Home Affordability in Baltimore, MD
The median home price in Baltimore is $220,000 with a median household income of $52,164. Housing is moderately affordable relative to local incomes.
Median Home Price
$220,000
Median Income
$52,164
Price-to-Income Ratio
4.2x
Est. Affordable Home
$203,000
Property Tax Rate
2.32%
Annual Property Tax
$5,104
Sales Tax Rate
6.00%
Cost of Living Index
102
Buying a Home in Baltimore
Based on the 28% rule (spending no more than 28% of gross income on housing), a household earning the median income of $52,164 in Baltimore can afford a monthly housing payment of approximately $1,217. This translates to a home price of roughly $203,000, which is below the median home price of $220,000 — many households may need a higher income, larger down payment, or should consider more affordable neighborhoods.
Property taxes on a median-priced home in Baltimore would be approximately $5,104 per year ($425/month) at the effective rate of 2.32%.
Down Payment Scenarios
| Down Payment | Amount | Loan Amount | PMI Required |
|---|---|---|---|
| 3% | $6,600 | $213,400 | Yes |
| 5% | $11,000 | $209,000 | Yes |
| 10% | $22,000 | $198,000 | Yes |
| 20% | $44,000 | $176,000 | No |
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