Housing Facts

Maryland Housing Facts

Maryland has the 11th largest housing deficit in the country.¹
Maryland’s pace of home building is the 11^th lowest in the nation.²
In 2023, Maryland’s existing housing inventory was only 1.8 months; 6 months is considered a balanced market.³

A mortgage payment on a median-priced home has increased by $750/month since the beginning of 2022, and the amount of income needed to qualify for that home has nearly doubled.⁴
Maryland’s median home price has increased from $280,000 (2017) to $399,900 (2023).³
Mortgage rates have more than doubled and are at the highest levels in 22 years.⁵

Maryland ranks 43^rd in the nation in housing affordability.⁶
2,842 Maryland households are priced-out of homeownership with each $1,000 increase in home prices.⁷
The percentage of 1^st time buyers (32%) remains well below historical averages.⁸

76% say the cost to buy a home in their part of Maryland is too high.

72% say there is too little housing for younger people just starting in their careers.

69% say there is too little housing for people with lower incomes.

66% say people of color face different challenges than others when looking for housing.

61% say there is too little housing for people with moderate incomes.

60% say there is too little housing for older people who are looking to downsize.

76% say the cost to buy a home in their part of Maryland is too high.

72% say there is too little housing for younger people just starting in their careers.

69% say there is too little housing for people with lower incomes.

66% say people of color face different challenges than others when looking for housing.

61% say there is too little housing for people with moderate incomes.

60% say there is too little housing for older people who are looking to downsize.

^{1: Freddie Mac Report, Housing Supply Shortage: State of States 2020}

^{2: U.S. Census/Washington Post, November 2023}

^{3: Maryland REALTORS® Housing Statistics Report, October 2023}

^{4: Harvard Joint Center for Housing Studies, September 2023}

^{5: Federal Reserve, October 2023}

^{6: U.S. News and World Report/Bureau of Economic Analysis, May 2023}

^{7: National Association of Home Builders, March 2023}

^{8: National Association of REALTORS®, November 2023}

^{9: Survey conducted by American Strategies, January 2023}