Honestly, if you compare the price of what you're getting (not looking at the location for a second) to the prices for places in DC, Boston, Philly, NYC, or other 1st and 2nd-tier cities around the country? $200K all in is not really too bad at all. The same physical setup would easily be a million plus in NYC (maybe closer to 2), as a frame of reference, and that's BK or Queens or the Bronx.

Baltimore punches above its weight in many ways, in terms of what you get access to. You're in the NE sprawl, one of the most vibrant economic hubs on the planet. You're a cheap MARC ride to DC, and on the Amtrak NE corridor. You're on 95. Baltimore metro region is not small in the scheme of things, plenty of local opportunities.

Is a $200K investment in a small home in a pretty significant metro area a better option than in some other places, from an economic perspective? Absolutely, in some circumstances, IMHO. Just know what your schools are like if you have kids, and add private school to the bill if you don't want to tolerate what may be a really challenging learning environment in the public system.