FHA Loans in Maryland

About This State and its People, Places, and Industries

Maryland is an American State located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east. Maryland is comparable in overall area with the European country of Belgium.[7] According to the U.S. Census Bureau, Maryland has the highest median household income of any state, having surpassed New Jersey in 2006; Maryland's median household income was $68,080 in 2007. For 2009, Maryland ranked first—for the third year in a row—as the U.S. state with the highest median income for 2008, with a median income of $70,545. Maryland was the seventh state to ratify the United States Constitution, and three nicknames for it, the Old Line State, the Free State, and the Chesapeake Bay State are occasionally used.

Maryland is a major center for life sciences research and development. With more than 350 biotechnology companies located there, Maryland is the third-largest nexus in this field in the United States.

Institutions and government agencies with an interest in research and development located in Maryland include the Johns Hopkins University, the Johns Hopkins Applied Physics Laboratory, more than one campus of the University System of Maryland, the National Institutes of Health (NIH), the National Institute of Standards and Technology (NIST), the National Institute of Mental Health (NIMH), the Federal Food and Drug Administration (FDA), the Howard Hughes Medical Institute, the Celera Genomics company, Human Genome Sciences (HGS),the J. Craig Venter Institute (JCVI), and MedImmune - recently purchased by AstraZeneca.

As of 2006, Maryland has an estimated population of 5,615,727, which is an increase of 26,128, or 0.5%, from the prior year and an increase of 319,221, or 6.0%, since the year 2000. This includes a natural increase since the last census of 189,158 people (that is 464,251 births minus 275,093 deaths) and an increase due to net migration of 116,713 people into the state. Immigration from outside the United States resulted in a net increase of 129,730 people, and migration within the country produced a net loss of 13,017 people.

In 2006, 645,744 were counted as foreign born, which represents mainly people from Latin America and Asia. About 4.0% are undocumented (illegal) immigrants. Maryland also has a large Korean American population. In fact, 1.7% are Korean, while as a whole, almost 6.0% are Asian.

Most of the population of Maryland lives in the central region of the state, in the Baltimore Metropolitan Area and Washington Metropolitan Area, both of which are part of the Baltimore-Washington Metropolitan Area. The Eastern Shore is less populous and more rural, as are the counties of western and southern Maryland.

The two counties of Western Maryland, Allegany and Garrett, are mountainous and sparsely populated, resembling West Virginia more than they do the rest of Maryland.

The center of population of Maryland is located on the county line between Anne Arundel County and Howard County, in the unincorporated town of Jessup.

The Bureau of Economic Analysis estimates that Maryland's gross state product in 2006 was US$257 billion.[54] According to the U.S. Census Bureau, Maryland households are currently the wealthiest in the country, with a median household income of $68,080 which puts it ahead of New Jersey and Connecticut, which are second and third respectively. Two of Maryland's counties, Howard and Montgomery, are the third and seventh wealthiest counties in the nation respectively. Also, the state's poverty rate of 7.8% is the lowest in the country. Per capita personal income in 2006 was US$43,500, 5th in the nation.

As of January 2010, the state’s unemployment rate is 7.5%. Maryland's economic activity is strongly concentrated in the tertiary service sector, and this sector, in turn, is strongly influenced by location. One major service activity is transportation, centered on the Port of Baltimore and its related rail and trucking access. The port ranked 17th in the U.S. by tonnage in 2008. Although the port handles a wide variety of products, the most typical imports are raw materials and bulk commodities, such as iron ore, petroleum, sugar, and fertilizers, often distributed to the relatively close manufacturing centers of the inland Midwest via good overland transportation. The port also receives several different brands of imported motor vehicles and is the number two auto port in the U.S.

A second service activity takes advantage of the close location of the center of government in Washington, D.C. and emphasizes technical and administrative tasks for the defense/aerospace industry and bio-research laboratories, as well as staffing of satellite government headquarters in the suburban or exurban Baltimore/Washington area. In addition, many educational and medical research institutions are located in the state. In fact, the various components of The Johns Hopkins University and its medical research facilities are now the largest single employer in the Baltimore area. Altogether, white collar technical and administrative workers comprise 25% of Maryland's labor force, one of the highest state percentages in the country.

