Why Baltimore is More Affordable Than You Think
If you’ve been putting off homeownership because you think you can’t afford it, you may be looking for a home in all the wrong places.
Whether you want a place to call your own or you’re interested in investing in property to build a better future, Baltimore offers homebuyers a fair share of advantages – one of which is cost.
We all want to get the most for our money and we’re all looking to make big financial moves. If money has been keeping you from joining the ranks of homeowners, here’s why a home in Baltimore might be a bigger bargain than you thought.
- You can get free cash to help you with the downpayment. The U.S. Department of Housing and Urban Development has found that one of the biggest barriers to buying a house is coming up with money for the downpayment. The good news is: We’ve got your back. In Baltimore, there are a number of programs that provide downpayment assistance and closing cost help. In fact, with all of the collective funds available, you may qualify for up to $45,000 in assistance, which means you might be able to keep your hard-earned cash in the bank. You can learn more about the free money that’s available by attending our event, Qualify for up to $45,000 to Buy a Home in Baltimore.
- The market is not overpriced. All across the country, we’re hearing story after story about homebuyers struggling to find affordable houses. However, Baltimore is one of the rare places where you can find quality homes for under $200,000. In fact, according to Zillow, the median listing price of a house in Baltimore is $177,234. That means the odds are in your favor that you can find an affordable home on a modest income, and you may even discover that your mortgage costs less than what you currently spend on rent.
- You may be able to speed up your homebuying timeline. A lot of people put off buying a house when interest rates are high. But you don’t have to do that, particularly if you buy in an affordable location such as Baltimore. Since Baltimore houses typically cost less than houses in some surrounding areas, you would be able to get more for your money in Baltimore, meaning you may be able to buy a house sooner.
- There’s more growth opportunity than in surrounding areas. When it comes to real estate the rule is to buy low and sell high. But with the median listing price for a house in DC at nearly $631,000, finding a house on the low side in the Washington Metropolitan Area can be a pretty big challenge. But not in Baltimore. With the market in Baltimore primed for growth, a house purchased today has the potential to double or triple in value tomorrow. If you don’t act quickly, you may be allowing a good opportunity to pass you by.
- You want a home that generates an income. Maybe you work in DC and want to live closer to your job than Baltimore. That doesn’t mean you can’t benefit from buying an affordable home there. One of the best ways to generate wealth is to implement multiple streams of income. Many people buy property and then rent it out, which can provide one of those regular streams of income that you are looking for. If you’re interested in exploring passive income streams, buying a house in Baltimore could be one of the first steps in building your own real estate empire.
- You want to live in a location that has a lot to offer. If you want to live in a place where there is a lot to do, Baltimore may be just what you’re looking for. If you like the water, you can visit the Inner Harbor. If you like sports, you can follow the Baltimore Ravens or Baltimore Orioles. If you like restaurants and entertainment, there are many venues that can provide memorable experiences. Incidentally, owning a property in an area that has a lot of amenities may make it easier to sell at a higher profit if that’s what you want to do down the line.
There are so many financial perks to buying in Baltimore that instead of asking yourself if you can afford to live in Baltimore, the better question is can you afford not to? Find out how you can buy a home in Baltimore with little money down by attending our event.