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Maryland is considered to be one of the most convenient states to live and raise a family in the U.S. Given that its seashores meet the Atlantic Ocean and the Chesapeake Bay, it is a perfect place for those wanting to live near water.
There’s so much to see and do in Maryland. This state offers a lot of family-friendly entertainment options. While in Maryland, nature lovers enjoy visiting some of the state parks, such as Patapsco Valley State Park and Rock State Park. Others come here to watch historical re-enactments or hike the mountains.
While walking along the shoreline, tourists can visit Fort McHenry, a historical bastion fort in Baltimore. Baltimore is the most populous city in Maryland. This lovely port city has a rich history. It is home to numerous monuments, museums, public statues, and historic districts.
The state is also suitable for commuters, as it’s conveniently positioned close to West Virginia and Washington DC. Many residents of this small but thriving state are interested in investing in education. There are some reputable universities like the College of Southern Maryland and the University of Maryland.
What’s more, the state of Maryland also attracts many home buyers. Whether you want to buy or rent out a home here, keep reading to get a better idea of MD housing market trends.
Purchasing a Home in Maryland
The average home value is about $313,000. If you’re in the market for a single-family home, we recommend taking a look at suburban and rural areas such as Cockeysville. For a single-family home, you can expect to pay approximately $150,000.
It goes without saying that the prices of waterfront and luxury homes are much higher. This is particularly true for houses in exclusive MD neighborhoods like Frederick and Canton. Those looking for apartments or condos should focus on large cities.
No matter what type of dwelling you’re searching for, be sure to set the maximum and ideal housing budget before reaching out to a realtor or real estate agent. It is also a good idea to define the features your prospective home should have. This will increase your chances of finding a home that meets your requirements.
It’s also important to note that the average cost per square foot for homes in MD is $186. However, you will be able to secure some nice houses for $100/sq ft or less in some areas. So, it pays to look over all the housing listings to find the best deals.
Renting to Own a Home in Maryland
For those who want to get their own home secured but can’t go with the traditional home purchasing process, the rent to own contract is a good alternative. By renting out a home in Maryland, you can immediately move in and take up residence in this state. Yet remember that until you finally buy the house, the current homeowner will retain all the property rights.
Do not sign any contract before checking the conditions thoroughly. Examine the key elements of your rent to own agreement, including option fee and purchase price. Besides, take into account the maintenance and repair costs, as well as property taxes, insurance, and HOA fees.
The property rental process consists of a few stages. Let us break it down for you. As a renter, you will have to go through these four stages:
- Determining the purchase price and rental rate with the seller
- Paying off an upfront payment in advance
- Paying up the rent every month
- Qualifying for a loan and purchasing the home at the end
Maryland Cost of Living
Despite being an expensive place to live in, Maryland is still an appealing state to many home buyers. The cost of groceries and utilities is pretty high throughout the state, while the cost of living is about 16% above the national average. This includes everything from transportation and taxes to healthcare and education.
Nevertheless, the price of some services and goods in Maryland falls somewhat below the national average. Just like in other states, some regions and cities are more expensive, i.e. cheaper, than others.
Reported Annual Crime In Maryland