The ENT Committee Session held on January 14, 2025, focused on the pressing housing crisis in Maryland, highlighting significant increases in housing costs and the urgent need for more affordable housing solutions. The meeting underscored the challenges faced by Marylanders as rents and home values continue to rise, outpacing wage growth and contributing to economic stagnation.

During the session, officials reported a 10% increase in median rents since the previous year, with median home values climbing from $300,000 in 2010 to $413,000 today—a 37% increase. The current average mortgage interest rate stands at approximately 6.93%, making homeownership increasingly unattainable for many families. More than half of Maryland renters are now considered cost-burdened, spending over 30% of their income on housing, with nearly a quarter facing severe burdens by allocating more than 50% of their income to housing costs.

The committee emphasized that these housing cost burdens not only affect individual households but also hinder overall economic activity in the state. Maryland ranks 43rd in housing affordability and 9th in total cost of living, prompting concerns about the potential outmigration of young professionals. Polling data revealed that 44% of young renters are contemplating leaving Maryland, primarily due to high housing costs.

To address these issues, the committee discussed the importance of strategic land use decisions, such as transit-oriented development, to alleviate housing pressures and support sustainable growth. Despite the growing need for housing, Maryland has been underproducing housing units, averaging 5,600 fewer units per year than necessary to meet population growth. The session highlighted that the Baltimore-Washington, D.C. region alone requires nearly 150,000 additional housing units to support job growth and economic expansion.

The meeting concluded with a call to action for policymakers to prioritize housing production and affordability to ensure Maryland remains an attractive place for residents and businesses alike. The discussions underscored the critical link between housing availability and economic vitality, urging immediate attention to the state's housing crisis.