Buying a home in Maine is manageable for many families, though it takes real commitment. The typical home costs $296,600, which is about 4.0× of the typical household income of $74,733 a year. A family saving their entire income would need around 4.0 years to cover the purchase price — before mortgage interest, taxes, or upkeep.
Renters face real pressure. The typical rent in Maine is $1,139 a month, and 44% of renters spend more than 30% of their income on housing — the point at which most financial advisers say rent becomes unaffordable. That figure is 2% lower than the national average of 45%.
15.5% of Maine homeowners with a mortgage spend more than 30% of their income on housing — close to the national average of 16.1%.