Think_Realty_Magazine_March_2020

2-3-4 BD SFR RENTS + FORECAST

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household income of $71,000. Households in Baltimore City have a median annual income of $48,840 in 2018, which is considerably less than the state or MSA due to a high poverty rate of 23.1 percent in the city. Census data reports median HHI of $46,461 in 2017 (4.7 percent year-over-year change) and $42,241 in 2015 for a 15.6 percent three-year increase in wages. According to the BLS unemployment report, the unemployment rate for the Baltimore MSA was 3.3 percent in the fall of 2019. This was slightly lower than the national average for the same period, and down from five years ago at 5.7 percent. Even with a low unemployment rate and multiple strong industries providing high paying jobs, there is a large homeless contingent and a large base of uneducated, unskilled workers. For the unskilled workers earning $24k/year, there are limited opportunities for safe and affordable housing. *All information stated in the Job Growth section is from the BLS Job Report.

POPULATION According to the 2018 ACS Data, the Baltimore metro ranks 22nd for population within the largest MSAs with just over 2.8M residents. The report also shows the metro area holding the general population rate steady, in the last three years having gained just over 5,000 residents, but receding by the same amount between 2017 and 2018. According to 2018 ACS data, Baltimore City has a current population estimate of 602,495 and has seen some outward migration in the last few years. The city lost over 9,100 (-1.5 percent) of residents between 2017 and 2018, and nearly 20k residents (-3.2 percent) between 2015 and 2018.

RENT AND HOME PRICE METRICS Baltimore City is a case of extremes in home prices. As of November 2019, listing prices in the city averaged $148,000 but have an incredibly wide value

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