Quick facts: Severn, MD

Quick Facts

114.1
Cost of Living
above US average
56,438
Population
27.02
Crime Rate per 1000
above US average
$125,330
Median Income
above US average
$460,000
Median House Price
above US average
$2618.52
Average Rent
above US average
5%
Poverty Rate
below US average
4.0%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $125,330.

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Income Needed to Buy

βœ— Stretch
$144k/year
Based on $460,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $144k vs median $125,330
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Income Needed to Rent

βœ“ Affordable
$112k/year
Based on $2618.52/month average rent
Annual income where rent = 28% of gross
πŸ“Š Median income ($125,330) exceeds requirement
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Severn, MD

Severn, Maryland, located in Anne Arundel County, is a charming suburban community positioned between Baltimore and Annapolis. With a population of approximately 50,000, Severn offers a blend of residential neighborhoods, parks, and local businesses, making it an appealing area for families and professionals. The city is conveniently situated near major highways, including I-97 and I-295, providing easy access to the bustling urban centers of Baltimore and Washington, D.C. Residents enjoy the proximity to both cities while benefiting from the tranquility of suburban life. Severn is home to several parks, including Sawmill Creek Park and Severn Run Natural Environment Area, offering outdoor recreational opportunities like hiking, biking, and picnicking. The community also features a variety of shopping and dining options, ensuring convenience for daily needs. Culturally, Severn is enriched by its diverse population and hosts various community events throughout the year. The area is served by the Anne Arundel County Public Schools, known for their strong academic programs. Overall, Severn blends accessibility, community spirit, and natural beauty, making it an attractive place to live.

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