Estimated Monthly Payment — Median Maryland Home
$2,975
Based on $420,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$420,000
Property Tax
1.09%
Avg. HOA
$250/mo
Median Rent
$1,750/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Maryland housing market
Maryland's housing market is moderately priced for the region, with a median home price around $420,000. Baltimore is the largest metro, with Frederick a close second. Maryland's proximity to DC and Baltimore drives both demand and prices, especially in the I-95 corridor, with stronger appreciation than neighboring states. Maryland's effective property tax rate of 1.09% is near the national average.
The median Maryland home costs $420,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $2,168, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,975. First-time buyers in Maryland can explore programs through Maryland HFA.
Photo by Ricky Beron on Unsplash
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FAQ
Maryland mortgage FAQs
What's the property tax rate in Maryland?
Maryland's effective property tax rate averages about 1.09% — near the national average. On a $420,000 home, that's roughly $382/month or $4,578/year.
How much do I need to earn to afford a typical Maryland home?
Using the 28/36 rule, a buyer would need roughly $112,000–$143,000 in gross annual income to comfortably afford Maryland's $420,000 median home with 20% down at current rates.
What first-time buyer programs are available in Maryland?
MMP offers the Maryland Mortgage Program with down payment assistance up to $5,000 and partner-employer programs offering additional matching funds. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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