Essex CDP Baltimore 38,256 39,262 -1,006 -2.56% 9.26 4,131.32
Chillum CDP Prince George's 37,150 33,513 3,637 10.85% 3.41 10,894.43
Olney CDP Montgomery 35,090 33,844 1,246 3.68% 16.19 2,167.39
Randallstown CDP Baltimore 34,088 32,430 1,658 5.11% 10.22 3,335.42
Owings Mills CDP Baltimore 33,732 30,622 3,110 10.16% 9.54 3,535.85
Montgomery Village CDP Montgomery 33,337 32,032 1,305 4.07% 4 8,334.25
9 Salisbury Wicomico 33,114 30,343 2,771 9.13% 13.4 2,471.19
8 College Park Prince George's 32,275 30,413 1,862 6.12% 5.64 5,722.52
Parkville CDP Baltimore 32,163 30,734 1,429 4.65% 4.29 7,497.20
Pikesville CDP Baltimore 32,149 30,764 1,385 4.50% 12.35 2,603.16
Bel Air North CDP Harford 31,871 30,568 1,303 4.26% 16.06 1,984.50
Eldersburg CDP Carroll 31,494 30,531 963 3.15% 39.69 793.50
Milford Mill CDP Baltimore 30,085 29,042 1,043 3.59% 6.94 4,335.01
Carney CDP Baltimore 29,196 29,941 -745 -2.49% 6.97 4,188.81
Perry Hall CDP Baltimore 28,633 28,474 159 0.56% 6.97 4,108.03
Crofton CDP Anne Arundel 27,934 27,348 586 2.14% 6.61 4,226.02
Reisterstown CDP Baltimore 27,637 25,968 1,669 6.43% 5.16 5,356.01
South Laurel CDP Prince George's 26,394 26,112 282 1.08% 8.15 3,238.53
Ilchester CDP Howard 26,304 23,476 2,828 12.05% 10.75 2,446.88
Lochearn CDP Baltimore 26,070 25,333 737 2.91% 5.59 4,663.69
Edgewood CDP Harford 26,060 25,562 498 1.95% 17.78 1,465.69
Pasadena CDP Anne Arundel 25,895 24,287 1,608 6.62% 14.94 1,733.27
10 Laurel Prince George's 25,853 25,115 738 2.94% 4.3 6,012.33
Middle River CDP Baltimore 25,816 25,191 625 2.48% 7.78 3,318.25
North Potomac CDP Montgomery 24,087 24,410 -323 -1.32% 6.52 3,694.33
11 Greenbelt Prince George's 23,909 23,068 841 3.65% 6.28 3,807.17
Suitland CDP Prince George's 23,824 25,825 -2,001 -7.75% 4.25 5,605.65
Fairland CDP Montgomery 23,673 23,681 -8 -0.03% 4.92 4,811.59
Fort Washington CDP Prince George's 23,611 23,717 -106 -0.45% 13.79 1,712.18
Landover CDP Prince George's 23,218 23,078 140 0.61% 4.07 5,704.67
Arnold CDP Anne Arundel 22,574 23,106 -532 -2.30% 10.82 2,086.32
North Laurel CDP Howard 22,217 4,474 17,743 396.58% 1.23 18,062.60
Arbutus CDP Baltimore 21,662 20,483 1,179 5.76% 6.52 3,322.39
Langley Park CDP Prince George's 21,049 18,755 2,294 12.23% 0.99 21,261.62
Cockeysville CDP Baltimore 20,603 20,776 -173 -0.83% 11.39 1,808.87
Camp Springs CDP Prince George's 20,339 19,096 1,243 6.51% 7.69 2,644.86
12 Cumberland Allegany 19,978 20,859 -881 -4.22% 10.08 1,981.94
Lake Shore CDP Anne Arundel 19,375 19,477 -102 -0.52% 13.45 1,440.52
Rosedale CDP Baltimore 19,029 19,257 -228 -1.18% 6.9 2,757.83
Calverton CDP Montgomery & Prince George's 18,747 17,724 1,023 5.77% 4.6 4,075.43
Clarksburg CDP Montgomery 18,709 13,766 4,943 35.91% 8.21 2,278.81
13 Westminster Carroll 18,671 18,590 81 0.44% 6.63 2,816.14
Ferndale CDP Anne Arundel 18,612 16,746 1,866 11.14% 3.98 4,676.38
Ballenger Creek CDP Frederick 18,490 18,274 216 1.18% 10.82 1,708.87
