How Much House Can I Afford on a 300k Income in Maryland?

With a 300k income, you're well-positioned to purchase a home in Maryland. Financial advisors recommend spending about 3 to 4 times your annual income on a home, suggesting a budget between $900,000 and $1,200,000, depending on factors like your down payment and existing debts.

In Baltimore, the median home price is approximately $420,000, which is below your minimum affordability range. This situation opens up a broad selection of homes, potentially allowing you to consider higher-end properties or homes in better neighborhoods.

Other areas such as Rockville and Frederick offer competitive pricing at around $450,000. Maryland's property tax rate averages 1.15%, adding roughly $4,830 annually on an average home. Coupled with a cost of living above the national average, your income provides ample opportunities for homeownership.