Tips on buying a new home in Baltimore, MD
Baltimore, MD - New Home Market Profile
Baltimore is a radiant city on the water with something wonderful to be seen at every corner. Nicknamed the "Charm City," Baltimoreans strive to uphold quality of life throughout the city, treasuring the historical scenery, deep-rooted neighborhoods, delightful entertainment options, and top-notch amenities. Baltimore's thriving economy, cultural roots, and prime geographical location has influenced its close-knit, local development. The city also takes pride in its influence on American culture, especially being the birthplace of our American National Anthem.
Renovated in 1980, the world-renowned Inner Harbor holds the aquarium, science center, World Trade Center, and Port Discovery. During the summer months, the sound of live music fills the Inner Harbor air by a variety of bands and performers. Not too far from here, you can find historical neighborhoods such as Fell's Point, Federal Hill, Canton, and Mount Vernon (home of the distinctive Washington Monument). Throughout the city, a variety of small, picturesque communities offer friendly pubs, boutiques, and uniquely amazing eateries, each carrying their own style of charm.
Population (year 2000): : 651,154
Estimated median household income in 2005: $32,456 (it was $30,078 in 2000)
Climate: Baltimore has a humid subtropical climate, according to the K?ppen classification, due to a moderating influence from its relative proximity to the ocean. It gets relatively hot, humid summers and cool, moist winters.
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Baltimore Real Estate Zindex (Provided By Zillow.com):
- Baltimore: $186,608
- Baltimore City: $136,957
- Maryland: $307,005
- United States: $252,485
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Most common industries for males:
- Construction (11%)
- Public administration (8%)
- Health care (7%)
- Educational services (7%)
- Accommodation and food services (6%)
- Administrative and support and waste management services (6%)
- Professional, scientific, and technical services (5%)
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Most common industries for females:
- Health care (22%)
- Educational services (12%)
- Public administration (11%)
- Accommodation and food services (7%)
- Finance and insurance (6%)
- Administrative and support and waste management services (5%)
- Social assistance (5%)
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Buying New Makes Sense
One quick glance at today's headlines, and it's no wonder that, as concerned consumers, we're pinching pennies more than ever. In a recent survey conducted by HSBC Bank USA, 64 percent of us plan to cut unnecessary spending this year. And, in a similar survey by Discover Financial Services, about half of consumers plan to cut down on such non-essential spending as dinners out and movies - even remodeling.
Still, when it comes to buying a house - something that many consumers are doing because of the many good deals to be had in a slow market - most of us prefer new. Even better, buying a new home also makes good financial sense. New homes offer countless advantages for consumers when it comes to saving money. Perhaps the biggest plus is that, since they're brand-new, the maintenance headaches that often accompany maintenance - as with older homes - simply don?t exist, and won't for a while.
New homes also use the latest in whole-house systems, like heating and air conditioning, so they're not likely to break down, saving consumers money. They're also more energy-efficient, which is also good for saving lots of green. Speaking of green, with interest rates that aren?t too far away from historic lows (just over 6 percent for a 30-year fixed mortgage as of March 11), consumers can also save money on new home mortgages. And, since mortgage interest and real estate taxes are deductible, it's another way to save money by buying a new home, especially when it comes to tax time.
Click here to read more about "Why You Should Buy New".