Maryland’s Most Affordable Housing Markets in 2023
Maryland is known for its high cost of living, but there are still some affordable housing markets in the state. According to a recent report by WTOP News, Somerset County and Allegany County are among Maryland’s most affordable housing markets.
Somerset County, located on the Chesapeake Bay, has a median selling price of $162,000 as of May 2023, down 25.7% from May 2022. However, it’s important to note that this data is based on just 17 sales. Allegany County, located in the western part of the state, has a median selling price of $113,000 as of May 2023.
Other affordable housing markets in Maryland include Garrett County, Washington County, and Dorchester County. Homebuyers can find single-family homes, townhouses, and condos at relatively affordable prices in these areas.
Maryland’s Affordable Housing Initiatives
Maryland has been working to increase affordable housing production through various initiatives. For example, the Rental Housing Works program has financed the development of 100 affordable housing communities, leveraging more than $2 billion in other public, private, and nonprofit investments.
The state has also implemented other rental financing programs to help increase affordable housing production to historic levels. These initiatives have helped to make housing more accessible to low-income families and individuals in Maryland.
However, there are still challenges to be addressed in the state’s housing market. According to Redfin, there are nearly 40% fewer homes for sale in Maryland than before the pandemic. This has led to increased competition among buyers and rising home prices.
While Maryland may not be the most affordable state for housing, some inexpensive options are still available for homebuyers. With the state’s ongoing efforts to increase cheap housing production, there is hope for a more accessible housing market.
