Baltimore on list of top places 'for working towards a home purchase'
The Baltimore region comes in second on a new ranking of the best places for buying a home -- based primarily on the strength of the job market.
The list of top places "for working towards a home purchase," put together by Move Inc., ranked metro areas by the number of job openings per capita. Regions with lots of job openings but unemployment above the national average were knocked out of contention, as were places where home prices recorded big drops in the past year. (The company, which runs real estate sites such as Realtor.com, was looking for relative stability.)
Why a ranking based primarily on the job market rather than the housing market? Because few people can afford a house if they don't have a job.
"Buying a home in an area with an established job market or expanding industry can help provide workers more security in the future, especially as the economy continues to fluctuate," Move's CEO, Steve Berkowitz, said in a statement.
Here's what Move said of the Baltimore region: "Baltimore has the second highest job postings per capita in the bunch with 104 postings per 1,000 people. It is home to energy and financial services powerhouses Constellation Energy and T Rowe Price. Competition for jobs isn't too fierce with an unemployment rate of 7.9 percent."
It's all relative, of course -- that feels like a heck of a lot of competition compared with pre-recession days. The jobless rate was 3.8 percent in 2007.
You won't be surprised by No. 1 on the Move list: Washington, with 147 job postings per 1,000 people.
Both the Baltimore and Washington regions have long been beneficiaries of federal spending, their economies boosted by contracting -- from defense to IT -- and big agencies with headquarters here. With the looming federal deficit, that future is cloudy. Contractors are already cutting jobs.
On the other hand, it wouldn't be easy for Uncle Sam to actually pick up and move, which gives this area one advantage over other company towns.
Here's the rest of Move's top-10 list:
| Metro area | Job Postings Per 1,000 People | Unemployment Rate | Median List Price | Y/Y Change | M/M Change |
|---|---|---|---|---|---|
| Washington, D.C. | 147 | 6.2% | $369,999 | 2.78% | -1.07% |
| Baltimore | 104 | 7.9% | $244,500 | -5.60% | 0.74% |
| Cleveland | 102 | 8.3% | $132,900 | -5.00% | 2.23% |
| Hartford | 94 | 9.2% | $254,900 | -1.58% | -0.89% |
| Denver | 92 | 8.7% | $250,000 | -3.81% | -2.91% |
| Austin | 90 | 7.6% | $224,900 | 2.27% | 0.00% |
| Boston | 84 | 7.1% | $329,900 | -2.86% | -1.52% |
| Columbus | 81 | 8.2% | $150,000 | 0.07% | 0.07% |
| Phoenix | 79 | 9.0% | $144,900 | -6.46% | 3.54% |
| Richmond | 77 | 7.1% | $204,500 | -2.62% | 2.25% |
The job-posting figures come from Indeed, which does a regular ranking. (If you follow the link, you'll see that four metro areas on Indeed's top 10 didn't make it onto Move's list, which Move attributed to either especially high unemployment rates or big price drops. Baltimore is sixth on Indeed's ranking of the 50 largest markets.)
Did you move here within the last few years? How do the job and housing markets strike you?
On the flip side: Anyone about to leave -- and why?
Categories: We're No. 1! (Or thereabouts)
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Comments
I moved back to the Baltimore area just over 2 years ago and currently rent in eastern Howard County. I've been researching the current housing stock for the past few months and have been quite discouraged w/ what is available and keep looking to areas like PIttsburgh where housing is more affordable. I work in DC but do work in Baltimore on occasion, so I need to be central to both. I started focusing on Howard County or the Severna Park area of Anne Arundel. The majority of new single family homes seems to begin at prices starting at $550k. Too rich for me. The existing homes are more affordable, but you're likely to be getting a home built in the 1960-80s that needs quite a bit of updating. But once you buy the house, there isn't much money left to make the necessary or any updates. I'd consider myself upper middle class and have no debt. I am very budget conscience and I'm not willing to overextend myself financially to get a house. Now I'm trying to decide if it worth it to stay here and buy a house I can get over $200k cheaper in another area where land scarcity isn't driving prices up, knowing my salary won't really take a hit in other metro areas. I like it here, but I feel I'm priced out of the market, except for maybe garaged townhomes. I guess that's the price to pay for decent schools and an area where crime is not an issue.
Posted by: Andrew | September 6, 2011 12:08 PM
We have a house we would like to sell in the Reservoir Hill area fully redone and move in ready close to train and lite rail. You should look in this neighborhood
Posted by: Rena K | September 6, 2011 12:36 PM
Andrew, using "eastern Howard County" as the standard to measure affordability against (or the DC metro communities, ftm) is well, problematic.
You mentioned Pittsburgh implying some analogous significance. But do you mean ares like Sewickley Hills? or maybe Braddock?
Posted by: MrRational | September 6, 2011 12:47 PM
I moved here from NY a few years ago and I have found the home prices very afforable. Of course it depends on the type of home you are looking for. I for one did not look for a grdn home. My current home is 1200 sq feet, 3 bedrooms, 1 1/2 bath with a finished basement. This works well for me besides my husband and I do not mind be weekend warriors. We enjoy doing DYI's where we can. My best advice I give to my friends is to purchase a home based upon one income. If you cannot then it is to much for two incomes.
Good house hunting!
Posted by: JUST ME | September 6, 2011 2:40 PM
howard is one of the priciest areas in all of maryland. housing is very affordable in baltimore county, frederick and some parts of anne arundel. new homes in some areas of baltimore county are selling for300-370k.
Posted by: joe-e | September 6, 2011 2:50 PM