A little while ago, a Korean couple who came for a consultation sighed when they looked at the price list for three-bedroom townhouses in Baltimore County.

In front of a property priced in the $220,000 range, they said, "We thought we could manage this, but after calculating, it seems more burdensome than we expected," and I completely understand their feelings. It must have been stressful for them.

First, let's calmly go over the numbers. According to Zillow, the average home price in the Baltimore area is about $220,000. Assuming a down payment of 20 percent, or $44,000, the loan principal would be $176,000. With a 30-year fixed mortgage at an interest rate of 6.75 percent, the monthly principal and interest payment would be approximately $1,142.

But that's not all. Property taxes and insurance must also be added to understand the actual burden. Considering the effective property tax rate in Maryland, the monthly property tax is estimated to be about $224, and the homeowners insurance is around $133. Adding these together, the total monthly housing cost would be about $1,499.

Now it's time to calculate the income needed to cover this amount. Using the commonly applied DTI (Debt-to-Income) rule of 28 percent, the required monthly income would be about $5,352, which translates to an annual income of around $64,000.

The median household income in Baltimore City is reported to be about $60,000, which is not significantly different from the calculated required income. However, the overall median income for the state of Maryland is about $98,000, which is much higher, likely due to affluent counties near Washington, DC pulling the average up. This indicates a considerable gap between Baltimore City and the surrounding counties.

From the perspective of Korean households, Baltimore still appears to be an accessible market. A dual-income couple can meet the required annual income standard with each earning around $30,000. However, in the northern Baltimore County or Howard County areas with good school districts, prices often exceed $300,000, so if prioritizing children's education, they may need to adjust their budget.

Ultimately, the important point is that the required income can vary significantly depending on the area and school district chosen. While the downtown Baltimore area has a relatively low entry barrier, there is a clear difference in income requirements compared to nearby popular school district areas. If you are planning to buy a home, I recommend carefully comparing prices by region and consulting multiple lenders, as actual interest rates can vary based on credit scores and down payment amounts.

The figures in this article are estimates based on the first half of 2026, and actual listings and loan conditions may vary depending on timing and individual credit status.