ANNAPOLIS, Md. — Maryland's Comptroller is out with a new report on the state of our local economy.
The report highlights an ongoing housing crisis prompting many younger individuals and middle-income families, to flee the state.
Between 2010 and 2023, the Maryland lost a total of 2.3 million residents to other states.
However, Maryland also gained two million residents from international migration and natural net population growth.
Overall from 2022 to 2024, Maryland ranked in the top 10 of all U.S. states for the largest net loss of residents to domestic migration, with 46,000 in 2022 (ranked 7th), 33,000 in 2023 (ranked 6th), and 18,500 in 2024 (ranked 6th).
Florida, Pennsylvania, the Carolinas, Texas, West Virginia, and Delaware, are among the states most Maryland residents have moved to.
Many of these states don't charge a state income or retirement tax, while also offering lower property tax rates.
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Our gains, meanwhile, have come from D.C., New York, and New Jersey, which tend to be more expensive than Maryland.
As it stands now, Maryland's median rental rate is $1,721 per month, well above the national median.
A great example of the state's affordability crisis is the $28 average hourly salary, yet to rent a 2-bedroom apartment here most need to make about $39 per hour.
That disparity is a lot less in a majority of states where Marylanders have flocked.
The same disparity exists with Maryland home sale prices, which have a median value of $446,400.
That's not to mention Maryland's higher mortgages, real estate taxes, insurance, utilities, condominium fee rates.
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As of 2022, only 50 percent of Maryland households can afford it, as opposed to 75 percent before 2000.
Part of this is because Maryland ranks 6th as the most regulated state for housing development.
With that said, Maryland is currently short of about 100,000 housing units.
The Comptroller says 590,000 new housing units need building by 2045 to meet increased demand.
To achieve that goal, Maryland would need to approve approximately 30,000 permits annually, compared to the 18,000 they've been averaging since 2014.
That equates to just eight new units per 1,000 residents.
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Delaware, North Carolina, South Carolina, Florida, and Texas are each outpacing that by 10.
“Stable and affordable housing is essential for Marylanders to build a secure financial future,” said Comptroller Brooke E. Lierman. “When people can’t afford to live here, they leave, and that has ripple effects. Our communities lose residents, businesses lose the workforce they rely on, and the state loses critical revenue needed to fund public services. If we want to grow Maryland’s economy and build a more affordable state, every level of government must work together to tackle rising housing costs and improve access and affordability.”
