The Orioles have been in the mid-upper echelon of spending in MLB several times over the last decade.
You could say they're mid-tier, but definitely not small market like KC, TB, SD, PIT, FLA, OAK, CLE, ARI, CIN.
Even now, in a full-out rebuilding effort, they are still not bottom-10 in the league in payroll. Their profile suggests they could sustain a payroll in excess of 140 million if they were to build a contender.
Living or not living there is not important when assessing the facts, which are out there in the form of numbers.