14 Hyattsville Prince George's 18,449 17,557 892 5.08% 2.67 6,909.74
Oxon Hill CDP Prince George's 18,437 17,722 715 4.03% 6.62 2,785.05
Beltsville CDP Prince George's 18,306 16,772 1,534 9.15% 7.16 2,556.70
White Oak CDP Montgomery 17,975 17,403 572 3.29% 3.78 4,755.29
Seabrook CDP Prince George's 17,839 17,287 552 3.19% 3.02 5,906.95
15 Takoma Park Montgomery 17,765 16,715 1,050 6.28% 2.08 8,540.87
Glassmanor CDP Prince George's 17,552 17,295 257 1.49% 2.35 7,468.94
Elkridge CDP Howard 17,550 15,593 1,957 12.55% 8.39 2,091.78
Redland CDP Montgomery 17,175 17,242 -67 -0.39% 7.06 2,432.72
Maryland City CDP Anne Arundel 17,060 16,093 967 6.01% 7.74 2,204.13
Parole CDP Anne Arundel 16,764 15,922 842 5.29% 10.27 1,632.33
16 Easton Talbot 16,550 15,945 605 3.79% 10.56 1,567.23
East Riverdale CDP Prince George's 16,242 15,509 733 4.73% 1.62 10,025.93
17 Elkton Cecil 15,744 15,443 301 1.95% 8.35 1,885.51
Glenmont CDP Montgomery 15,716 13,529 2,187 16.17% 2.8 5,612.86
18 Aberdeen Harford 15,612 14,959 653 4.37% 6.8 2,295.88
Adelphi CDP Prince George's 15,547 15,086 461 3.06% 2.74 5,674.09
Cloverly CDP Montgomery 15,485 15,126 359 2.37% 10.05 1,540.80
Hillcrest Heights CDP Prince George's 15,383 16,469 -1,086 -6.59% 2.49 6,177.91
Rossville CDP Baltimore 15,368 15,147 221 1.46% 5.37 2,861.82
Damascus CDP Montgomery 15,267 15,257 10 0.07% 11.56 1,320.67
Colesville CDP Montgomery 14,190 14,647 -457 -3.12% 5.03 2,821.07
Brooklyn Park CDP Anne Arundel 14,042 14,373 -331 -2.30% 4.2 3,343.33
19 Havre de Grace Harford 13,527 12,952 575 4.44% 5.5 2,459.45
Riviera Beach CDP Anne Arundel 13,466 12,677 789 6.22% 2.63 5,120.15
Kettering CDP Prince George's 13,195 12,790 405 3.17% 5.5 2,399.09
Glenn Dale CDP Prince George's 13,108 13,466 -358 -2.66% 7.12 1,841.01
21 New Carrollton Prince George's 12,868 12,135 733 6.04% 1.53 8,410.46
Joppatowne CDP Harford 12,684 12,616 68 0.54% 6.73 1,884.70
Lexington Park CDP St. Mary's 12,642 11,626 1,016 8.74% 5.62 2,249.47
20 Cambridge Dorchester 12,468 12,326 142 1.15% 10.34 1,205.80
Summerfield CDP Prince George's 12,403 10,898 1,505 13.81% 3.63 3,416.80
Bensville CDP Charles 12,292 11,923 369 3.09% 16.89 727.77
Kemp Mill CDP Montgomery 12,285 12,564 -279 -2.22% 2.54 4,836.61
California CDP St. Mary's 12,228 11,857 371 3.13% 12.78 956.81
Overlea CDP Baltimore 12,206 12,275 -69 -0.56% 3 4,068.67
Travilah CDP Montgomery 12,106 12,159 -53 -0.44% 15.83 764.75
Mays Chapel CDP Baltimore 11,774 11,420 354 3.10% 3.71 3,173.58
Accokeek CDP Prince George's 11,617 10,573 1,044 9.87% 27.43 423.51
Rosaryville CDP Prince George's 11,348 10,697 651 6.09% 9.18 1,236.17
Forestville CDP Prince George's 11,298 12,353 -1,055 -8.54% 3.92 2,882.14
Walker Mill CDP Prince George's 11,293 11,302 -9 -0.08% 3.16 3,573.73
Annapolis Neck CDP Anne Arundel 11,084 10,950 134 1.22% 6.95 1,594.82
Ocean Pines CDP Worcester 11,025 11,710 -685 -5.85% 6.66 1,655.41
