How Much House Can You Afford in Maryland?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Maryland's median income of $90,000/year ($7,500/month), that means a maximum housing payment of roughly $2,100/month.
At 6.8% over 30 years with a 12% down payment ($46,800), that monthly budget supports a purchase price of approximately $370,500–$390,000. The median home price in Maryland is $390,000, which means housing is significantly more expensive than the national average.