Price pressure -- upward
The Greater Baltimore Committee's 2007 State of the Region report, newly released, compares the metro area to 19 others it competes with for jobs and people. In the story today, I note that the Baltimore metro area's cost of living was second-cheapest of the regions when the first study came out in '98 but is now more expensive than all but six.
That's the housing boom's doing, of course. Old news. But here's something interesting from a housing expert quoted in the story:
John McIlwain, a senior fellow with the Urban Land Institute, expects increasing affordability challenges. Notwithstanding the current slump in home sales, he said, "long-term trends are for more people moving in than housing will get built.""That's going to put pressure on prices, " he said.
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