Largo CDP Prince George's 11,015 10,709 306 2.86% 3.06 3,599.67
Lanham CDP Prince George's 10,967 10,157 810 7.97% 3.53 3,106.80
Urbana CDP Frederick 10,750 9,175 1,575 17.17% 6.56 1,638.72
Linthicum CDP Anne Arundel 10,699 10,324 375 3.63% 5.46 1,959.52
Brock Hall CDP  Prince George's 10,635 9,552 1,083 11.34% 13.61 781.41
Halfway CDP Washington 10,596 10,701 -105 -0.98% 4.66 2,273.82
Mitchellville CDP Prince George's 10,475 10,967 -492 -4.49% 5.05 2,074.26
Marlboro Village CDP Prince George's 10,457 9,438 1,019 10.80% 3.86 2,709.07
Timonium CDP Baltimore 10,436 9,925 511 5.15% 5.35 1,950.65
Lake Arbor CDP Prince George's 10,414 9,776 638 6.53% 3.01 3,459.80
Fort Meade CDP Anne Arundel 10,137 9,327 810 8.68% 8.1 1,251.48
Chesapeake Ranch Estates CDP Calvert 10,111 10,519 -408 -3.88% 4.32 2,340.51
22 Bel Air Harford 10,109 10,120 -11 -0.11% 2.93 3,450.17
Coral Hills CDP Prince George's 9,842 9,895 -53 -0.54% 1.5 6,561.33
White Marsh CDP Baltimore 9,797 9,513 284 2.99% 5.31 1,845.01
North Kensington CDP Montgomery 9,768 9,514 254 2.67% 1.53 6,384.31
Friendly CDP Prince George's 9,708 9,250 458 4.95% 4.88 1,989.34
24 Bladensburg Prince George's 9,608 9,148 460 5.03% 1 9,608.00
Edgewater CDP Anne Arundel 9,583 9,023 560 6.21% 2.99 3,205.02
Burtonsville CDP Montgomery 9,488 8,323 1,165 14.00% 7.82 1,213.30
Chevy Chase CDP Montgomery 9,450 9,545 -95 -1.00% 2.39 3,953.97
Fallston CDP Harford 9,418 8,958 460 5.14% 13.98 673.68
Marlton CDP Prince George's 9,391 9,031 360 3.99% 5.94 1,580.98
23 Mount Airy Carroll & Frederick 9,374 9,288 86 0.93% 4.12 2,275.24
Scaggsville CDP Howard 9,348 24,333 -14,985 -61.58% 10.29 908.45
Brandywine CDP Prince George's 9,309 6,719 2,590 38.55% 21.01 443.07
26 La Plata Charles 9,239 8,753 486 5.55% 7.4 1,248.51
Leisure World CDP Montgomery 9,227 8,749 478 5.46% 1.09 8,465.14
Linganore CDP Frederick 9,082 8,543 539 6.31% 5.74 1,582.23
Cape St. Claire CDP Anne Arundel 8,862 8,747 115 1.31% 2 4,431.00
Mayo CDP Anne Arundel 8,779 8,298 481 5.80% 5.62 1,562.10
25 Frostburg Allegany 8,676 9,002 -326 -3.62% 3.42 2,536.84
Garrison CDP Baltimore 8,549 8,823 -274 -3.11% 3.16 2,705.38
Lansdowne CDP Baltimore 8,490 8,409 81 0.96% 2.28 3,723.68
27 Mount Rainier Prince George's 8,455 8,080 375 4.64% 0.65 13,007.69
Edgemere CDP Baltimore 8,443 8,669 -226 -2.61% 10.84 778.87
Four Corners CDP Montgomery 8,421 7,945 476 5.99% 1.46 5,767.81
South Kensington CDP Montgomery 8,394 8,462 -68 -0.80% 2.08 4,035.58
Temple Hills CDP Prince George's 8,023 7,852 171 2.18% 1.41 5,690.07
Woodlawn CDP Prince George's 7,973 6,334 1,639 25.88% 1.16 6,873.28
Robinwood CDP Washington 7,769 6,918 851 12.30% 3.86 2,012.69
Baltimore Highlands CDP Baltimore 7,703 7,019 684 9.74% 1.73 4,452.60
Jessup CDP Anne Arundel & Howard 7,671 7,137 534 7.48% 5.25 1,461.14
Bryans Road CDP Charles 7,458 7,244 214 2.95% 15.38 484.92
Forest Glen CDP Montgomery 7,374 6,582 792 12.03% 1.03 7,159.22
