The article discusses the growing challenges for potential homebuyers in Maryland, where high housing prices and interest rates complicate the purchasing process. As of 2024, the median price for a starter home in Maryland is $339,150, requiring an income of $81,095—well above the national average of $70,164. Compared to neighboring states, Maryland presents a tougher market for first-time buyers. Despite the difficulties, Hagerstown, Dundalk, and Salisbury are noted as cities where starter home prices remain somewhat accessible.
First-time homebuyers in Maryland face significant challenges due to rising housing prices, high interest rates, and the need for a substantial income to afford homes.
In 2024, a household would need an annual income of $81,095 to afford a starter home in Maryland, which exceeds the national average for first-time buyers.
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