Total monthly cost of ownership
Cost to Own a Home in Baltimore, Maryland
A $219,000 home here costs
$1,896per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $1,126. The real number is $770 higher every month — 68% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Baltimore against Baltimore city and Maryland
| Measure | Baltimore | Baltimore city |
|---|---|---|
| Median home value | $219,300 | $219,300 |
| Median property tax | $3,236 | $3,236 |
| Effective tax rate | 1.476% | 1.476% |
| Median gross rent | $1,290 | $1,290 |
| Population | 577,193 | 577,193 |
The weather behind that power bill
Baltimore sits in Baltimore city, which averages a high of 90.1°F in its hottest month and a low of 30.0°F in its coldest, with 43.73" of precipitation a year and 31% of it in a single three-month stretch. That climate drives 1,749 cooling and 3,859 heating degree days, which is what sets the $196 electricity line above.
See the full climate breakdown for Baltimore city — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Baltimore city
No other places of this size are published in Baltimore city.
Full Baltimore city cost breakdown · Every county in Maryland
Common questions
How much does it cost to own a home in Baltimore?
A $219,000 home in Baltimore, Maryland costs approximately $1,896 per month with 20% down at 6.66%. That is $1,126 principal and interest, $269 property tax, $55 homeowners insurance, $264 utilities and $183 set aside for maintenance.
What is the property tax rate in Baltimore?
Baltimore has an effective property tax rate of 1.476%, based on a median home value of $219,300 and median real estate taxes of $3,236. That is in line with the Baltimore city average of 1.476%.
What is the average home price in Baltimore?
The median owner-occupied home value in Baltimore, Maryland is $219,300, against $219,300 across Baltimore city.
Is it cheaper to rent or buy in Baltimore?
Median gross rent in Baltimore is $1,290 a month, against $1,896 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Baltimore — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for Maryland.
- Electricity price — EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate — Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.