Westphalia CDP Prince George's 7,349 7,266 83 1.14% 13.27 553.81
29 Riverdale Park Prince George's 7,304 6,956 348 5.00% 1.65 4,426.67
28 Ocean City Worcester 6,999 7,102 -103 -1.45% 4.41 1,587.07
Riverside CDP Harford 6,799 6,425 374 5.82% 2.33 2,918.03
Darnestown CDP Montgomery 6,784 6,802 -18 -0.26% 16.39 413.91
30 Taneytown Carroll 6,760 6,728 32 0.48% 3.03 2,231.02
Lutherville CDP Baltimore 6,600 6,504 96 1.48% 2.11 3,127.96
33 Thurmont Frederick 6,528 6,170 358 5.80% 3.12 2,092.31
32 Cheverly Prince George's 6,469 6,173 296 4.80% 1.35 4,791.85
Shady Side CDP Anne Arundel 6,440 5,803 637 10.98% 6.76 952.66
Stevensville CDP Queen Anne's 6,372 6,803 -431 -6.34% 6.44 989.44
31 Hampstead Carroll 6,355 6,323 32 0.51% 3.19 1,992.16
34 Glenarden Prince George's 6,178 6,000 178 2.97% 1.22 5,063.93
35 Brunswick Frederick 6,171 5,870 301 5.13% 3.26 1,892.94
Cresaptown CDP Allegany 6,127 4,592 1,535 33.43% 6.11 1,002.78
Bowleys Quarters CDP Baltimore 6,124 6,755 -631 -9.34% 3.15 1,944.13
Savage CDP Howard 6,058 7,054 -996 -14.12% 2.74 2,210.95
37 Walkersville Frederick 6,054 5,800 254 4.38% 4.35 1,391.72
36 District Heights Prince George's 6,017 5,837 180 3.08% 0.93 6,469.89
Hillandale CDP Montgomery & Prince George's 5,936 6,043 -107 -1.77% 2.06 2,881.55
38 Chesapeake Beach Calvert 5,911 5,753 158 2.75% 2.71 2,181.18
Spring Ridge CDP Frederick 5,899 5,795 104 1.79% 2.64 2,234.47
Fountainhead-Orchard Hills CDP Washington 5,737 5,666 71 1.25% 4.41 1,300.91
Fairwood CDP Prince George's 5,707 5,031 676 13.44% 3.72 1,534.14
Ashton-Sandy Spring CDP Montgomery 5,684 5,628 56 1.00% 10.27 553.46
Marlow Heights CDP Prince George's 5,676 5,618 58 1.03% 2.03 2,796.06
Naval Academy CDP Anne Arundel 5,630 4,802 828 17.24% 0.55 10,236.36
41 Fruitland Wicomico 5,234 4,866 368 7.56% 3.78 1,384.66
40 Poolesville Montgomery 5,190 4,883 307 6.29% 3.93 1,320.61
Silver Hill CDP Prince George's 5,182 5,950 -768 -12.91% 1.34 3,867.16
Deale CDP Anne Arundel 5,095 4,945 150 3.03% 5.29 963.14
39 Chestertown Kent 5,080 5,252 -172 -3.27% 2.6 1,953.85
Layhill CDP Montgomery 5,051 5,169 -118 -2.28% 1.57 3,217.20
Chester CDP Queen Anne's 4,952 4,167 785 18.84% 5.09 972.89
Hampton CDP Baltimore 4,897 5,052 -155 -3.07% 5.72 856.12
Friendship Heights Village CDP Montgomery 4,872 4,698 174 3.70% 0.06 81,200.00
42 Manchester Carroll 4,818 4,808 10 0.21% 2.34 2,058.97
Peppermill Village CDP Prince George's 4,785 4,895 -110 -2.25% 0.75 6,380.00
43 Seat Pleasant Prince George's 4,769 4,542 227 5.00% 0.73 6,532.88
49 Centreville Queen Anne's 4,680 4,285 395 9.22% 2.45 1,910.20
44 Berlin Worcester 4,608 4,485 123 2.74% 3.15 1,462.86
West Ocean City CDP Worcester 4,554 4,375 179 4.09% 3.78 1,204.76
48 Capitol Heights Prince George's 4,545 4,337 208 4.80% 0.8 5,681.25
51 Middletown Frederick 4,515 4,136 379 9.16% 1.74 2,594.83
47 Perryville Cecil 4,419 4,361 58 1.33% 3.05 1,448.85
46 Denton Caroline 4,388 4,418 -30 -0.68% 5.28 831.06
