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 $372,000, according to Niche, which is higher than the median statewide -- $312,990, 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 $156,400 -- 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 $177,300, 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 $93,000, 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 $145,500, 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. Check out our mortgage calculator to help you estimate your monthly payment, including principal, interest, insurance, taxes, and PMI.
