# Maryland

### Summary

Maryland state is facing an acute affordable housing crisis. For every 100 low-income renter households, there are 54 units available that are affordable to them. The median rent in the state has risen by 43% since 2010, while median household incomes have grown by 31%. Currently, the state is short over 88,523 low-income housing units, meaning rental units that are affordable to households earning ≤60% of AMI.

- 32.7% share of renter households
- 40.4% share of low-income households
- 47.5% share of rent-burdened households

### Renter population data

**Households**

| Type                     | Households | % Share |
|--------------------------|------------|---------|
| Renter households        | 750,551    | 32.7%   |
| Homeowner households     | 1,543,719  | 67.3%   |
| Total households         | 2,294,270  | 100.0%  |
| Low-income renter households |       -         | -       |

**Renter households by income group**

| Income Group | Households | % Share |
|--------------|------------|---------|
| Extremely low-income (≤30% AMI) | 116,068 | 15.5%  |
| Very low-income (31-50% AMI)    | 75,026  | 10.0%  |
| Low-income (51-80% AMI)         | 111,944 | 14.9%  |
| All low-income (<80% AMI)       | 303,038 | 40.4%  |

**Rent-burdened households**

| Burden Level | Households | % Share |
|--------------|------------|---------|
| Moderately rent-burdened (30.0–34.9%) | 178,131 | 23.7%  |
| 35.0–39.9%  | 48,802     | 6.5%   |
| 40.0-49.9%   | 65,705     | 8.8%   |
| Severely rent-burdened (≥50.0%) | 178,158 | 23.7%  |
| All rent-burdened households | 356,289  | 47.5%  |

### Affordable housing shortage

**Rent vs median household income**

| Year | Median Household Income ($) | Median Rent ($) |
|------|-----------------------------|-------------------|
| 2010 | 41,904                      | 933               |
| 2021 | 54,724                      | 1,330             |
| Increase (2010–2021) | 30.6%   | 42.6%              |

**Affordable housing stock**

| Metric                        | Units         |
|-------------------------------|---------------|
| Supply (current stock)        | 102,571       |
| Demand (total units needed)   | 191,094       |
| Shortage                      | 88,523        |
| Supply/Demand Ratio           | 53.7%         |

### Finance institutions

#### Maryland Department of Housing and Community Development

Maryland Department of Housing and Community Development
7800 Harkins Road
Lanham, MD 20706

**List of loan programs**

- [Multifamily Bond Program](https://dhcd.maryland.gov/HousingDevelopment/Pages/mbp/default.aspx)
- [Low Income Housing Tax Credits](https://dhcd.maryland.gov/HousingDevelopment/Pages/lihtc/default.aspx)
- [Rental Housing Program](https://dhcd.maryland.gov/HousingDevelopment/Pages/rhf/factsheet.aspx)
- [Rental Housing Works](https://dhcd.maryland.gov/HousingDevelopment/Pages/rhw/default.aspx)
- [HOME Investment Partnerships Program](https://dhcd.maryland.gov/HousingDevelopment/Pages/hipp/Default.aspx)
- [National Housing Trust](https://dhcd.maryland.gov/HousingDevelopment/Pages/nht/default.aspx)

### Housing news

#### September 19, 2024 - Fast Company

##### How Fed Rate Cuts Impact the Housing Market

The Federal Reserve’s recent rate cuts will influence the housing market, but the effects won't be immediate. Lower rates make borrowing more affordable, but ongoing housing shortages and existing conditions in the market remain tough obstacles.

**Key Takeaways**:

- **Lower Mortgage Rates**: Fed rate cuts have already reduced the average 30-year mortgage rate from a peak of 7.79% to around 6.2%.
- **Home Sales**: As rates decline, more homeowners might be encouraged to sell, which could help alleviate some stagnation in the housing market.
- **Supply Issues**: Housing supply shortages will persist, especially in high-demand areas.

#### June 26, 2024 - New York Post

##### Housing market won’t come ‘unstuck’ until 2026, economists predict

Bank of America economists predict the US housing market won't recover until at least 2026. Home prices are expected to rise by 4.5% in 2024 and 5% in 2025.

#### May 15, 2024 - US News

##### States With the Largest Homeless Populations

In 2023, the number of homeless individuals in the U.S. reached approximately 653,000, a significant 12% increase compared to 2020. Top states include California, New York, and Florida.

#### June 11, 2024 - NBC News

##### The homebuying affordability gap is widening across the country

The affordability gap is nearing a 10-year high, with only 63% of counties now affordable for median-income households.

#### July 15, 2024 - The Washington Post

##### Homelessness, already at a record high

Rising costs and a lack of affordable housing options are forcing many employed people into homelessness.