MARYLAND REAL ESTATE – WHY SHOULD YOU DO A 1031 EXCHANGE IN MARYLAND?
Maryland is one of the ten wealthiest states in the U.S. with the highest median income in the country. It has a population of over six million with an unemployment rate way below the national average. The state’s economy is stimulated by various industries including life sciences and bio-health, Cyber-security and IT, advanced manufacturing, and defense and aerospace.
Maryland is home to more than 60 federal agencies and has the fourth-highest percentage of federal workers across the country. This combination of academic institutions, government agencies, and bio-health and life sciences research firms is driving job growth and increasing demand for both residential and rental properties.
Benefits of a 1031 Exchange in Maryland
Appreciating values – In the past year, home values have increased by 5.0% and are foreseen to rise by another 5.4% in the next 12 months. This is enticing many investors from all across the country to acquire property in Maryland.
Proximity to Washington DC – Several parts of Maryland are in a commutable distance to Washington D.C. Also, the state’s median home value is lower than D.C., making it ideal to stay in Maryland and commute to DC. This accessibility has kept property prices more stable, resulting in consistent and steady appreciation.
A Strong Rental Market – Maryland has high property values along with high property taxes, making home buying difficult for many. More than 30% of the state’s population rents accommodation with median rent prices are higher than the national average.
High foreclosure rates – Around 14.6% of Maryland’s homeowners are late on their mortgages; if you are searching for homes below the fair market value, Maryland will be an excellent option. Also displaced homeowners will continue to drive the rental market providing more stability.
Best options for a 1031 Exchange in Maryland
- Healthcare, life sciences, education, and cyber-security drives Baltimore’s economy, providing steady growth. Also, Johns Hopkins and the University of Maryland have campuses within city limits, promoting consistent demand.
- Frederick is the 2nd largest city in Maryland and is home to more than 3,500 companies. It has a robust infrastructure making it an attractive destination. The city’s booming job market and growing economy make Frederick a desirable real estate market.
- Rockville unemployment rates are below the national average and are experiencing job growth of over 1%. Median home values are higher than the national average, and appreciation over the past 12 months sits just under 2%, which is expected to continue to rise.
Allow Experts to Manage a Successful 1031 Exchange in MARYLAND for You
Our team has expertise in structuring highly profitable 1031 Exchanges! For consultation and assistance regarding 1031 exchange in MARYLAND call – 888-993-2835 or email us at firstname.lastname@example.org