Here are some interesting Maryland real estate facts from this month's Frederick County Association of Realtors (FCAR) Newsletter.
Ten Facts about Real Estate & Maryland’s Economy
According to a study titled “The Role of Real Estate in Maryland’s Economy 2013” commissioned by the Maryland Association of REALTORS® (MAR), ten FACTS indicate the importance of real estate transactions to Maryland:
- Maryland’s real estate industry employed 234,500 in 2012, about 9% of the state total.
- Real estate contributed $45.2 billion of Maryland’s Gross State Product in 2011.
- Maryland ranks 11th in terms of Real Estate Tax Burden, about 44% above the national median.
- Maryland’s per capita Real Estate Tax Burden was $3,152 in 2011, 27% above US median of $2,311.
- Local real estate taxes generated $7.3 billion, 60% of local government revenue in FY2013, an increase from the 49% share in FY2010.
- Direct and secondary employment in real estate supports 464,000 jobs in Maryland.
- Real estate related jobs generates more than $15 billion in wages/salary, more than $66,000 per worker.
- With multiplier effects, Maryland’s real estate industry contributes over $71 billion to the economy.
- Real estate contributes $887 million to the state of Maryland in personal property taxes.
- Maryland ranks 10th among all states for its reliance on Property Taxes as a revenue source.
Source: February 18, 2014, Frederick County Association of Realtors (FCAR) newsletter