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Hello fellow Marylanders,
I grew up in Anne Arundel County and have spent my entire life in this state. I’m now in my late 20’s and I’m college educated and have a decent job in finance.
I recently moved to the Pasadena/Glen Burnie area with my significant other, and we are fortunate to earn a little bit more than the median household income in this state. We are currently paying $2,450 for a modest, 2 bed/2.5 bath townhome (1,300 sq foot). In the past 2 weeks, a few rentals have entered the marketplace in our neighborhood (same exact floor plans), and they are charging $2,800 a month for the same townhome. I thought certainly the rental rate we currently have would be a ceiling, yet prices are still drastically increasing. What is going on right now? How are people affording to live in this state?
I looked at the rental history of this property, and in 2020 it was rented for $1,800 a month, and there’s been ZERO renovations to this property. I just cannot fathom the justification of this. We are now extremely worried that in a few months, our landlord is going to hike our rent to match the “market value”, which would be a 16% increase from our current rate.
I never thought I’d be in this position, but I feel as if staying in Maryland is no longer a viable option if we want to have kids and start a family. Is anyone else feeling our pain? Is our state government doing anything to address this crisis? I just feel completely hopeless.
There are a few things that are contributing to this.
The folks you vote for keep raising property values and taxes on those properties go higher and higher. It's happening everywhere. The interest rates have skyrocketed as well.
Limited inventory. This is also happening everywhere. Units are being bought up by businesses and corporations to build portfolios and grow.
Inflation has put a tighter squeeze on all of us. This does just impact the price of groceries. This impacts the cost of building materials, repair costs, and everything else.
Good luck to you, and I hope you're able to find a place. We're all feeling it, and unless we get some relief soon, things are going to get worse.
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