The State of Maryland Housing 2023 report is from a survey run by the National Association of REALTORS(R) and the local Maryland REALTORS(R) branch.

The interviews were run from January 3-9, 2023.

Key findings from the report:

  • 3 out of 4 of those surveyed feel that the cost to buy a house or rent an unit is too high, which is a 19 point increase from 2020.
  • Approximately 50% felt some financial strain from the amount they pay towards their mortgage or rent, while 25% said housing costs cause a significant financial strain.
  • Many felt they face a number of obstacles when it comes to buying a home, including low wages, high interest rates, saving for a down payment and high construction costs.
  • Most felt that the State Government is doing only a fair or poor job addressing housing affordability. Most also felt the County and City governments were doing a fair or poor job as well.
  • The majority perception is that there is not enough housing for moderate income earners.
  • Low wages, lack of down payment funds, higher interest rates, and too much debt are considered large obstacles to buying a home in Maryland.
  • The majority of those interviewed support the idea of “Accessory Dwelling Units” or ADUs once learning of the idea. ADUs are defined as “a separate residential unit in or on a private home or property, for example, a carriage house, garage apartment, or basement apartment. These units must have their own entrance, plumbing, and kitchen facilities.”

So what does this mean for the State of Maryland Housing in 2023?

Affordability is a concern for Maryland homebuyers. Most believe there is not enough housing available for low-to-middle income earners. Maryland homebuyers feel they don’t make enough money, or have enough money saved to be able to buy a home in Maryland.

I thank the National Association of REALTORS(R) and Maryland REALTORS(R) for this data.

If you are considering buying a home in Baltimore, Towson, Timonium or the Greater Baltimore real estate area, please contact me. I would be happy to help!