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Maryland State Wire

Monday, November 25, 2024

Analysis: Frederick County has lowest home affordability in state

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Frederick County posted the lowest home affordability index in Maryland, according to an analysis of 432 counties nationwide by ATTOM Data Solutions in the second quarter.

The county’s affordability index was 108 in the analysis, which found that home prices around the country have hit their lowest level of affordability in a decade.

The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates declining affordability.

In Frederick County, a median home costs $282,000. 

“Slowing home price appreciation in the second quarter was not enough to counteract an 11 percent increase in (national) mortgage rates compared to a year ago, resulting in the worst home affordability we’ve seen in nearly 10 years,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. 

Maryland counties with lowest home affordability indexes

CountyQ2 2018 Median Sales PriceAnnual Income Needed to Buy (3% Down and 28% Front-End DTI)Annualized Weekly WagesPct of Annualized Wages to BuyHistoric  Pct of Wages to BuyQ2 2018 Affordability Index
Frederick$282,000$80,652$49,97245.2%48.8%108
Prince George's County$260,000$69,065$56,58934.2%37.5%110
Carroll$305,000$86,092$43,40755.5%61.5%111
Montgomery$429,000$120,419$73,45045.9%51.1%111
Charles$271,500$75,915$45,82546.4%53.2%115
Cecil$195,000$55,455$47,39832.8%37.7%115
Anne Arundel$333,000$91,666$57,94144.3%51.3%116
Harford$235,000$65,016$51,38935.4%41.7%118
Washington$159,900$44,758$41,80830.0%35.9%120
Wicomico$140,000$38,000$43,61524.4%30.4%124
Baltimore$219,000$61,623$54,73031.5%39.3%125
Saint Marys$258,950$71,207$66,39130.0%38.8%129
Howard$390,000$110,802$66,17046.9%62.6%134
Source: ATTOM Data Solutions

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