West Laurel CDP Prince George's 4,388 4,230 158 3.74% 2.28 1,924.56
Kingsville CDP Baltimore 4,387 4,318 69 1.60% 10.04 436.95
50 Pocomoke City Worcester 4,101 4,184 -83 -1.98% 3.69 1,111.38
Huntingtown CDP Calvert 4,025 3,311 714 21.56% 8.07 498.76
45 Sykesville Carroll 3,941 4,436 -495 -11.16% 1.58 2,494.30
Woodmore CDP Prince George's 3,911 3,936 -25 -0.64% 6.55 597.10
National Harbor CDP Prince George's 3,837 3,788 49 1.29% 1.45 2,646.21
52 Indian Head Charles 3,824 3,844 -20 -0.52% 1.23 3,108.94
Riva CDP Anne Arundel 3,817 4,076 -259 -6.35% 2.46 1,551.63
60 Leonardtown St. Mary's 3,769 2,930 839 28.63% 3.18 1,185.22
Brookmont CDP Montgomery 3,767 3,468 299 8.62% 1.29 2,920.16
Marlboro Meadows CDP Prince George's 3,657 3,672 -15 -0.41% 6.09 600.49
53 North East Cecil 3,650 3,572 78 2.18% 2.06 1,771.84
55 Princess Anne Somerset 3,593 3,290 303 9.21% 1.67 2,151.50
Maugansville CDP Washington 3,573 3,071 502 16.35% 2.45 1,458.37
Pleasant Hills CDP Harford 3,555 3,379 176 5.21% 4.36 815.37
54 Boonsboro Washington 3,510 3,336 174 5.22% 2.9 1,210.34
Golden Beach CDP St. Mary's 3,380 3,796 -416 -10.96% 3.78 894.18
Grasonville CDP Queen Anne's 3,349 3,425 -76 -2.22% 5.52 606.70
56 Berwyn Heights Prince George's 3,275 3,123 152 4.87% 0.69 4,746.38
La Vale CDP Allegany 3,265 3,551 -286 -8.05% 2.67 1,222.85
Jarrettsville CDP Harford 3,258 2,916 342 11.73% 8.64 377.08
Prince Frederick CDP Calvert 3,240 2,538 702 27.66% 3.66 885.25
Andrews AFB CDP Prince George's 3,226 2,973 253 8.51% 6.92 466.18
58 Delmar Wicomico 3,203 3,003 200 6.66% 1.72 1,862.21
57 Brentwood Prince George's 3,183 3,046 137 4.50% 0.38 8,376.32
St. James CDP Washington 3,160 2,953 207 7.01% 6.04 523.18
Drum Point CDP Calvert 3,149 2,731 418 15.31% 1.66 1,896.99
Croom CDP Prince George's 3,107 2,631 476 18.09% 34.19 90.87
62 Emmitsburg Frederick 3,038 2,814 224 7.96% 1.52 1,998.68
59 Smithsburg Washington 3,000 2,975 25 0.84% 1.05 2,857.14
Springdale CDP Prince George's 2,992 2,994 -2 -0.07% 0.81 3,693.83
61 Chevy Chase Montgomery 2,989 2,824 165 5.84% 0.47 6,359.57
Braddock Heights CDP Frederick 2,831 2,608 223 8.55% 4.69 603.62
Perryman CDP Harford 2,811 2,342 469 20.03% 5.53 508.32
63 Rising Sun Cecil 2,799 2,781 18 0.65% 1.26 2,221.43
Melwood CDP Prince George's 2,763 3,051 -288 -9.44% 2.82 979.79
Fulton CDP Howard 2,758 2,049 709 34.60% 3.79 727.70
Herald Harbor CDP Anne Arundel 2,726 2,603 123 4.73% 1.68 1,622.62
Adamstown CDP Frederick 2,692 2,372 320 13.49% 3.29 818.24
64 Federalsburg Caroline 2,674 2,739 -65 -2.37% 1.93 1,385.49
66 University Park Prince George's 2,659 2,548 111 4.36% 0.5 5,318.00
Owings CDP Calvert 2,638 2,149 489 22.75% 3.94 669.54
65 Crisfield Somerset 2,630 2,726 -96 -3.52% 1.62 1,623.46
Paramount-Long Meadow CDP Washington 2,605 2,571 34 1.32% 2.18 1,194.95
Gambrills CDP Anne Arundel 2,583 2,800 -217 -7.75% 7.6 339.87
67 Forest Heights Prince George's 2,577 2,447 130 5.31% 0.48 5,368.75

