Mortgage payment estimates, closing cost breakdowns, and homebuying data for Baltimore, Maryland.
Median Home Price
$225K
Population
586K
Avg Monthly Rent
$1,350
Property Tax Rate
1.09% *
* Property tax shown is the Maryland state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Baltimore.
Baltimore vs Maryland Median
The median home price in Baltimore is $225,000, which is 46% below the Maryland state median of $420,000.
Mortgage Calculator — Baltimore, MD
Pre-filled with Baltimore median home price and Maryland tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $225K home using Maryland's 1.09% tax rate and $1,700/yr insurance.
5% Down
$1,822/mo
Down: $11,250
Loan: $214K
P&I: $1,351
Tax: $204
Insurance: $142
PMI: $125
10% Down
$1,744/mo
Down: $22,500
Loan: $203K
P&I: $1,280
Tax: $204
Insurance: $142
PMI: $118
20% Down (No PMI)
$1,484/mo
Down: $45,000
Loan: $180K
P&I: $1,138
Tax: $204
Insurance: $142
Income needed (28% rule): $64K/year with 20% down, $75K/year with 10% down.
Rent vs Buy in Baltimore
Rent
$1,350/mo
vs
Buy (10% down)
$1,744/mo
Price-to-rent ratio: 13.9 — With a ratio under 15, buying in Baltimore is likely more cost-effective than renting if you plan to stay 3+ years. The monthly cost of buying is $394 more than renting, but you build equity with every payment.
The median home price in Baltimore is $225,000, 46% below the Maryland state median of $420,000. With a population of 585,708, Baltimore is a major metro area where home prices tend to be more accessible than in many parts of Maryland.
Property taxes in Maryland average 1.09% annually. This moderate property tax rate means a $225,000 home in Baltimore would carry roughly $204/month in property taxes. Homeowners insurance in Maryland runs approximately $1,700 per year. This is within the normal range nationally.
Average rent in Baltimore is $1,350/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Baltimore over the long term.
Baltimore offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with Maryland's MD Mortgage Program program.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Baltimore.