Published Feb. 23, 2024
Fact Checked
Nathan Alderman
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.
If you're hoping to buy a home in Maryland, it's important to shop around for the best mortgage rates. There are different factors mortgage lenders look at when calculating what rate you qualify for. These include your credit score, your debt-to-income ratio, your income, and your available down payment.
5 affordable places to live in Maryland
There are plenty of reasons to plant roots in Maryland. If you're on a budget, here are five places to look at.
1. Columbia
Just 30 minutes from Baltimore, Columbia is a busy city where government jobs are plentiful. The median home value in Columbia is $378,300, according to Niche, which is higher than the median statewide -- $389,341, according to Zillow. Property taxes, however, are more moderate. In Howard County, where Columbia is located, they average 0.93% of a home's assessed value. That's in line with the average property tax rate in Maryland -- 0.87%, as reported by Tax-rates.org.
2. Baltimore
Known for its busy harbor area featuring a renowned aquarium and other attractions, Baltimore is a surprisingly affordable city to call home. Its median home value is $160,100 -- roughly half the median home value statewide. Meanwhile, property taxes in Baltimore County average 0.87% of a home's assessed value.
3. Halfway
Located just south of the Maryland-Pennsylvania border, Halfway is known for its parks and highly rated school system. Both make it a draw for families. The median home value in Halfway is $178,200, while the average property tax rate in Washington County, is 0.78% of a home's assessed value.
4. Cumberland
On the Potomac River, Cumberland is a tourist hub, with attractions like the Western Maryland Railway Station and a historic district. The median home value in Cumberland is just $94,100, while the average property tax rate in Allegany County is 1.01% of a home's assessed value.
5. Dundalk
Just minutes from Baltimore, Dundalk is known for its array of restaurants, coffee shops, and parks. The median home value in Dundalk is $149,800, while the average property tax rate in Baltimore County is 0.87% of a home's assessed value.
The more competitive a mortgage rate you snag, the more affordable your Maryland home will be. Before you apply for a home loan, make sure you're happy with your credit score, and if possible, pay down any existing debt. A few strategic moves on your part could set the stage for a truly affordable mortgage that makes it much easier to pay for your home.
Mortgage Calculator: How Much House Can I Afford?
Home I Can Afford
{{ getValueResult }}
Total Mortgage Cost
{{ getTotalValue }}
The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
Our Mortgages Experts
Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.
Fact Checked
Nathan Alderman
Nathan Alderman has worked with The Motley Fool since 2005, making errors his arch-enemies in a variety of roles including a six-year stint as the dedicated fact-checker for The Motley Fool's premium newsletter services. As The Ascent's Compliance Lead, he makes sure that all the site's information is accurate and up to date, which ensures we always steer readers right and keeps various financial partners happy. A graduate of Northwestern University's Medill School of Journalism, Nathan spends his spare time volunteering for civic causes, writing and podcasting for fun, adoring his wife, and wrangling his two very large young children.
Share This Page
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Kimberly Rotter has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Zillow Group. The Motley Fool has a disclosure policy.