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Buying a Rent to Own home in Maryland is a good housing option in a market that is appreciating a steady rate, particularly as you get closer to Washington, D.C. Making an investment in a lease option home allows you to take advantage of a strong housing market, grow equity in the property, and get into your new home sooner than traditional methods.
Rolling down the PatomacMaryland is a center for trade and commerce on the eastern seaboard of the United States, as well as is one of the oldest states in the Union. The Baltimore Port is one of the busiest in the country and brought in a record 9.7 million tons of cargo in 2014. The Chesapeake Bay also also supports the prominent fishing culture. The Old Line State donated land to form the District of Columbia, known to most as the nation’s capital of Washington, D.C. Major industries in the state include commercial fishing, agriculture, government, and biotechnology. Population growth averages at about 0.6 percent annually. Job growth in Maryland continues at 1 percent and unemployment sits at 5.5 percent. For average income, the median household income is $52,868 and the median family income is $61,876 annually.
Concord Point Light, Havre de Grace, July 2006. Via Flickr Creative Commons photo by C.W. Bash.The Housing market in Maryland
According to Zillow, the average home value in Maryland was $256,700 as of May 2015--much higher than the national average. While this may seem higher than many, Maryland also is home to a strong economy in many places, especially in areas surrounding DC. Some of the most popular metro areas in Maryland include Baltimore, Frederick, Annapolis, Rockville, and Gaithersburg.
School rankings are mostly average with some good districts throughout the state with many of the best schools concentrated in central and eastern Maryland. Maryland has notable universities such as the University of Maryland, College Park, John Hopkins University, University of Maryland, Baltimore, Loyola University Maryland, and the United States Naval Academy.
Crime rates in Maryland fluctuate from city to city, county to county. According to Neighborhood Scout, statewide violent crime rates are slightly above the 3.8 per 1,000 residents national average at 4.74. To some degree, this is inflated due to impoverished urban core neighborhoods, particularly in Baltimore, which unfortunately boasts nearly four times the national average. Meanwhile, property crime affects 26.63 people per 1,000 residents and is slightly lower than the 27.3 national average.
Culture and Entertainment
Maryland has a lot to offer its residents in fun points of interest that include the National Aquarium of Baltimore, Fort McHenry, the USS Constellation, Six Flags America, and the American Visionary Art Museum. Maryland has a diverse culture that ranges from large seaside ports to its rural farms. The Old Line State is also where the lines between the North and the South blur and blend together, drawing inspiration for local festivals and cuisine from the Southern states as well as the Northeast.