Maryland is going through its worst housing market in decades.
The state lost $6.5 billion in 2016, the latest year for which records are available.
The total is nearly 10 percent of the state’s $5.5 trillion in gross domestic product, according to the Maryland Department of Housing and Community Development.
In the past year, Maryland’s real estate tax has doubled and now tops $2,000 per home, compared with $500 before the increase, said Jennifer H. Cope, a housing economist with the state housing bureau.
“The market is really in crisis,” said Mike Cope-Sewell, an economist with Maryland’s Office of Housing.
Maryland, home to the nation’s fifth-largest economy, has been struggling with stagnant wages, an aging population and high home prices.
As a result, the state has been adding more housing and building fewer.
The housing boom has been a boon to the economy, which is in its third year of recession.
The median price of a home in Maryland rose to $1.4 million in December, up 9 percent from a year earlier.
The average price of detached houses rose 7.6 percent, while those with two-unit homes rose 3.3 percent.
Maryland’s housing boom is partly a result of the recession, which left the state with too few workers and too few people to fill homes.
In 2016, Maryland recorded a population of 5.5 million.
But its population shrank to 4.6 million in 2017, according a new report from the nonprofit Center for American Progress.
“Our real estate is now in a state of disarray,” said Brian Johnson, director of the housing research group at the center.
Maryland was the nation in housing and land use in 2020, with a housing stock of 1.5 percent, according the National Association of Realtors.
Maryland has had a housing crisis for years, but it is only the latest in a series of economic problems facing the state.
Maryland lost $3.5bn in real property taxes in 2016.
This year, the real estate taxes will increase an additional $300 million.
Maryland also has experienced a major housing shortage.
The governor recently announced that the state will need to build a new housing supply by the end of 2020 to meet the state-wide population target.
The shortage is due to rising prices for many of Maryland’s affordable housing units, according