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How Much Will Your Mortgage Be in Maryland?

Maryland, sometimes referred to as the Old Line State, is on par with the national average for affordability, with homeowners spending an average of 20% of their personal income on their homes. Although Maryland is one of the smallest states in the U.S. by geography, it features a variety of climates and is steeped in American history. In spite of its size, the state is densely-populated with a strong economy. If you want to move to Maryland, see First-time Homebuyer Guide for Maryland. Also, see FHA Loan in Maryland for details and requirements for a home in the state.

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Maryland Home and Mortgage
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Factors That Can Affect Your Maryland Mortgage Calculations

Home Prices in Maryland

Maryland has a population of just over 6 million residents, making it the 19th most populous state, according to the U.S. Census Bureau. Over the past year, Maryland’s housing market has been very hot with home values rising by 1.6%.The median price of homes listed in the state is $319,900 with an average sale price of $283,000 based on information collected from 2020.

Home prices vary quite substantially throughout Maryland. Annapolis is the most expensive region of the state with median home list prices at $500,100 and average sales of $436,000. In contrast, the state’s largest city, Baltimore, has a median list price of $154,900 on homes with an average sale price of $122,200. Germantown sits somewhere in between with a median list price of $304,900 and an average sale price of $296,900.

Property Taxes in Maryland

Maryland's effective property tax rate is 1.10%, slightly higher than the national average. As homes in Maryland cost a little more than other states, homeowners can expect to pay more in property taxes. Median annual property tax payments in counties in Maryland fall between $1,403 and $5,389.

Maryland Job Stats to Consider

Maryland’s economy is quite diverse with employment opportunities in many sectors from agriculture and manufacturing to military, educational institutions, and corporate businesses. Top employers for the state include Johns Hopkins Medical Institutions and University, Giant Food Inc., Medstar Health, and Black and Decker Corp.

Although properties and their taxes may be more expensive than other states, personal income in Maryland is significantly higher. The median personal income in Maryland in 2019 was $65,683 compared to the national average of $56,623. According to the U.S. Bureau of labor Statistics, Maryland’s unemployment rate is 3.3%, lower than the national average of 3.7%.

Income tax varies by county and the amount earned. Maryland has a sliding scale tax rate between 2% to 5.75%. Thus, the more you earn, the higher your tax rate. Sales tax is 6%, and 9% for alcoholic beverages.

Maryland Job Stats

Job Stats (Civilian Labor Force, Employment, Unemployment)

Other Maryland Costs That Can Affect Maryland Mortgage Calculations

Home Prices in Maryland

Maryland has a population of just over 6 million residents, making it the 19th most populous state, according to the U.S. Census Bureau. Over the past year, Maryland's housing market has been very hot with home values rising by 1.6%. The median price of homes listed in the state is $319,900 with an average sale price of $283,000 based on information collected from 2020.

Home prices vary quite substantially throughout Maryland. Annapolis is the most expensive region of the state with median home list prices at $500,100 and average sales of $436,000. In contrast, the state’s largest city, Baltimore, has a median list price of $154,900 on homes with an average sale price of $122,200. Germantown sits somewhere in between with a median list price of $304,900 and an average sale price of $296,900.

Closing Costs

When finalizing your purchase with your lender, a few closing costs will be incurred. In Maryland, the closing costs of a home averages between 2% - 7% and are split between buyer and seller. Typically, the buyer pays for most of these costs.

Title Insurance

A one-time title insurance purchase will legally protect you in the event of any future disputes with your title that could lead to you losing your home. This could be related to a recording error or an unpaid lien from the previous owner. Your lender will usually require a policy that equals the amount of the loan.

Real Estate Transfer Tax

Real Estate Transfer Tax is typically paid by the homebuyer or sometimes split between buyer and seller. The payment is received and recorded by the Maryland Circuit Court to update the transfer ownership into public records. Transfer tax rates are 0.5% for the state and 0.25% for first time homebuyers who may also be eligible to have the seller pay the tax if the buyer is purchasing an improved property. Some counties may impose their own tax rates.

Home Inspection

A home inspection is imperative before making the final sale in Maryland and will cost between $200 - $500 depending on the square footage, age, size and location of the home. Most general inspections cover the structural foundation, plumbing, roof, basements, heating systems and electrical wiring. Other tests such as mold, radon or termite tests can be carried out at an additional cost.

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