New Report Shows Strong Potential for Residential Growth Across Baltimore City

Potential to add 20,000+ households over the next five years in new and renovated homes

A new report commissioned by Live Baltimore reveals strong potential for residential development across Baltimore City and updates the groundbreaking 2020 study, the City’s first comprehensive residential market analysis.

Conducted by nationally recognized firm Zimmerman/Volk Associates, The Analysis of Baltimore City’s Residential Market Potential finds a robust citywide market for new and renovated housing, with the potential to add more than 20,000 households over the next five years. Opportunities for growth exist in every part of Baltimore City, underscoring the city’s broad appeal across neighborhoods, housing types, and price points, and reinforcing the critical transformative work underway in City communities today.

“This report confirms what we see every day—Baltimore City has incredible assets and real opportunity for growth,” said Meghan McCorkell, Executive Director of Live Baltimore. “With the right housing investments, we can welcome new residents, retain current ones, and strengthen neighborhoods across the entire city.”

According to the analysis, new and renovated housing—both rental and for-sale—could attract between 4,294 and 5,855 households annually, translating to more than 20,000 new households over five years if market demand is met. This growth would help drive population gains and long-term neighborhood stability. It would also stimulate economic activity, as found in the 2023 update of the Economic Impact of Residents and Housing Activity presented by Econsult Solutions. The report found that current levels of new construction and major renovation produce an annual impact of $505 million on the local Baltimore economy, supporting approximately 1,900 jobs and an estimated $125 million in labor income.

“Baltimore’s Renaissance is here, and this report tells us what we already know: people want to live, work, and invest here,” said Baltimore City Mayor Brandon M. Scott. “By continuing to support smart housing development and inclusive growth, we can make sure that every single neighborhood benefits from the historic growth of our city.”

The report further profiles households that may consider moving to Baltimore City, detailing where they currently live, their housing preferences, and what they can afford. It shows that up to 39,025 households of all income levels may consider moving into new and existing housing in the City each year, with strong demand for both rental and homeownership opportunities. It indicates a strong interest from a diverse range of households, particularly young professionals, families, and empty nesters, as well as growing interest from outside the city and region.

“This report offers critical insight to help guide smart policymaking and housing investment across Baltimore City,” said Maryland Department of Housing and Community Development Secretary Jake Day. “The Moore-Miller Administration believes that in order for it to be Maryland’s decade, it has to be Baltimore’s time. The findings of the report show the power that lies in aligning housing supply with demonstrated market demand, creating opportunity and shaping the next generation of housing investments across the city.”

Funded by the City of Baltimore, the Goldseker Foundation, and the Maryland Department of Housing and Community Development, this study reflects a shared commitment to data-driven solutions for housing and population growth.

“This analysis moves the conversation from aspiration to action,” said Matthew Gallagher, President & CEO of the Goldseker Foundation. “It identifies real market potential and gives policymakers and practitioners a roadmap for housing investments throughout Baltimore.”

Live Baltimore will use the findings to support housing developers, inform city planning efforts, and guide marketing strategies aimed at attracting new residents to Baltimore’s diverse neighborhoods.

View The Analysis of Baltimore City’s Residential Market Potential report here.

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About Live Baltimore

Live Baltimore is a nationally recognized, independent nonprofit organization committed to promoting the benefits of Baltimore City living. Each year, Live Baltimore provides thousands of individuals with information on the city’s 250+ neighborhoods, rental living options, homebuying incentive programs, historic tax credits, and more. For more information, visit LiveBaltimore.com. PRONUNCIATION NOTE: Live Baltimore’s name is pronounced with a short “I” sound, as in “I live in Baltimore City.”

Contact:
Suzi Senna, Director of Marketing & Communications  |  suzi@livebaltimore.com | 410.637.3750 x117