Why Demand for Baltimore Housing is Increasing - Baltimore Post-ExaminerBaltimore Post-Examiner

Why Demand for Baltimore Housing is Increasing

Despite its flaws, the city of Baltimore is currently one of the most in-demand real estate markets in the United States. The increase in demand for housing in Baltimore is mostly coming from millennials. But why are they interested in moving to Mobtown. Some of these reasons may include that Baltimore is near other destinations on the east coast, it’s generally an affordable place to live, and it’s good for families. It also seems that millennials are slowly becoming more interested in owning homes rather than renting an apartment, even in urban areas.

Baltimore is near places like Washington D.C. and New York City. They can all range between one to a few hours away by car. Millennials may be moving to Baltimore to be close to families that live in these nearby places. Living in New York or D.C. may not be possible right now, so the next best thing is to live in a city that is relatively close by. The best part is that vacation could be just a drive away. Residents could save on travel costs because a car ride is more affordable than a plane ride.

Baltimore has a reputation for being home to high-crime areas. While this is true, the violent crime in the city is concentrated in specific sections, with many neighborhoods becoming safer thanks to the influx of millennial homeowners. Property developers in many parts of the city are further encouraging younger homebuyers by making renovated properties ready for smart home monitoring system installations. These remote-access security features are giving tech-savvy millennials the peace of mind to own property in up-and-coming Baltimore neighborhoods.

Homes in Baltimore are pretty affordable for being in a metropolitan area. With the economy being tough on millennials, the Baltimore real estate market at least allows them to get their foot in the door of home ownership. Young professionals can use easy installment loans to free up cash for expenses like rent or maybe savings for a mortgage down payment. Not only does this city have the highest population in Maryland, but it has also been deemed the state’s cheapest place to live in 2018. Baltimore has an index of 96 out of 100, making it four percent more affordable than the national average. This isn’t only one or a few neighborhoods with inexpensive housing, but many. They contain close-knit communities that can make newcomers feel welcome and at home.

Being out of college with a well-paying career, a millennial can buy a home to start a family in a city like Baltimore. The city has many perks to family life. There are excellent educational facilities for children of all ages. The Port Discovery Children’s Museum is a place you must visit for fun and engaging learning experiences. Kids can also have fun watching local sports or playing a sport themselves.

Millennials can have their individual reasons as to why they want to buy a house in Baltimore. There are definitely plenty more benefits to living in this metropolitan area. It could be living close to family while also having easy access to vacation spots. Speaking of families, millennials may feel more encouraged to start one if they can afford a home. The main reason for homeownership could be of how cheap it is. These are all possibilities to take into consideration when discussing the housing market in Baltimore.

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