Maryland Homeownership — Majority of Mortgaged Homes were of High-Income Households
By: Kevin Pryor May. 31, 2018
The largest proportion of mortgaged homes in Maryland came from homes that took in over $100,000 per year. Specifically, 54.79 percent of households of the over $100,000 income level had a mortgage on their home in 2016 compared to 29.52 percent for households with an annual income between $50,000 and $100,000, and 15.68 percent for households with an annual income below $50,000.
Gavop used data from the United States Census Bureau to produce a county level study to compare household income levels to the number of mortgaged homes in Maryland. The findings show that overall, Maryland followed the national trend where there was a decrease in the proportion of mortgaged homes for households with an annual income of less than $50,000 and households between $50,000 and $100,000. While the number of mortgaged homes decreased for the lower income levels, there was an increase in mortgaged homes for households taking in over $100,000.
Percentage of Mortgaged Homes by Household Income 2009 and 2016
| Location | <$50,000 in 2009 | $50,000 - $100,000 in 2009 | >$100,000 in 2009 | <$50,000 in 2016 | $50,000 - $100,000 in 2016 | >$100,000 in 2016 |
|---|---|---|---|---|---|---|
| Maryland | 18.12% | 34.45% | 47.43% | 15.68% | 29.52%` | 54.79% |
| United States | 29.16% | 38.81% | 32.02% | 23.28% | 34.52% | 42.1% |
The table shows how the percentage of mortgaged homes varies by level of household income but households with a higher income are more likely to have a mortgage.
Furtemore, Maryland’s most populated counties were driving factors behind the statewide values where 62.63 percent of homes in Montgomery County that earned over $100,000 had a mortgage. The next highest percentage of the most populated counties came from Anne Arundel County at 52.86 percent followed by Prince George’s County at 45.18 percent, Baltimore County at 41.14 percent, and Baltimore City at 26.28 percent.
Looking at changes over time, Wicomico County has the largest increase in mortgaged homes of the over $100,000 household income level at 34.08 percent from 2009 to 2016. The second highest increase is 24.84 percent in Washington County followed by Cecil County at 22.89 percent, Frederick County at 20.31 percent, and Anne Arundel County at 18.0 percent.
ABOUT THE AUTHOR
Kevin Pryor
Kevin Pryor currently works as a data analyst and public relations associate where he takes pride in analyzing data and sharing the amazing insights it presents to various target audiences. Kevin graduated from the University of Connecticut with a bachelor’s degree in communication and has a passion for the results that can come from effective communications. While at school, he interned with Total Mortgage, Stafford Motor Speedway and UConn Community Outreach. In his free time, Kevin enjoys outdoor activities, cinema, traveling, and spending time with friends and family.
