A housing market boom has pushed Baltimore to the brink of another housing collapse, and the city’s residents have been warned to prepare for the worst.
Baltimore’s housing market is currently at record highs, but that has helped push the city into a second crisis.
The city’s unemployment rate stands at 13.3%, and Baltimore is home to more than 1 million people, including nearly 500,000 people who are unemployed.
Bid and demand for housing is the main driver behind the current situation, and it has been a growing issue since the 2008 financial crisis.
The city is now a place where renters are at risk, with the median price for a one-bedroom apartment in the city rising by nearly 35% since last August, according to a report by the RealtyTrac.
“Baltimore has the highest unemployment rate in the country,” said Michael McBride, the CEO of Realty Trac.
“People are looking to move here.
The housing boom has made the city a place of uncertainty for many residents.
The city’s median price has risen nearly 500% since 2000, while the median rent for an apartment has risen by more than 400%.
“The number of people who rent is going to go up, and they’re going to be paying more, and so the demand for rentals is going up,” said Jodi Hahn, a real estate agent.
According to a recent survey by Realtytrac, Baltimore residents are now looking to rent an average of $2,000 a month.
Hahn says she and other agents have noticed an uptick in calls from people who need help finding housing.
“They’re desperate,” Hahn said.
“They need help.
I have clients who are on the verge of losing their homes.”
Bidding wars are already going on on the market for rental properties, as prices have spiked on many properties.
“The bidding wars are so fierce,” said McBride.
And some agents say the bidding wars could be even worse.
A shortage of listings has left some buyers scrambling to find affordable rentals.
“It’s been really rough,” McBride said.
“I’m trying to figure out where I can put my family down there, where my grandkids are, where I need to be living,” Hahna said.
One thing is clear, however: people are worried.
On Tuesday, the Baltimore City Housing Authority released a report that revealed that 2.2 million people are living in poverty in the Baltimore region.
More than 2.4 million of those people are renters, and a quarter of them are elderly.
“We’ve seen some of the highest rent increases in Baltimore,” said Hahn.
“It’s a real concern.”
McBride said the rising costs of housing in Baltimore has pushed the city to the edge of a crisis.
“People are living at the brink, and that’s really going to affect our economy and our people,” he said.