Quick facts: Elkridge, MD

Quick Facts

114.1
Cost of Living
above US average
25,251
Population
5.94
Crime Rate per 1000
below US average
$127,027
Median Income
above US average
$445,000
Median House Price
above US average
$3085.28
Average Rent
above US average
5%
Poverty Rate
below US average
3.2%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $127,027.

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Income Needed to Buy

βœ— Stretch
$140k/year
Based on $445,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $140k vs median $127,027
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Income Needed to Rent

⚠ Stretch
$132k/year
Based on $3085.28/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $132k vs median $127,027
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Elkridge, MD

Elkridge is a charming unincorporated community located in Howard County, Maryland, United States. Nestled between the bustling cities of Baltimore and Columbia, Elkridge offers a blend of suburban tranquility and easy access to urban amenities. The area is characterized by its picturesque landscapes, including parks and rolling hills, making it a desirable location for families and nature enthusiasts. Elkridge features a mix of residential neighborhoods, shopping centers, and recreational facilities. Notable places include the scenic Patapsco Valley State Park, which offers hiking trails, picnic areas, and opportunities for fishing and kayaking. The community is also home to several schools within the Howard County Public School System, known for its high educational standards. Historically, Elkridge has roots dating back to the 18th century and boasts several interesting historical sites. With a diverse population and a growing community, Elkridge maintains a friendly and welcoming atmosphere, making it an appealing place to live or visit in Maryland.

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