Maryland has a large food-production sector. A large component of this is commercial fishing, centered in Chesapeake Bay, but also including activity off the short Atlantic seacoast. The largest catches by species are the blue crab, oysters, striped bass, and menhaden. The Bay also has uncounted millions of overwintering waterfowl in its many wildlife refuges. While not, strictly speaking, a commercial food resource, the waterfowl support a tourism sector of sportsmen.

Maryland has large areas of fertile agricultural land in its coastal and Piedmont zones, although this land use is being encroached upon by urbanization. Agriculture is oriented to dairying (especially in foothill and piedmont areas) for nearby large city milksheads plus specialty perishable horticulture crops, such as cucumbers, watermelons, sweet corn, tomatoes, muskmelons, squash, and peas (Source:USDA Crop Profiles). In addition, the southern counties of the western shoreline of Chesapeake Bay are warm enough to support a tobacco cash crop zone, which has existed since early Colonial times but declined greatly after a state government buyout in the 1990s. There is also a large automated chicken-farming sector in the state's southeastern part; Salisbury is home to Perdue Farms. Maryland's food-processing plants are the most significant type of manufacturing by value in the state.

Manufacturing, while large in dollar value, is highly diversified with no sub-sector contributing over 20% of the total. Typical forms of manufacturing include electronics, computer equipment, and chemicals. The once mighty primary metals sub-sector, which at one time included what was then the largest steel factory in the world at Sparrows Point, still exists, but is pressed with foreign competition, bankruptcies, and company mergers. During World War II the Glenn L. Martin Company (now part of Lockheed Martin) airplane factory near Essex, MD employed some 40,000 people.

Mining other than construction materials is virtually limited to coal, which is located in the mountainous western part of the state. The brownstone quarries in the east, which gave Baltimore and Washington much of their characteristic architecture in the mid-1800s, were once a predominant natural resource. Historically, there used to be small gold-mining operations in Maryland, some surprisingly near Washington, but these no longer exist.

Maryland imposes 5 income tax brackets, ranging from 2% to 6.25% of personal income. The city of Baltimore and Maryland's 23 counties levy local "piggyback" income taxes at rates between 1.25% and 3.2% of Maryland taxable income. Local officials set the rates and the revenue is returned to the local governments quarterly. The top income tax bracket of 9.45% is the fifth highest combined state and local income tax rates in the country, behind only New York City's 11.35%, California’s 10.3%, Rhode Island’s 9.9%, and Vermont’s 9.5%.Maryland's state sales tax is 6%. All real property in Maryland is subject to the property tax. Generally, properties that are owned and used by religious, charitable, or educational organizations or property owned by the federal, state or local governments are exempt. Property tax rates vary widely. No restrictions or limitations on property taxes are imposed by the state, meaning cities and counties can set tax rates at the level they deem necessary to fund governmental services. These rates can increase, decrease or remain the same from year to year. If the proposed tax rate increases the total property tax revenues, the governing body must advertise that fact and hold a public hearing on the new tax rate. This is called the Constant Yield Tax Rate process.

Baltimore City is the eighth largest port in the nation, and was at the center of the February 2006 controversy over the Dubai Ports World deal because it was considered to be of such strategic importance. The state as a whole is heavily industrialized, with a booming economy and influential technology centers. Its computer industries are some of the most sophisticated in the United States, and the federal government has invested heavily in the area. Maryland is home to several large military bases and scores of high level government jobs.

With two major metropolitan areas, Maryland has a number of major and minor professional sports franchises. Two National Football League teams play in Maryland, the Baltimore Ravens in Baltimore City and the Washington Redskins in Prince George's County. The Baltimore Orioles are the state's Major League Baseball franchise, with the Washington Nationals located nearby in Washington, D.C. The National Hockey League's Washington Capitals and the National Basketball Association's Washington Wizards formerly played in Maryland, until the construction of a Washington arena in 1997 (originally known as MCI Center, renamed Verizon Center in 2006). Maryland enjoys considerable historical repute for the talented sports players of its past, including: Cal Ripken Jr. and Babe Ruth.
Other professional sports franchises in the state include five affiliated minor league baseball teams, one independent league baseball team, the Baltimore Blast indoor soccer team, two indoor football teams, and three low-level outdoor soccer teams.

The official state sport of Maryland, since 1962, is jousting; the official team sport since 2004 is lacrosse. In 2008, intending to promote physical fitness for all ages, walking became the official state exercise. Maryland is the first state with an official state exercise.

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