Hagerstown-Martinsburg, MD-WV
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
moderate
Price to income
3.42×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Maryland
- 3.39×
- vs U.S.
- 3.43×=
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
20.0%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Maryland
- 22.9%-2.9
- vs U.S.
- 23.3%-3.2
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
tight
Cap rate proxy
3.81%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Maryland
- 3.88%
- vs U.S.
- 4.35%
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
steady
Net migration
+0.68%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Maryland
- 0.04%+0.64
- vs U.S.
- 0.03%+0.66
Benchmark
IRS net migration ÷ population
strong
Permit pipeline
5.62
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Maryland
- 2.17+3.45
- vs U.S.
- 3.52+2.10
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.9%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Maryland
- 3.9%=
- vs U.S.
- 3.9%=
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+50.6%
homeValues.yearOverYear
+0.7%
Median home value
$258,300
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $961 | $11,532 | 15.3% |
| 2 BR | $1,261 | $15,132 | 20.0% |
| 3 BR | $1,700 | $20,400 | 27.0% |
Labor market direction
Unemployment
3.9%
Median household income
$75,473
What's being built
Total TTM
1,658
+30.4% YoY
Single-family
1,446
2–4 unit
10
5+ unit
202
All 3 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Washington County | 154,645 | $275,900 | $74,157 | 356 | +80.7% |
| Berkeley County | 123,283 | $248,000 | $77,329 | 1,172 | +12.6% |
| Morgan County | 17,237 | $223,100 | $63,805 | 130 | +52.9% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Hagerstown | 295,165 | $75,473 | 3.42× | 3.81% | +50.6% | 5.62 | 3.9% |
| Wilmington, NC | 289,726 | $73,687 | — | — | +70.7% | — | 3.4% |
| Crestview-Fort Walton Beach-Destin, FL | 288,639 | $79,150 | — | — | +51.3% | — | 4.5% |
| Duluth, MN-WI | 291,491 | $71,067 | — | — | +56.4% | — | 4.9% |
| Cedar Rapids, IA | 275,693 | $77,084 | — | — | +38.5% | — | 3.4% |
| Utica-Rome, NY | 291,348 | $68,830 | — | — | +58.7% | — | 4.0% |
Where people are moving in from
Net migration
+2,017
+0.68% of population
| Origin county | Tax returns |
|---|---|
| Frederick County, MD | 1,220 |
| Jefferson County, WV | 649 |
| Montgomery County, MD | 548 |
| Washington County, MD | 504 |
| Berkeley County, WV | 415 |
| Frederick County, VA | 380 |
Who lives in Hagerstown
- Median age
- 40
- Bachelor's+
- 23.5%
- Owner-occupancy
- 71.0%
- Vacancy rate
- 7.7%
- Rent burdened (30%+)
- 44.2%
- Median household income
- $75,473
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.