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Qualifying for a Home Loan in Maryland

Conforming Mortgages

As of 2018 the conforming loan limit across the United States is set to $453,100, with a ceiling of 150% that amount in areas where median home values are higher. Loans above these limits are considered jumbo loans. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions. The following are HERA high-cost area across the state.

County Metropolitan Designation 1 Unit Limit 2 Unit Limit 3 Unit Limit 4 Unit Limit
Anne Arundel Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Baltimore Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Baltimore City Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Calvert Washington-Arlington-Alexandria, Dc-Va- $679,650 $870,225 $1,051,875 $1,307,175
Carroll Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Charles Washington-Arlington-Alexandria, Dc-Va- $679,650 $870,225 $1,051,875 $1,307,175
Frederick Washington-Arlington-Alexandria, Dc-Va- $679,650 $870,225 $1,051,875 $1,307,175
Harford Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Howard Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200
Montgomery Washington-Arlington-Alexandria, Dc-Va- $679,650 $870,225 $1,051,875 $1,307,175
Prince George's Washington-Arlington-Alexandria, Dc-Va- $679,650 $870,225 $1,051,875 $1,307,175
Queen Anne's Baltimore-Columbia-Towson, Md $517,500 $662,500 $800,800 $995,200

Several different types of home loans are available in the Free State. Fixed-rate loans are very common, and the terms include thirty, twenty, fifteen, and ten years. The longer the life of the mortgage, the lower the monthly payment will be, which is why the 30-year loan is the most popular. The downside of this, however, is that the APR is higher compared to shorter-term loans. The difference can be as large as a full percentage point.

In addition to conventional 30-year and 15-year fixed-rate mortgages, lenders offer a wide variety of adjustable rate mortgages (ARM’s). While these instruments have lost some of their attractiveness during the recession, there are still circumstances where they offer the only way for a borrower to qualify. Properly structured (that is, with strict limits on how much the rate can fluctuate), such loans are still a legitimate way for borrowers to purchase a home and start building equity while establishing their credit so as to qualify for conventional loans upon the ARM’s expiration. These loans provide interest rates that fluctuate, as the name implies. The APR is usually fixed for an initial term, such as three, five, seven or ten years. Then the rate adjusts depending on the performance of a referenced index rate, usually once per year; but it can change more frequently. The loan agreement may state in detail how frequently the APR can change, and it may also include a rate cap to prevent large changes.

