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Baltimore vs Hagerstown for Rental Property Investing

Side-by-side comparison of Baltimore, MD and Hagerstown, MD — cap rates, rent, prices, and investment metrics.

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Baltimore wins 4–3 across key metrics

Baltimore leads on cash flow (4.87% vs 4.16% cap rate) · Hagerstown leads on population growth

Metric

Baltimore, MD

Hagerstown, MD

Est. Cap Rate

4.87%

4.16%

Median Home Price

$230,000

$225,000

Median Monthly Rent

$1,380

$1,200

1% Rule

0.60%

0.53%

GRM

13.9x

15.6x

Price / Income

4.2x

5.1x

Property Tax Rate

1.04%

1.06%

Vacancy Rate

6.8%

6%

Population Growth

-0.2% / yr

0.5% / yr

Annual Appreciation

2.3%

2.5%

Population

570,000

44,000

Median Income

$54,800

$44,200

Baltimore vs Hagerstown: Which Is Better for Investors?

Cash flow: Baltimore has the edge with an estimated cap rate of 4.87% compared to Hagerstown's 4.16%. Neither city passes the 1% rule outright, so deal sourcing and value-add strategies become more important. Median home prices are $230,000 in Baltimore vs $225,000 in Hagerstown, while rents come in at $1,380/mo and $1,200/mo respectively.

Growth & appreciation: Hagerstown is growing faster at 0.5% annually, while Baltimore is losing population. Hagerstown leads on home value appreciation at 2.5% per year.

Costs & risk: Property taxes are 1.04% in Baltimore vs 1.06% in Hagerstown. Vacancy rates of 6.8% and 6% are mixed — Hagerstown has the tighter rental market.

Bottom line: Baltimore edges out Hagerstown on most key metrics. While cap rates are moderate at 4.87%, Baltimore's overall profile is stronger. Use our free calculators to model specific deals in Baltimore or Hagerstown.

Baltimore, MD

4.87% cap rate · $230,000 median · $1,380/mo

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Hagerstown, MD

4.16% cap rate · $225,000 median · $1,200/mo

Full analysis →

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