5 Factors That Make Baltimore a Good Place to Invest

When looking at the best real estate markets, you’ll often find three factors in common. Baltimore has all three of these factors and more:

Job Growth

Between January 2019 and 2020, there were 25,500 jobs created in the Baltimore metropolitan area, which is a growth rate of 1.79%. This is almost 22% higher than the national average. Although the world has changed pretty drastically over the last few months due to COVID-19, Baltimore still has a strong economic base with many top employers still operating.

Population Growth

Another reason Baltimore is a good place to invest in real estate is due to population growth. Since 2010 the population of the Baltimore metropolitan area has grown by 3.11%. While this is about half the rate of national average that was just over 6%, it’s still upward growth. And this is generally a promising sign for a real estate market, especially when its coupled with strong job growth and affordability.

Affordability

Compared to other nearby metros, like Washington DC and New York, Baltimore is still very affordable. In the neighborhoods where Real Wealth members invest, the average 3-bedroom home price is between $145,000 and $190,000. These homes typically rent for $1,250 to $1,900, which is just about 1% of the purchase price. This is a pretty solid price to rent ratio for investment property.

Prime Location

Baltimore is conveniently located near several major metropolitan areas, each with an abundance of job opportunities. Many people who live in Baltimore commute to Washington DC. They choose to live in Baltimore because it’s more affordable. Baltimore is also less than 2 hours from Philadelphia and just 3 hours from New York City.

Major Transportation Hub

Baltimore is also located near a major transportation hub, the Port of Baltimore. This is one of the busiest ports on the East Coast, which provides Baltimore residents with even more job opportunities.

This is just a quick overview of what makes Baltimore a good place to invest in real estate.

Topics: Real Estate Investment, Maryland,

Work cited: Jessica Conflitti, July 17, 2020

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