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.
Housing Market Overview
| Metric | Chillum | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,191 | $285,029 | $242,182 |
| Price Trend (Annual %) | 57.0% | 4.8% | 8.2% |
| Median Gross Rent | $1,712 | $1,661 | $1,342 |
| Rent Trend (Annual %) | 4.6% | 4.0% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Chillum is about 11% higher than in Maryland. Rent is about 3% higher than the Maryland average.
Median Home and Rent Price Trends
Median Home Prices, 2018-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Chillum, up about 57.0% and 4.6% a year respectively. Home prices are changing faster.
Median rent in Chillum rose about 39.1% between 2015 and 2023, from $1,230 to $1,712. Over the same span, rent in Maryland rose about 35.2%.
Affordability
On average, housing unit costs 3.8 yearly household incomes in Chillum.
Buying the median-priced home in Chillum costs roughly 15.4 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Chillum. The price-to-rent ratio in Maryland is about 14.3.
| Metric | Chillum | Maryland Avg | US Average |
|---|---|---|---|
| Median Home Price | $316,191 | $285,029 | $242,182 |
| Median Household Income | $82,796 | $101,971 | $78,145 |
| Price-to-Income Ratio | 3.8 | 2.8 | 3.1 |
Home Prices vs Income Over Time
Between 2018 and 2023, the median home price in Chillum rose about 329.2%, while median household income rose about 55.8% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Chillum | Maryland Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 40.2% | 62.0% | 58.2% |
| Rental Rate | 55.4% | 29.9% | 31.3% |
| Vacancy Rate | 4.4% | 8.1% | 10.6% |
| Median Tenure (years) | 13.0 | 15.0 | 15.0 |
| Median Year Moved In | 2013 | 2011 | 2011 |
Chillum has a homeownership rate of 40.2%, lower than the Maryland average of 62.0%. Its housing vacancy rate is 4.4%, compared with 8.1% in Maryland.
Housing Stock
| Metric | Chillum | Maryland Avg | US Average |
|---|---|---|---|
| Average Household Size | 3.04 people | 2.58 people | 2.54 people |
| Median Structure Built Year | 1964 | 1977 | 1978 |
| Median Number of Rooms | 4.9 | 6.2 | 5.5 |
The typical housing unit in Chillum was built around 1964. On average, 3.0 people live in a home with about 4.9 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Chillum, Maryland.
What is the median home price in Chillum, Maryland?
The median home price in Chillum, Maryland is $316,191, higher than the Maryland average of $285,029.
What is the average home price in Chillum, 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 Chillum, Maryland?
The median gross rent in Chillum, Maryland is $1,712 per month, higher than the Maryland average of $1,661.
What was the median gross rent in Chillum in 2020?
In 2020, the median gross rent in Chillum, Maryland was $1,447 per month.
What is the price-to-rent ratio in Chillum, Maryland?
The price-to-rent ratio in Chillum, Maryland is about 15.4, meaning it would take roughly 15.4 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Chillum.
Are home prices or rent rising faster in Chillum, Maryland?
Both home prices and rent are rising in Chillum, up about 57.0% and 4.6% a year respectively. Home prices are changing faster.
What is the homeownership rate in Chillum, Maryland?
40.2% of households in Chillum, Maryland own their home, lower than the Maryland average of 62.0%.
What is the vacancy rate in Chillum, Maryland?
The housing vacancy rate in Chillum, Maryland is 4.4%, lower than the Maryland average of 8.1%.