The Path from Renter to Homeowner

Posted March 29, 2017

Our 4th annual Dundalk Housing Fair and Neighborhood Tours is Saturday, April 22, again at the new Dundalk High School. The theme is ‘Buy, Rent, Renovate’ and over time, many people do it all!

For that first-time buyer, lots of those sturdy brick rowhomes are looking good – especially because developers are doing quality work with listing prices under $175,000 – often way under. Detached cottages and historic Old Dundalk duplexes are getting the same deep beauty treatments – in fact, there are affordable, amazing renovations in all of Dundalk’s 24 distinct neighborhoods.

It’s a great thing to have a mortgage that’s less than rent. Even better to know that the average sold price has risen from $116,283 in 2013 to $125,805 in 2016 – still affordable, and rising housing values are a good trend regarding home purchase as an investment. Over that same time span, the number of units sold jumped from 531 to 791 (data source MRIS MarketStats). Is it something in the water? With 43 miles of Dundalk waterfront, maybe there is a connection.

Special mortgage products, programs and grants for first-time buyers, and credit-building information are all part of the housing fair. And for 2017, we again have 20 $5K DRC Home Buyer Grants for 21222 and County 21224; since 2015 we have awarded 65 home buyer grants and look forward to that number increasing to 85 before year’s end.  Single men and women, couples and families, all representing diversity in cultures, ages, professions, and definitions of family – it’s a beautiful thing for a community in revitalization mode!

Half the property taxes, twice the house and low mortgage rates help to convert renters into buyers, and the lure of personal green space to call one’s own has a strange effect on folks. They become landowners, and some become parents, dog parents, small space gardeners, master grill chefs and patio dwellers. They have parking!

Another very positive sign for the future – Tradepoint Atlantic, with their game-changing transformation of Dundalk’s 3,100-acre former Bethlehem Steel location into a world-class port, is creating a new generation of job opportunities. Ultimately, the massive port, logistics and distribution hub will redefine the future for commerce and trade on the international stage.

Today, FedEx and Under Armour are moving in at Tradepoint Atlantic, which will create over 1,000 jobs. Several other companies have also signed on. This is just the beginning of a larger strategy to bring an estimated 17,000 new jobs to the Sparrows Point peninsula over the next 10 years. Affordable living near work in an area of growth and opportunity is here, now.

Learn more about the Dundalk Housing Fair and Neighborhood Tours and our $5K DRC Home Buyer Grants here. Register early to qualify for the 49”Toshiba smart TV! Questions? Contact Diane at 410-282-0261 or diane@dundalkusa.org.