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: Counties in Maine
Housing Market Overview
| Metric | Maine | US Average |
|---|---|---|
| Median Home Price | $248,766 | $242,182 |
| Price Trend (Annual %) | 8.9% | 8.2% |
| Median Gross Rent | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — |
The median home price in Maine is about 3% higher than in US. Rent is about 19% lower than the US 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 Maine, up about 8.9% and 4.7% a year respectively. Home prices are changing faster.
Median rent in Maine rose about 39.7% between 2015 and 2023, from $776 to $1,084. Over the same span, rent in US rose about 45.1%.
Affordability
On average, housing unit costs 3.5 yearly household incomes in Maine.
Buying the median-priced home in Maine costs roughly 19.1 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 Maine. The price-to-rent ratio in US is about 15.0.
| Metric | Maine | US Average |
|---|---|---|
| Median Home Price | $248,766 | $242,182 |
| Median Household Income | $72,025 | $78,145 |
| Price-to-Income Ratio | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Maine rose about 84.6%, while median household income rose about 54.5% 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 | Maine | US Average |
|---|---|---|
| Homeownership Rate | 58.4% | 58.2% |
| Rental Rate | 20.5% | 31.3% |
| Vacancy Rate | 21.1% | 10.6% |
| Median Tenure (years) | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2011 |
Maine has a homeownership rate of 58.4%, about the same as the US average of 58.2%. Its housing vacancy rate is 21.1%, compared with 10.6% in US.
Housing Stock
| Metric | Maine | US Average |
|---|---|---|
| Average Household Size | 2.27 people | 2.54 people |
| Median Structure Built Year | 1973 | 1978 |
| Median Number of Rooms | 5.5 | 5.5 |
The typical housing unit in Maine was built around 1973. On average, 2.3 people live in a home with about 5.5 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Maine.
What is the median home price in Maine?
The median home price in Maine is $248,766, higher than the US average of $242,182.
What is the average home price in 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 Maine?
The median gross rent in Maine is $1,084 per month, lower than the US average of $1,342.
What was the median gross rent in Maine in 2020?
In 2020, the median gross rent in Maine was $872 per month.
What is the price-to-rent ratio in Maine?
The price-to-rent ratio in Maine is about 19.1, meaning it would take roughly 19.1 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 Maine.
Are home prices or rent rising faster in Maine?
Both home prices and rent are rising in Maine, up about 8.9% and 4.7% a year respectively. Home prices are changing faster.
What is the homeownership rate in Maine?
58.4% of households in Maine own their home, about the same as the US average.
What is the vacancy rate in Maine?
The housing vacancy rate in Maine is 21.1%, higher than the US average of 10.6%.