If you're headed to Fort Meade in 2024 you'll want to check out the BAH rates to help you budget for off-base housing, or to compare housing costs on base to find the right solution for you. Keep in mind that BAH is designed to cover 95% of your housing costs, so it offsets costs, but doesn't always cover them 100%. It can though, if you budget and plan carefully, especially if you're buying a home. And this year's 7% increase in the BAH rates is helping to keep these allowances in line with actual costs. The chart below will give you an at-a-glance summary of your BAH for the year.
Whether you're interested in buying a home or renting a home near Fort Meade, you'll have plenty of options to choose from. We'll help illustrate how your housing allowance stacks up off base. With that information, you can see how it compares to base housing, and make the right decision for your move!
RENTAL HOMES WITHIN THE BAH RANGE FOR FORT MEADE
For this example, we're going to use BAH rates for an E-5, with dependents, and choose homes with 3 or more bedrooms and 2 or more baths using current inventory. We're going to stretch the monthly payment from the allotted $2,641he $2,800 per month range (which rounds up for the 5% BAH doesn't cover). We're also going to pick the closest areas to Fort Meade, including Severn, Odenton, Laurel, Columbia, Crofton & Severna Park all of which keep you within a 30 minutes commute. If you're up for a bit longer of a commute, there are more options in lower price ranges further from the base. Just ask us and we'll get you pointed in the right direction, or use our easy search to view homes for sale and rent near Fort Meade by commuting distance to the base.
There are 7 single family homes for rent in this price range including one 2,500 s.f. rancher with basement in Ellicott City and several choices in Laurel. It's an unimpressive showing right now for single family rentals which are always at a premium.
When we expand that search to townhomes we've got a whopping 39 to choose from. Townhomes will generally allow you to have a more updated home, and spacious floor plans on a budget. They are a popular housing choice in our area. Prices range from $2,150 to the tippy top of the $2,800 and beyond. But choices here are plentiful and you have some options for communities with lots of amenities like Piney Orchard.
And finally we have just 3 condos available priced between $1,999 and $2,250.
HOMES FOR SALE WITHIN THE BAH RATE FOR FORT MEADE
Before we get into the details, please know that your BAH is non-taxable so that full amount goes to you. When you're buying a home you receive significant tax savings via a deduction of your mortgage interest. This deduction is often enough to make an adjustment to your taxes that will allow you to make more money from the same paycheck. Or, you can opt to receive a refund at year end. It's important to know the exact amount as you may be able to search in a higher price range based on those savings. You'll want to consult a tax professional to determine the amount of your specific savings.
In order to stay within the BAH rates for purchasing a home, you're going to have to consider smaller single family homes priced no higher than $385,000 with current interest rates. In all of Anne Arundel county right now there are 21 homes in that price range and several are fixer uppers. Single family home choices are very limited but they CAN be found.
There are 24 townhomes for sale ranging in price from $159,000 (a fixer upper near the city) up to $385,000.
And finally there are just two condos for sale in this price range.
Don't let current inventory discourage you, there are options out there and The Roskelly Team will aggressively search for and help you obtain a home within your budget!
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