At a time when young professionals, entrepreneurs, and “wanderlust” millennials are the norm, few people are eager to sign long-term mortgages. This is particularly true in bigger cities like Baltimore, where a growing number of young people are deciding to focus on developing their careers. Owning a home simply is not a priority. Currently, there are nearly twice as many houses available for sale as there are for rent in the greater Baltimore area, and rent can be nearly twice as high as a mortgage on a $150,000 house. Spending five to six figures on a house may feel like a counterintuitive way to save money. However, in the long run, buying your own Sweet Home Baltimore may be just what lets you live comfortably in the USA’s 100th Best Place to Live. But how can homeownership actually be the safer financial move?

Baltimore’s Supply and Demand

Surprisingly, there are lots of homes for rent in Baltimore that will blow rent prices clear out of the water. Due to the demand in rental properties, it’s almost definitely cheaper to buy a house or condo than it is to rent one.

Baltimore’s Gentrification

Like any major metropolitan city, Baltimore has both wealthy  and lower income neighborhoods. But in Baltimore, the disparity between those two is a gaping chasm, and more than 17,000 homes remain vacant, a number which hasn’t changed much since the 2008 housing crisis. With so many low starting capital investments readily available on the market, it’s easy to grow your capital. Rather than throw a chunk of money at an unseen entity each month, home ownership allows you to invest in a resellable property, while also offering some sweet tax benefits.

Turn a Profit

If the shoe fits, rent it! If your home is compatible with renting some or all of it to Airbnb, or monthly tenants, you can sometimes make enough money in rent to cover your mortgage and then some! Many Baltimore residents are turning to renting as a means of supplementing or, in some cases, replacing their full time income.

Independence

Whether you rent out your place or not, homeownership just comes with more freedom. You’re not bound by a timed lease, and you are free to make as many aesthetic changes to the property as you want. Homeownership is scary, but it doesn't need to be a ball and chain. Homeownership can offer you the freedom to take agency over your own life and your own finances in a way that renting cannot. In a market like Baltimore, buying a home may not just be the most romantic idea, it may also be the most responsible.