Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Cumberland County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $322,410 | $248,766 | $242,182 |
| Price Trend (Annual %) | 8.2% | 8.9% | 8.2% |
| Median Gross Rent | $1,491 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 6.1% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Cumberland County is about 30% higher than in Maine. Rent is about 38% higher than the Maine average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Cumberland County, up about 8.2% and 6.1% a year respectively. Home prices are changing faster.
Median rent in Cumberland County rose about 53.8% between 2015 and 2023, from $970 to $1,491. Over the same span, rent in Maine rose about 39.7%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Cumberland County.
Buying the median-priced home in Cumberland County costs roughly 18.0 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cumberland County. The price-to-rent ratio in Maine is about 19.1.
| Metric | Cumberland County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $322,410 | $248,766 | $242,182 |
| Median Household Income | $93,057 | $72,025 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Cumberland County rose about 78.8%, while median household income rose about 69.3% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Cumberland County | Maine Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.4% | 58.4% | 58.2% |
| Rental Rate | 25.4% | 20.5% | 31.3% |
| Vacancy Rate | 14.2% | 21.1% | 10.6% |
| Median Tenure (years) | 15.0 | 16.0 | 15.0 |
| Median Year Moved In | 2011 | 2010 | 2011 |
Cumberland County has a homeownership rate of 60.4%, higher than the Maine average of 58.4%. Its housing vacancy rate is 14.2%, compared with 21.1% in Maine.
Housing Stock
| Metric | Cumberland County | Maine Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.28 people | 2.27 people | 2.54 people |
| Median Structure Built Year | 1970 | 1973 | 1978 |
| Median Number of Rooms | 5.6 | 5.5 | 5.5 |
The typical housing unit in Cumberland County was built around 1970. On average, 2.3 people live in a home with about 5.6 rooms, staying for about 15.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Cumberland County, Maine.
What is the median home price in Cumberland County, Maine?
The median home price in Cumberland County, Maine is $322,410, higher than the Maine average of $248,766.
What is the average home price in Cumberland County, Maine?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Cumberland County, Maine?
The median gross rent in Cumberland County, Maine is $1,491 per month, higher than the Maine average of $1,084.
What was the median gross rent in Cumberland County in 2020?
In 2020, the median gross rent in Cumberland County, Maine was $1,192 per month.
What is the price-to-rent ratio in Cumberland County, Maine?
The price-to-rent ratio in Cumberland County, Maine is about 18.0, meaning it would take roughly 18.0 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Cumberland County.
Are home prices or rent rising faster in Cumberland County, Maine?
Both home prices and rent are rising in Cumberland County, up about 8.2% and 6.1% a year respectively. Home prices are changing faster.
What is the homeownership rate in Cumberland County, Maine?
60.4% of households in Cumberland County, Maine own their home, higher than the Maine average of 58.4%.
What is the vacancy rate in Cumberland County, Maine?
The housing vacancy rate in Cumberland County, Maine is 14.2%, lower than the Maine average of 21.1%.