Baltimore Rowhouses and Energy Efficiency
Baltimore row houses are being renovated. The local, state, and federal government is committed to ensure that these projects get the funding they need to be fully renovated. This research provides insights into this industry.
Companies and Government
- Baltimore has several abandoned row houses. The local government would like to see a surge in homeowners that would take these structures and bring them back to life.
- The city runs a program called "Vacants to Value" that assists homebuyers with the closing costs of the purchase by offering them $10,000. Typically, these deteriorating homes have a price listing that ranges between $5,000 and $10,000.
- The city and other companies offer additional financial support/incentives that would be critical toward the restoration cost. These incentives usually require that the buyer should commit to living in the building for no less than 5 years the after closing.
Turning Renters into Buyers
- Urban-development companies such as SAA|EVI are working closely with the city's leadership to renovate the vacant row houses. This company seeks to offer a pathway for current residents to become homeowners.
- Ernst Valery, the managing partner of SAA|EVI describes Baltimore as a pre-IPO company. He explains how offering current residents the chance to own a home is comparable to a software company allowing its initial employees to invest in it.
Average Cost of Restoration
- The average cost of renovating a home in Baltimore is estimated to be $44,950 and the minimum average cost is estimated to be $9,989. This estimation is critical for anyone who would like to start a home renovation project.
- This estimate includes the average labor costs for multiple room renovations, the average costs of materials, and all project costs and cleanup fees.
Number of Customers
- Although demolition crews are attempting to tear down as many vacant houses as possible, it is unable to keep up with the rate of abandonment. Officials have under-estimated this number.
- A common trend that has been observed is that the areas that are scheduled to be demolished are seeing a reduced rate of abandoning homes in comparison to other areas all over Baltimore.
- Upton Renaissance partnered with the city of Baltimore to renovate row houses and sell them to homeowners. The developer and the city are in negotiations.
- This has seen efforts from local, state, and federal funding. This would be ideal in demolishing or stabilizing approximately 4,000 houses. The redevelopment would cost approximately $8 million and $1 million in stabilizing them.
- According to Baltimore's Housing Commissioner, Michael Braverman, the city has offered a large investment strategy to ward the restoration of rowhouses in the city.
- The cost of housing in Baltimore is much lower that in Washington DC. A story of a couple that had struggled with housing in DC and that became homeowners is a testament to Baltimore's commitment to restoring the state and the perception of the city.
- The couple's story here expresses their joy about how they were able to own a home even though they both still have student loan debt. For this reason, they do not mind the one-hour commute to DC.
Targeting DC Commuters
- On average, commuters take approximately, 27 minutes to commute to work. The commute in DC is one of the longest in terms of duration, 43 minutes. A third of the population would take approximately 45 minutes.
- The rent in Baltimore is often an attractive factor when one compares it to its nearby D.C.
Our research team was unable to address all aspects of this question. Our research found that there is no estimated number of people who would like to purchase and renovate a row house in Baltimore. When providing insights for Washington D.C, our research was able to determine that there are several residents of Baltimore who work in D.C. These individuals have chosen to do so to avoid high rent rates and the increased living standards.
A thorough research of the city's official websites such as The Baltomore Sun, media sites such as Washington Post and industry analysis sites such as IBISWorld, was unable to provide a direct connection between the rennovations and new energy efficiency standards. In our research, we have found that there are large and established companies that have partnered with local funding to make this possible. We assume that the city's leadership would be tasked in making sure that these standards are met and that all permits and legal paper work is submitted and assessed.