Overview
Maryland offers access to Washington DC's job market, Baltimore's urban revival, and the Chesapeake Bay's natural beauty. The state's diverse economy includes federal employment, healthcare, biotech, and education. Montgomery and Howard counties rank among the wealthiest and best-educated in the nation.
Maryland Real Estate Market
Montgomery and Prince George's counties benefit from DC federal employment and biotech. Howard County offers excellent schools and suburban living. Baltimore has diverse neighborhoods with dramatic price differences. The Eastern Shore and Western Maryland offer more affordable, rural options.
Property Taxes in Maryland
Maryland property taxes are moderate with rates varying by county.
Average effective rate: 1.09%
Annual tax on median home: ~$4,415
Homestead credit: Limits assessment increases to 10% annually
First-Time Buyer Programs
Maryland Mortgage Programs:
- 1st Time Advantage - Below-market rates
- Flex Loans - Various down payment options
- Partner Match - Down payment assistance
- Maryland SmartBuy - Student debt assistance
Closing Costs in Maryland
Maryland closing costs are moderate to high, typically 2-4% of purchase price.
Common costs include:
- Title insurance: Based on purchase price
- Transfer tax: 0.5% state + county additions
- Recordation tax: $7 per $1,000 (varies by county)
- Attorney fees: Required
Frequently Asked Questions
Montgomery County offers excellent schools, diverse communities, and strong job access. High prices reflect these amenities. Consider Frederick or outer suburbs for better value with reasonable commutes.
Baltimore offers dramatic neighborhood diversity, from revitalized areas like Canton and Fells Point to more challenged areas. Prices vary enormously. The city offers excellent value compared to DC or NYC but requires careful neighborhood research.
SmartBuy allows first-time buyers to get help paying off student loans at closing. The state pays up to $30,000 in student debt for qualifying buyers purchasing certain homes.