Housing Facts
Maryland Housing Facts
Decreased Supply
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Maryland has the 11th largest housing deficit in the country1.
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The number of homes for sale in Maryland has decreased 59% since 2019.
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In 2021, Maryland’s existing housing inventory was down to 1 month; 6 months is considered a balanced market.
Increased Prices
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Median housing prices have increased 38.6% in the past 5 years
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Even with lower interest rates, housing price appreciation increased the typical mortgage payment in all but 1 Maryland county
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Housing prices are growing faster than Maryland incomes
Fewer Housing Opportunities
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Share of first-time buyers is 34%; down from 44% in 19812.
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Median age of a first-time buyer has increased from 29 to 33. The median age of a repeat buyer has increased from 36 to 56.
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Nearly 70% of Millennials say they cannot afford to buy due to rising home prices.
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Nearly 50% of young adults (18-29) are living at home with their parents3.
Your Turn: What Marylanders Have to Say About Housing4
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60% believe people of color face different challenges than others when looking for housing.
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57% say the cost to buy a home in their part of Maryland is too high.
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62% say there is too little housing for younger people just starting in their careers.
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51% say there is too little housing for older people who are looking to downsize.
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46% say there is too little housing for people with moderate incomes.
1: Freddie Mac Report, Housing Supply Shortage: State of States 2020
2: 2020 NAR homebuyer seller survey. 41-42% is considered healthy market for first time homebuyers
3: Pew Research 18-29 years olds
4: Survey conducted by American Strategies, December 2020. Survey of 600 respondents, margin of error +/- 4 points