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Did you know that Maryland’s pearl is only six miles away from Washington, DC’s northern tip? The community is the fourth largest city in the state. You’ll find the town in the Silver Spring-Frederick-Rockville, MD, metropolitan division and an organic part of the greater Washington-Arlington-Alexandria metro area too. Though Silver Spring, in theory, is a census-designated place situated in Montgomery County, in practice, it’s a full-blown edge-city. The term defines an aggregation of entertainment, shopping, and business facilities in a relatively sizeable urban area on a city’s periphery. So, Silver Spring used to be a suburban residential neighborhood. Yet now it turned into a mindblowing cosmopolitan town (including modern retail and office spaces) on an astonishing 7.914 square miles.
In 2021, Silver Spring had a population of approximately 77,500, making it the fifth most populous city in Maryland. Let’s get a minor administrative puzzlement out in the open. Silver Spring has 18 zip codes, so there’s a variety of first-class neighborhoods you can move to in the vicinity of Washington DC, Kensington, Bethesda, or even Baltimore. Get in contact with local real estate agents in Silver Spring MD, and get more insight into every location and neighborhood’s housing options and advantages! Either way, the city hosts a real central business hub, so you’ll be pretty close to the ‘action’ in Maryland.
The much competitive Silver Spring real estate market doubtlessly reflects the unprecedented economic boom the city had been experiencing since its modernization in 2004. As of late 2021, the median home sale price was $510,000, approximately 9.7 percent pricier than in 2020. Buyers are slightly more thoughtful and won’t rush into purchasing a house in Silver Spring. Listed properties in Silver Spring sell after 31 days on average compared to 26 days the previous year. During the last four years, realtors in Silver Spring MD saw a stable increase in Silver Spring real estate prices, starting from January 2019, when the median sale price was around $380,000. According to market specialists, the surge in house prices in Silver Spring will apply to years to come. The community’s real estate prices are 62 percent higher than the average Maryland values. Our final verdict is buying and or selling real estate in Silver Spring can be an exceptionally lucrative property investment opportunity!
Likewise, renting an apartment in Silver Spring can be pretty expensive, 18% higher than the state average. In downtown, you can find a one-bedroom apartment for about $1,700. Contacting local real estate agents in Silver Spring MD would be the next logical step if you’re considering moving to this booming city!
Living in Silver Spring means solid jobs and affordability. Due to its strategic location, the local economy in Silver Spring provides access to abundant job opportunities! And the commute is remarkably effortless, benefitting from an expertly managed transportation system.
Let’s see the community’s official economic statistics! As of late 2021, the unemployment rate in Silver Spring, MD, is beneath the national average (5.7 percent instead of six percent.) In addition, Silver Spring can be proud of its almost negligible poverty rate (23 percent lower than the US average.) Moreover, analysts expect more substantial job growth in the area. In other words, you couldn’t find a more promising period to relocate to this lively city! Realtors in Silver Spring MD can help you shed light on the many bright local economic prospects!
Nevertheless, the thriving local economy doesn’t come cheap. In Silver Spring, MD, the cost of living is generally 32 percent higher than the US average and 21 percent pricier than the Maryland average. The good news is that Silver Spring is still more affordable than New York by 23 percent. Besides, don’t think of exorbitant expenses: a single person would pay around $1,060 for monthly fees: without rent.
The median income of roughly $73,000 (33 percent higher than the US average) offers substantial financial support to compensate for the high living standards and enjoy a life free of worries. Forbes reported that Silver Spring maintains steady affluence with the fourth-highest household incomes in America.
As you’d imagine, the place boasts many world-renowned employers. Silver Spring hosts headquarters for the TV company Discovery Communications, Darcars Automotive Group, the biotechnology company United Therapeutics, the federal agency called the US Food and Drug Administration, the media company Urban One, and CuriosityStream (a streaming company.) Additionally, Silver Spring offers unique employment possibilities in the following industries: construction, manufacturing, insurance and finances, education, and health.
Be prepared for perks galore and get more bang for your buck! Cinephiles, art lovers, history buffs, and adrenaline enthusiasts will, by all means, find something phenomenal here. Are you looking for a well-paying job or ready to take your career to the next level? You wouldn’t believe the sheer abundance of economic, investment, and financial possibilities Silver Spring, MD, displays! Besides, the whole place has a unique and almost transcendentally beautiful character. Having moved to Silver Spring, you’ll soon be part of a heart-warming community that keeps its parks and backyards in tip-top shape.
We don’t want to jump to rushed recommendations. Still, you couldn’t find a more enticing period to move to Silver Spring than the present day! Talk to your friendly neighborhood local real estate agents in Silver Spring Maryland and establish the parameters of your permanent or temporary stay in this incredible city!