Thursday, July 15, 2021 / by Jay Lesko
Top Maryland Cities for Real Estate
Maryland is a state located in the Mid-Atlantic region of the United States of America.
It has several nicknames, including: the Free State, the Old Line State, and the Chesapeake Bay State.
The name Maryland is derived from the old English Queen Henrietta Maria, the wife of former King Charles I.
Maryland entails over 20 counties (24). Among it’s most popular, is the prominent and infamous state of Baltimore- the largest city in the entire state.
Annapolis- Maryland’s capital city, is the county seat of Anne Arundel County, as well as a part of the Baltimore-Washington Metropolitan area. The state’s population is estimated to be just over 6,100,000 as of 2021, according to the U.S. Census Bureau.
Ocean City, Baltimore, and Annapolis are all considered among the best cities to live in and to own Real Estate in the whole of Maryland. There are a plethora of fiscal and personal reasons for this, which we will further explore below.
The real question you may be pondering is what location in Maryland is the best for citizens looking to purchase some high-tier real estate? Below we discuss a few favourable locations which have consistently seen a robust real estate market, taking into account the: local crime, house pricing, and cost of living.
Ocean City MD Real Estate Here
1.Ocean City, MD
Ocean City, Maryland is widely considered as one of the best places in Maryland to buy real estate in- particularly for those interested in top-quality beach houses.
This is because of the high value of the properties on the market at the moment relative to their cost- calculated through Aggregate Cap Rates.
Net operating income is usually calculated by measuring the gross rental income for each real estate market that you are interested in, and then moving to subtract each calculated average operational cost and divide it by the cost of purchasing a vacation rental.
The city’s cap rate is estimated to be around 6% in 2021, with the average estate price being roughly $290,000, with the average rental income they provide being just over $30,000.
Of course, the more luxurious ones are quite a bit more expensive, going well into the 7 figures.
2.Frederick – the City of Clustered Spires
Frederick is the second-largest city in the state of Maryland- being the county seat of Frederick County.
The nicknamed ‘City of Clustered Spires’ has significantly grown in popularity recently- especially amongst individuals looking to purchase a vacational house in the area.
This is because the city of Frederick undoubtedly has a lot to offer for real estate investors, providing: very robust infrastructure, prolific job opportunities, and state-best, luscious restaurants.
Frederick city’s economy has also been booming recently- with an emerging job market that has further facilitated individualistic desires to purchase a property there. This has made it a very good pick among young professionals who are looking to purchase their first house, but it also homes a plethora of families and real estate investors.
The mean house value in the area is roughly $250,000, with the average annual rental income slightly exceeding $15,000.
Frederick City is also very accessible- providing quick and reliable travel links to Baltimore and Washington DC.
Ocean City Homes for Sale Here
3.Baltimore – the City of Neighborhoods
Baltimore city is the largest in the entire Maryland state. It is also the largest independent city in the entire U.S.
The city of Baltimore (nicknamed the Charm City), was initially established in 1729 by the constitution of Maryland. It can be found around 60 km northeast of Washington DC.
The ‘City of Neighborhoods’ has over 100 different districts. Nevertheless, Baltimore has been classed as one of the best places to live in (or to buy a property in) in Maryland.
The city’s National Register of Historic Places has listings which exceed 65,000 buildings- with 10 being at least 26 stories tall.
Its aforementioned nickname- the Charm City, originated because the city remains the home of the U.S.’s largest ever free art festival, as well as the world’s best Rye Whiskey.
Baltimore is considered one of the most notable areas within Maryland for real estate investment due to the fact that it is an entirely independent city. Its consistent state economy is reliable, and this is something that translates well within the real estate market.
Baltimore’s public infrastructure, schooling system, hotels, restaurants, and hospitals are all of very high quality.
This means that Baltimore is also (similarly to the city of Frederick mentioned above), one of the best current picks for young professionals and first-time estate purchasers.
It offers a variety of different job opportunities in a variety of different industries, and overall has a much lower cost of living in comparison to some of its alternatives (such as Boston or San Francisco).
To this day, Johns Hopkins Hospital and John Hopkins University remain the city’s two largest employers.
4.Columbia – One of the Best Places to Live in the Country
Columbia is commonly noted as one of the best places to live (or buy property) in the entire United States.
The excellent city has top-tier educational institutions, great infrastructure, a diverse and inclusive environment and people, and- perhaps most importantly, extremely tempting housing prices.
Overall, Columbia’s quality of life standards are unequivocally among the best in the country. CNN Money, for example, has repeatedly elected the city of Columbia as one of the top ten areas to live in within America.
It is located in Howard County (Maryland), and is considered one of the biggest and most important cities of the Baltimore-Washington Metropolitan area. It offers a peaceful, safe environment with very low crime rates- all of which have contributed towards its thriving real estate market.
The average property price in the city of Columbia is approximately $360,000. The average rental income that can be derived is roughly $19,500 per annum.
5.Rockville – the County Seat of Montgomery County
Rockville is located on the Interstate 270 Technology Corridor. In recent years, its reputation has increased among individuals looking to engage with the real estate market- in cases of young and high-tech professionals.
This is because, unsurprisingly, it offers a plethora of job opportunities in a prolific number of sectors, and provides some of the most highly paid jobs in the whole of Maryland (including ones in Information Technology, Government Bodies, Software, and Biotechnology).
The average household income in Rockville, Maryland is roughly $100,000 per annum. On top of this, the city’s unparalleled infrastructure and schooling have meant that it is in a position that allows it to offer every kind of amenity possible, leaving little room for question in relation to its advertised quality of life standards.
Rockville’s amenities and public facilities include: healthcare centers, a plethora of university and college campuses, an ecstatic nightlife, mouth watering restaurants, and a variety of shopping malls. It is also the city with the number one biggest Chinese community in the entire state of Maryland.
In relation to its real estate market opportunities, the statistics speak for themselves- with over 50% (57%) of residents owning their own houses.
The average house value for properties in Rockville is approximately $500,000, with the average rental income closing up to $22,000 per annum.
Rockville’s location is another great city asset. Its close proximity to Washington DC can allow for a much more flexible living situation, which has further added to the aforementioned snowballing effect that the area’s emerging housing market has seen in recent years.
Townson is a census-designated area in Baltimore County, Maryland. As of 2021, its population is around 57,000 according to government analytics; it is also the county seat of Baltimore County.
Towson is undoubtedly a brilliant location in relation to both the real estate market and the quality of life that it offers. With crime rates being close to zero, it has been elected as one of the safest areas to live in (not just in Maryland, but in the entire U.S.).
This has settled well with aspiring property investors- as well as with families. Towson is also known for its unrivalled public services and brilliant infrastructure facilities, which only serve to reinforce the robust nature of the location’s real estate market.
Overall, the county of Maryland is a great place to live. It provides top quality food, people, and, of course, a thriving real estate market.
We have provided our personal list of the best areas to invest in the real estate market within Maryland at the moment, although it should be noted that this is by no means exhaustive. We hope you enjoyed reading!
Houses for Sale in Ocean City Maryland Here