“Maryland, which has had the highest median income of all states since 2006, was the only state in the country to have a median income above $70,000 in 2011. The state’s 10.1% was well below the national rate of 15.9%. Furthermore, a sizable portion of the population is earning well above the median income. Maryland is one of three states, along with New Jersey and Connecticut, where more than 10% of families earned more than $200,000 in 2011. Across the U.S., only 5.6% of families made more than $200,000 in 2011.”
24/7 Wall Street had this to say about Poolesville:
“With Maryland households the wealthiest in the nation, Poolesville was not just the richest in the state but also among the richest nationwide. A typical household in the town earned $135,430 annually. Maryland was also one of just 10 states where the difference between the poorest and richest towns’ household median income exceeded $100,000.”
A $20 million initiative was announced to assist veterans and military families to buy a home. The “You’ve Earned It!” program offers low mortgage and significant down payment assistance.
Governor Larry Hogan was quoted in a press release from the Governor’s office, ““I am very proud of this new initiative, which helps our brave men and women in uniform and their families to achieve the American dream of home ownership and establish roots here in Maryland…The program is not only good for our economy, but good for our communities.”
The “You’ve Earned It!” initiative is a program through the Maryland Mortgage Program. The program offers active duty military (including Reserves and National Guard), honorably discharged veterans and honorably discharged disabled veterans a 2.75% fixed-rate, 30-year mortgage and $10,000 in down-payment assistance. The program is available until the $20 million allocation is exhausted – so hurry!
The Maryland Association of Realtors reported that home sales are reaching equilibrium as February sales increased 16.3% compared to February 2014, but average home prices fell 3.8%, according to the March 24th press release. Home absorption has increased as Home listing inventory increased 7.3%, while there has been a slight decline in months of inventory.
MAR President Janice Kirkner was quoted to say in the release: “As we have anticipated, homebuyers are actively engaged in the market”…”pending units are up by 17.8 percent, and indication of continued strong activity.”