Balloon mortgages are another route for aspiring homeowners. Balloon mortgages are when a large portion of the borrowed principle is repaid in a single payment at the end of the loan period. Balloon loans are not common for most residential buyers, but are more common for commercial loans and people with significant financial assets.

A few lenders in the state offer interest-only loans, but usually only for periods of three years. These are mortgages where payments are applied only to interest for a period of time. The loan's principal isn't paid down, so the monthly payments are very low. The low monthly payments only lasts a few years, however. Typically, it's about three years. After this period, monthly payments spike because the loan's principal hasn't been reduced & the remainder of the loan must be paid off in a compressed period of time. For example, on a 3 year IO 30-year loan, the first 3 years are interest only payments, then the loan principal must be paid in full in the subsequent 27 years.

When qualifying for a loan, a credit score of 720 or better can help secure a favorable loan. Some mortgage lenders in strong markets have approved borrowers with credit scores around 640. The best rates and deals will be obtained with a score above 740. There is a lot of competition among lenders, and this environment can create nice perks for borrowers. For example, some banks will offer special deals on closing costs for borrowers who qualify. The cost might be added to the mortgage or the bank will pay the closing costs but add a few basis points to the APR.

A debt-to-income ratio of 40% and a down payment of 20% are what most banks want to see on a home loan application. They will accept worse numbers, but fees and APR's could go up as a result. Also, a down payment of less than 20% typically results in required mortgage insurance. This down payment requirement does not apply for Federal assistance programs such as FHA, in which applicants can have a lower credit score and income but still receive financing.

The piggyback loan is another type of mortgage which is simply two mortgages in one. The piggyback loan can eliminate the need for private mortgage insurance by covering 80% of the home's value with the first loan, while the second loan helps to pay for part of the down payment.

Government Programs

Federal Assistance Programs

Prospective home buyers who don't find what they're looking for at one of the state's private banks may want to take a look at some of the mortgage options the federal government offers. One of them is the loan program at the Veterans Administration, which provides mortgages with zero down. On top of that great deal, VA loans do not require private mortgage insurance. The agency does, however, charge a funding fee, and this varies from 1.2% to 3.3%. Making a voluntary down payment will reduce this charge. And in case you're wondering, yes you do have to be a qualified veteran to get one of these unbeatable deals.

If you're not a vet, you may want to consider the Federal Housing Administration's home loan services. The FHA offers loans to people who have a credit score of at least 580 and who can put at least 3.5% down. The government agency also offers mortgages for lower credit scores, but it requires more money down with these loans.

USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan. Given the low population density throughout most of the state, most areas qualify.

State & Local Assistance Programs

Downtown Baltimore at Dusk.

The Maryland Department of Housing and Community Development offers a variaety of assistance programs including the Maryland Mortgage Program. Some options include:

  • Down Payment Assistance - up to $5,000 deferred loan with a 0% APR
  • Closing Cost Assistance Grant - a grant of $1,500 to pay loan closing costs for people with incomes below a specified level for each county
  • Maryland Opportunity Grant - an outright grant of 2% of the first loan amount for people with incomes below a specified level for each county
  • Maryland Mortgage Grant Assistance - an outright grant of 4% of the first loan amount for first-time homebuyers, veterans, or people buying in targeted regions
  • Maryland Preferred Rate Program - offers a low rate loan while also helping borrowers save on PMI costs
  • Maryland "You've Earned It" Initiative - 0.25% interest rate discount to buyers who have at least $25,000 of student loan debt
  • Maryland Homefront - a program for veterans and active duty military personal which offers $5,000 in down payment and closing cost assistance
  • Montgomery Homeownership Program II - offers buyers in Montgomery County up to $25,000 in down payment assistance
  • Project Reinvest - up to $10,500 in down payment and closing cost assistance for homebuyers in Baltimore City
  • 97% Conventional Refinance Program - obtain a fixed-rate cash-out refinance loan

People buying properties in Baltimore they plan to rehab may want to check out Healthy Neighborhoods to explore low-interest mortgages with no insurance premiums. The GBBR shared a number of other programs which apply to people living in Baltimore City or Baltimore County.

