Lisa Simpson
Oct 15,2009
In: Foreclosure

Despite Foreclosures, Maryland is the Richest State

The US is going through one of its most challenging phases. Unemployment is at its peak and people are faltering on mortgage payments. Hence, foreclosures are at an all-time high. Yet amidst this picture of gloom, there is a ray of good news – Maryland is the richest state in the US. This has been revealed by the US Census data.
The average household income in 2008 was $70,545. This was an increase of $1,500 from that of 2007. It was also higher than the figure of New Jersey — $70,378. In 2007, too, the state had the highest average income. Three counties in that state – Montgomery, Calvert and Howard – had been regularly ranking as the wealthiest. What’s surprising, the state also has one of the highest poverty levels in the country.

Of the states, Maryland was one that also saw a plunge in average home values. It was propelled by downturn and the subsequent collapse of the housing industry. The home values fell to $341,200 in ‘08 from $347,000 in ’07. The manager of Baltimore Metropolitan Council, Dunbar Brooks says it was only natural for home values to decline what with the Recession and the market struggling to take a grip. It may take a while for the housing prices to increase because of the increase in insurance rates and higher taxes.
There is no compilation of the national trend, observes Brooks. The American Community Survey figures are merely an estimate. The survey is usually conducted on criteria like housing, family, educational qualification and income. It may be noted that health insurance is one of the recent subjects included in the report. About 12.1 per cent of the Maryland residents do not have health insurance coverage. That means a decrease of 762,000 from the numbers insured in 2007.
Nationwide 46 million do not have health insurance. That means 15 per cent of the total population do not have insurance. The president of Maryland Citizens Health Initiative, Vinny DeMarco, says that there are a substantial number of people who have not been insured.

The number of naturalized citizens also increased nationwide to 43 per cent in ’08 from 42.5 per cent in ’07. There has been a substantial increase in the ratio of foreign-born nationals. They accounted for 12.4 per cent of the total population growth in 2008. This was 2.6 per cent more than what it was since 2000. The number is increasing.

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