How Much House Can I Afford in Maryland?
Median Home Price
$420,000
Median Household Income
$98,000
Avg Property Tax Rate
1.07%
Avg Insurance/mo
$125
Maryland's housing market is strongly influenced by proximity to Washington DC and major federal employers. Montgomery County (Bethesda, Rockville, Silver Spring, Potomac) has median home prices of $600,000–$900,000+. Prince George's County is significantly more affordable at $370,000–$450,000, making it the primary entry point for DC-area buyers. Baltimore City and suburban Baltimore County offer prices from $280,000 to $500,000 depending on neighborhood.
Maryland's effective property tax rate of 1.07% is close to the national average, but actual bills vary by county and municipality. Montgomery County homeowners often pay lower effective rates due to high assessment values but moderate mill rates; Baltimore City has one of the highest effective rates in the state.
The Maryland Mortgage Program (administered by the Maryland Community Development Administration) offers competitive 30-year fixed rates, down payment assistance of up to $5,000 (Partner Match programs up to $7,500), and various programs targeted at teachers, healthcare workers, and other community pillars. Income limits vary by county.
Homeowners insurance in Maryland averages around $1,500/year ($125/month), which is below the national average. Flooding risk in some low-lying coastal and river-adjacent areas (particularly along the Chesapeake Bay tributaries) may require separate flood insurance. Storm surge risk in coastal Maryland has become a larger concern with sea-level rise.
Maryland has one of the highest median household incomes in the US, supporting strong home prices.
DC suburbs (Montgomery County, Prince George's County) are the most expensive markets.
Maryland Mortgage Program offers down payment assistance and competitive rates for first-time buyers.
HOA fees are common in Maryland's planned communities and condo developments.
Income
Monthly Debts
Down Payment
warningPMI applies — put 20% down to eliminate it
DTI Guideline
Front 30% / Back 40%
You can afford up to
—
$2,500/month total payment
Constrained by front-end DTI
Budget Range
Conservative → AggressiveDebt-to-Income Ratios
Front-end DTI (housing)
Back-end DTI (all debts)
Monthly Payment Breakdown
Scenario Comparison
Ways to Increase Your Budget
Adding $10K to your down payment could increase your budget by $39K.
+$39KA 0.5% lower rate could expand your budget by $12K.
+$12KYou're paying $190/mo in PMI. Reaching 20% down eliminates this cost.
Know your target home price?
arrow_forwardSee full amortization scheduleDisclaimer: These estimates are for educational purposes only. Actual loan qualification depends on your credit score, lender guidelines, and local market conditions. Consult a licensed mortgage professional before making any financial decisions.