Baltimore is the capital of Maryland and is just twenty minutes from Washington, Baltimore is rated by Bigger Pockets and RealtyTrac as the number 1 grossing rental market in the entire nation.Baltimore is the 4th largest “commuter hub” in the US, over 900,000 people commute into Baltimore every day from the Baltimore suburbs and a further 200,000 commute into Baltimore from Washington, DC and Virginia.
Baltimore’s millenial population has grown 16% in the last 5 years and over 2.7 million people reside in the region making it the 20th largest metro in the country. Baltimore has one of the best economies in the US, the median salary for employees is $70,000 major corporations such as Under Armour, Morgan Stanley, T. Rowe Price, Pepco, Johns Hopkins Hospital contribute to these salaries.
The city is booming, from the development of the Port of Baltimore, Red Line Mass Transportation, I-95 Intermodal Land-Sea-Air Container Transportation, new and renovated housing, massive new school construction, former office and industrial buildings being converted to mixed use-multi-family and retail, to name but a few. Over the next 10 years $10 billion will be invested by private and public concerns to assist in the revitalization of the city.
The federal government has recently moved one of their offices to Baltimore, due to the high costs of properties in Washington and Baltimore’s close proximity to the nations capitol this is pushing demand for Baltimore Real Estate.
Baltimore home values have gone up 33.2% over the past year and Zillow predicts they will rise 10.5% within the next year. The median price of homes currently listed in Baltimore is $165,000 while the median price of homes that sold is $107,300.
Baltimore’s economy makes it one of the best places to invest in real estate, appreciation of real estate in Baltimore is substantially higher than the national average, rents are higher than the national average but prices are lower than the national average.