Baltimore City might have more money in its pocket than originally thought, according to a new study.
Baltimore’s average household income is $51,800, which is 23 percent higher than the 2000 Census Bureau figure, according to the Baltimore Neighborhood Market DrillDown report released Monday. The average income of homeowners who bought property in the city between 2003 and 2006 was even higher — $75,500 a year — the study found.
The report also found an estimated $872 million in income for city residents due to informal, unreported economic activity such as second jobs.
The data provides a solid first step for city leaders hoping to convince retailers to enter the Baltimore market, or in need of hard data for revitalization efforts, the study’s creator said.
“This is all really good news for the city. The city’s fundamentals are strong, and there’s opportunity for significant retail [growth],” said John Talmage, president and chief executive officer of Social Compact, a not-for-profit corporation that conducted the study.
The study looked at 13 city neighborhoods with a defined commercial district and that have engaged in commercial revitalization.
Neighborhoods covered in the report included Belair Edison, the East Baltimore Development area, Edmondson Village, Govanstowne, Highlandtown, Oldtown, Park Heights, Pennsylvania Avenue, Pigtown, Reservoir Hill-North Avenue, Station North, West Baltimore MARC and West Baltimore Street.
The report also found that Baltimore City is underserved by full-service grocery stores. The industry standard is 3 square feet of grocery space per person. Baltimore County averages 2.76 square feet per person, and Baltimore City has only 1.78 square feet per person, according to the report.
“There’s been work done … that correlates obesity and diabetes with a lack of full-service grocery store and saturation of fast-food restaurants,” Talmage said.
The data will be periodically updated, allowing researchers to paint an ongoing picture of city revitalization efforts, said Matthew Kachura, project manager of the University of Baltimore’s Baltimore Neighborhood Indicators Alliance, a partner in the study.
Talmage said Social Compact works with retail developers including General Growth Properties, which owns malls across the country, and Kachura said the Baltimore numbers could be attractive to retailers looking to expand.
“Before you can really start changing perception and beliefs, you typically have to show hard proof,” Kachura said. “The data is a good start, but then it takes the hard work of individuals to bring in investment.”
WEB EXTRA
Click here to read the full report and to learn more about the Baltimore Market Drilldown.
