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 | Hancock County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $276,724 | $248,766 | $242,182 |
| Price Trend (Annual %) | 13.8% | 8.9% | 8.2% |
| Median Gross Rent | $999 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 3.5% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Hancock County is about 11% higher than in Maine. Rent is about 8% lower 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 Hancock County, up about 13.8% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Hancock County rose about 28.8% between 2015 and 2023, from $775 to $999. Over the same span, rent in Maine rose about 39.7%.
Affordability
On average, housing unit costs 4.0 yearly household incomes in Hancock County.
Buying the median-priced home in Hancock County costs roughly 23.1 years of rent at the median monthly rate. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hancock County. The price-to-rent ratio in Maine is about 19.1.
| Metric | Hancock County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $276,724 | $248,766 | $242,182 |
| Median Household Income | $69,856 | $72,025 | $78,145 |
| Price-to-Income Ratio | 4.0 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Hancock County rose about 139.7%, while median household income rose about 43.1% 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 | Hancock County | Maine Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 48.6% | 58.4% | 58.2% |
| Rental Rate | 13.1% | 20.5% | 31.3% |
| Vacancy Rate | 38.3% | 21.1% | 10.6% |
| Median Tenure (years) | 17.0 | 16.0 | 15.0 |
| Median Year Moved In | 2009 | 2010 | 2011 |
Hancock County has a homeownership rate of 48.6%, lower than the Maine average of 58.4%. Its housing vacancy rate is 38.3%, compared with 21.1% in Maine.
Housing Stock
| Metric | Hancock County | Maine Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.18 people | 2.27 people | 2.54 people |
| Median Structure Built Year | 1979 | 1973 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Hancock County was built around 1979. On average, 2.2 people live in a home with about 5.4 rooms, staying for about 17.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Hancock County, Maine.
What is the median home price in Hancock County, Maine?
The median home price in Hancock County, Maine is $276,724, higher than the Maine average of $248,766.
What is the average home price in Hancock 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 Hancock County, Maine?
The median gross rent in Hancock County, Maine is $999 per month, lower than the Maine average of $1,084.
What was the median gross rent in Hancock County in 2020?
In 2020, the median gross rent in Hancock County, Maine was $838 per month.
What is the price-to-rent ratio in Hancock County, Maine?
The price-to-rent ratio in Hancock County, Maine is about 23.1, meaning it would take roughly 23.1 years of rent payments at the median rent to equal the median home price. That is a relatively high price-to-rent ratio, which tends to favor renting over buying in Hancock County.
Are home prices or rent rising faster in Hancock County, Maine?
Both home prices and rent are rising in Hancock County, up about 13.8% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Hancock County, Maine?
48.6% of households in Hancock County, Maine own their home, lower than the Maine average of 58.4%.
What is the vacancy rate in Hancock County, Maine?
The housing vacancy rate in Hancock County, Maine is 38.3%, higher than the Maine average of 21.1%.