Growing populations of Baltimore and Washington D. C. could be somewhat of an indicator that the two are locations where many people aspire to reside. With a combined household count of 2,538,320, the two have a total population of approximately 6,803,183 with 31% to 34% of renters in both locations. Population demographics considered, the results are approximately 34% of properties in the Washington D.C. area list as rental properties.
The Value of the Baltimore Community
Baltimore has an average age of 36 years old with an existing household income of $65,424, which is a bit more than that compared to other adults who reside in the U.S. There is a very small margin of difference in the household size of owners compared to renters in the city. On the positive side of adjustments, per capita income tends to be more in the local realm, averaging approximately $32,889, while other adult residents in the U.S. show a per capita of $27,466. An added incentive is that the value of more than half of the housing in Baltimore holds a value of $300,000 or greater.
The Value of the Washington D.C. Community
Washington D.C. has an average age of 37.6 years old with an existing household income of $83,807, which is a bit more than that compared to other adults who reside in the U.S. There is a very small margin of difference in the household size of owners compared to renters in the city. On the positive side of adjustments, per capita income tends to be more in the local realm, averaging approximately $41,170, while other adult residents in the U.S. show a per capita of $27,466. An added incentive is that the value of more than half of the housing in Baltimore holds a value of $300,000 or greater.
The Real Estate Sector
More than one million currently foreclosed properties will roll over to rental property status. These properties produce a ROI of 8% that serves as a magnet for fresh investors in search of investment property. Rental rates are consistently on the rise in cities such as Maryland and Washington D.C., producing marginal increases by 4% or greater. Average rental rates in 2012 for Maryland was approximately $1,170 versus the $1,548 in Washington, D.C. The rental rate for Baltimore residents is considerably less than for Washington D.C in terms of annual household contributions. The number of renters in both Baltimore and Washington D.C is a little greater than 30% each which makes both ideal locations to acquire rental property.
Baltimore and Washington D.C. are primary locations for investment property acquisition. Real Property Management Capital understands the value of investment property. Click here to know about the important rental and community statistic facts Property Investors want to know about maryland.