The Housing Choice Voucher Program offers to subsidize the rent of low income individuals. To qualify, the applicant must have an income that is fifty percent or less of the area median income. The MD Housing Search website helps people find housing that suits them and offers a twenty four hour hotline to answer housing related questions and concerns.

Natural Disasters

Homeowner's insurance policies typically cover financial damages from most natural disasters other than flooding & earthquakes. The state has a very low risk of earthquakes. All other natural disasters are covered below.

Flood Insurance

Much of the state of Maryland has a substantial flooding risk. Here are the counties where the risk of flooding or hurricane storm surges are above very low.

  • Low flooding risk: Anne Arundel, Baltimore, Calvert, Charles
  • Moderate flooding risk: Caroline, Cecil, Kent, Queen Anne's County, Saint Mary's, Wicomico
  • High flooding risk: Talbot, Worcester
  • Very high flooding risk: Dorchester, Somerset
  • Low risk of hurricane storm surges: Talbot
  • Moderate risk of hurricane storm surges: Calvert, Harford, Queen Anne's County, Saint Mary's, Somerset, Worcester

Homeowner's insurance policies typically do not cover flooding.

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Most of the western portion of the state is considered to have a moderate tornado risk. Here is a list of counties with a risk above very low.

  • Low: Anne Arundel, Baltimore City, Carroll, Harford, Washington
  • Moderate: Baltimore, Calvert, Frederick, Howard, Montgomery, Prince George's County, Saint Mary's
  • High: Charles

Wildfires

Most of the state has a very low risk of wildfires, while Dorchester county has a moderate risk & Somerset county has a high risk.

Hail

Most of the state has a very low risk of hail. The following counties have a risk level above very low.

  • Low: Anne Arundel, Charles
  • Moderate: Baltimore, Harford, Howard, Prince George's County
  • High: Baltimore City

State Specific Laws

Washington Monument in Baltimore.

Property Taxes

In 2016 Maryland had an average property tax assessment of 1.05%, which cost about $3,437 on a median property due to relatively high local property rates. Rates vary by county and are assessed at the highest rate across the state in the city of Baltimore at 1.43%.

Foreclosures

Maryland is what is known as a recourse sate. This means that if a house is foreclosed on and the sale price doesn't cover the initial loan amount, the lender can seek action against to borrower to recover their loan. The lender can get a deficiency judgement against the borrower, which orders the borrower to pay back the money.

Lenders have up to three years to take recourse action for the loan balance after a foreclosure sale. For example, if you are foreclosing on a $500,000 mortgage but the property sells in foreclosure for only $400,000. If the lender wins in court, you will still owe the lender the remaining $100,000 balance on the original mortgage. The court will set the new payment terms.

Maryland is a nonjudicial state, meaning that most foreclosure procedures do not go through the court system. If the lender proceeds to sell a home, but the sale does not cover the loan costs, the lender can seek a deficiency judgement against the borrower. To avoid this, the lender must waive their right to a deficiency judgement when agreeing to the loan.

In Maryland, lenders can also use judicial foreclosure in which a court action is sought. The lender files a petition, after which the foreclosure begins in 90 days of the date of default when no notice is provided, and in 45 days when the lender notifies the borrower. In instances where criminal activity like fraud is involved the foreclosure can begin immediately.

The borrower can stop the default up to 1 day before the foreclosure sale by paying up all the past due payments together with any penalties incurred thereby reinstating the loan. If the foreclosure sale is insufficient to cover the loan, the lender has recourse to a deficiency court action for the remaining balance of the loan.

The court decides on the period of redemption, or the period in which the original owner has the right to buy back the home from whoever purchased it during foreclosure

Resourceful links regarding the housing market in Maryland: