If you’re ready to get started in real estate investing in Maryland, you’ve chosen a great state. However, now you need to think about which cities and neighborhoods are best for your goals. Here are the top five investment markets to consider!
If you’re looking to get started in real estate investing, Maryland could be a great place to begin. A lot of people enjoy living there to get access to Washington, D.C. without the high prices.
Compared to a lot of high-quality areas near major metros, Maryland can be quite affordable. As a real estate investor, that gives you a great opportunity to buy homes to either sell or rent at a good profit.
People love the natural beauty of Maryland, and the economy is one of the best in the nation. There are an enormous number of job opportunities, in industries from tech to trade to federal agencies. You won’t have any trouble drawing people to your investment properties!
To help you get started, here are the five top real estate investment markets in Maryland.
Baltimore has a steady, dependable economy, as does most of the state. As a result, you’re getting a very reliable investing market. That doesn’t mean it’s easy — a lot of investors are active in the area, so you need to act wisely.
The first thing you’ll want to do is find neighborhoods that are right for the kind of investing you want to do. The areas you’ll focus on for flipping are different than the spots you’ll use for rental properties.
Charles Village is a great place to focus if you want to buy rental properties. The median home value is around $245,000 and the median rent is over $1000. 78% of the residents are renters, making it perfect for that type of investing.
If you’re interested in flipping, you might look at Lauraville. The area is full of single-family homes, with a median home value of $182,682. 75% of the residents own their homes, giving you a great opportunity to fix up a property and sell it.
The second-largest city in Maryland is home to over 3,500 companies and has a great, livable infrastructure. It has a growing economy and booming job market, making it very desirable for those looking to rent or buy a home.
The median home value is $255,100, with a median rent of $1285. The population is fairly evenly split between owning and renting their homes. As a result, you can do well as an investor in Frederick no matter which approach you choose.
Another excellent city that’s rated highly for schools, housing, nightlife, and diversity, Columbia is a good spot to consider investing. The median home value is $367,600 and the median rent is $1,630. 67% of residents own their home, so you might consider flipping here instead of renting.
The median income is $103,707, so residents here are well able to afford the housing. People love that there are so many places to eat, play, and has one of the best public school systems in the state.
You won’t have any trouble attracting folks to your Columbia investment property!
While technically listed as a suburb of Washington, D.C., Germantown is one of the best places to live in Maryland and is much more affordable than the suburb designation would indicate.
The median income here is $89,720, while the median home value is $326,600 and the median rent is $1,664. 65% of residents own their homes, but that doesn’t mean there aren’t areas to focus on profitable renting.
The area is excellent for families, has great public schools, and is ranked highly for diversity as well. You can definitely do well as an investor here.
Rockville has high employment rates and high job growth, drawing a lot of people into the city. It’s one of the top 10 best places to live in Maryland, with excellent schools, diversity, and nightlife. You can highlight these features as you market your investment property!
Like Frederick, you have a split between renters and owners in Rockville. 57% own their home and 43% rent. This gives you excellent opportunities whether you want to flip a home or hold rental property.
With a median home value of $498,200, it’s a bit pricier than other areas, but median rent is $1,847 and median income is $100,436. The proximity to Washington, D.C. drives the numbers higher.
Work With a Realtor to Find Your Maryland Investment Property
Buying an investment property takes a lot of thought and foresight if you want to be profitable. The best way to make sure you succeed is to work with a qualified realtor who understands the investment market in your area.
When you work with a Clever Partner Agent, not only will you get an experienced realtor from a major brand that understands your area, you can save money as well. You’ll get $1,000 back at closing when you purchase a property that’s at least $150,000.
Your money-making property is out there. Let’s find it today!