MARKET & TRENDS
BALTIMORE SPOTLIGHT
A Complex Market REPORTS FOR THE BALTIMORE AREA SHOW A STABLE MARKET FOR LONG-TERM SINGLE-FAMILY RENTALS.
by Fred Heigold III
entRange, an industry leader in market data and analytics for the single-family rental (SFR) housing industry, found in its recent data report that the Baltimore-Columbia-Towson, MD Metropolitan Statistical Area (Baltimore MSA) is a complex market for real estate investing, where cautious investors may find lucrative opportunities. JOB GROWTH According to the Bureau of Labor Statistics (BLS) Job Report through November 2019, the Baltimore MSA has seen a reasonable increase in job growth. It has added 23,600 non-farm positions in the last year, a 1.6 percent increase, and slightly above Maryland’s 1.1 percent increase. In the last five years, the overall job growth has increased 6.7 percent adding 92,000 jobs, which is above the statewide job growth of 5.2 percent. Job categories in the Baltimore MSA showed that the growth from November 2018 to November 2019 was R
led by the Professional and Business Services sector (9,600 jobs), followed by Education and Health Services (5,400 jobs) Leisure and Hospitality (5,200 jobs), and Mining, Logging and Construction (3,000 jobs).
BALTIMORE LARGESTJOB CATEGORYGROWTH The Baltimore job market has many entrenched professional industries including health care,
biosciences, cybersecurity/IT, education, manufacturing and government agencies.
The concentration of high paying industries in the Baltimore MSA provides a median household income of $80,500 according to the 2018 ACS data, ranking the metro 20th versus all other national MSAs. This is slightly less than the statewide median household income of $86,223, but well above the national median income of $60,293. Metro area incomes have enjoyed a four percent increase from 2017 ($77,400) and also showed a 13.3 percent increase over the 2015
INDUSTRY GROUP / JOB CATEGORIES
1 YEAR CHANGE 3 YEAR CHANGE 5 YEAR CHANGE 1 YEAR % CHANGE 3 YEAR % CHANGE 5 YEAR % CHANGE
Professional & Business Services
9.600
14,600
27,000
3.98%
6.18%
12.07%
Leisure & Hospitality
5,200
6,200
11,100
3.84%
4.61%
8.56%
Mining, Logging & Construction
3,000
6,400
10,900
3,68%
8.18%
14.79%
Education & Health Services
5,400
20,300
33,600
1.89%
7.50%
13.05%
90 | think realty magazine :: march 2020
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