Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $130,074 | $285,029 | $242,182 |
| Price Trend (Annual %) | 5.3% | 4.8% | 8.2% |
| Median Gross Rent | $1,290 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 4.1% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Baltimore city is about 54% lower than in Maryland. Rent is about 22% lower than the Maryland average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Baltimore city, up about 5.3% and 4.1% a year respectively. Home prices are changing faster.
Median rent in Baltimore city rose about 35.8% between 2015 and 2023, from $950 to $1,290. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 2.2 yearly household incomes in Baltimore city.
Buying the median-priced home in Baltimore city costs roughly 8.4 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Baltimore city. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $130,074 | $285,029 | $242,182 |
| Median Household Income | $59,655 | $101,971 | $78,145 |
| Price-to-Income Ratio | 2.2 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Baltimore city rose about 39.2%, while median household income rose about 54.0% between 2009 and 2023 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.6% | 62.0% | 58.2% |
| Rental Rate | 44.8% | 29.9% | 31.3% |
| Vacancy Rate | 14.7% | 8.1% | 10.6% |
| Median Tenure (years) | 14.0 | 15.0 | 15.0 |
| Median Year Moved In | 2012 | 2011 | 2011 |
Baltimore city has a homeownership rate of 40.6%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 14.7%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Baltimore city | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.22 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1960 | 1977 | 1978 |
| Median Number of Rooms | 5.5 | 6.2 | 5.5 |
The typical housing unit in Baltimore city was built around 1960. On average, 2.2 people live in a home with about 5.5 rooms, staying for about 14.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Baltimore city, Maryland.
What is the median home price in Baltimore city, Maryland?
The median home price in Baltimore city, Maryland is $130,074, lower than the Maryland average of $285,029.
What is the average home price in Baltimore city, Maryland?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Baltimore city, Maryland?
The median gross rent in Baltimore city, Maryland is $1,290 per month, lower than the Maryland average of $1,661.
What was the median gross rent in Baltimore city in 2020?
In 2020, the median gross rent in Baltimore city, Maryland was $1,093 per month.
What is the price-to-rent ratio in Baltimore city, Maryland?
The price-to-rent ratio in Baltimore city, Maryland is about 8.4, meaning it would take roughly 8.4 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Baltimore city.
Are home prices or rent rising faster in Baltimore city, Maryland?
Both home prices and rent are rising in Baltimore city, up about 5.3% and 4.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Baltimore city, Maryland?
40.6% of households in Baltimore city, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Baltimore city, Maryland?
The housing vacancy rate in Baltimore city, Maryland is 14.7%, higher than the Maryland average of 8.1%.