Portland, Maine Housing Market Prices
Portland Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 13% above the Maine median$294,630
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Median rent 39% above the Maine median$1,577
Housing Market Overview
| Metric | Portland | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,630 | $261,367 | $248,835 |
| Price Trend (Annual %) | 12.0% | 8.5% | 7.5% |
| Median Gross Rent | $1,577 | $1,139 | $1,407 |
| Rent Trend (Annual %) | 6.3% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Portland is about 13% higher than in Maine. Rent is about 39% higher than the Maine average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Portland, up about 12.0% and 6.3% a year respectively. Home prices are changing faster.
Median rent in Portland rose about 66.7% between 2015 and 2024, from $946 to $1,577. Over the same span, rent in Maine rose about 46.7%.
Affordability
On average, housing unit costs 3.7 yearly household incomes in Portland.
Buying the median-priced home in Portland costs roughly 15.6 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 Portland. The price-to-rent ratio in Maine is about 19.1.
| Metric | Portland | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $294,630 | $261,367 | $248,835 |
| Median Household Income | $79,327 | $74,723 | $80,455 |
| Price-to-Income Ratio | 3.7 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Portland rose about 27.0%, while median household income rose about 66.1% between 2009 and 2025 — income grew faster than the home price.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Portland | Maine Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 42.2% | 59.0% | 58.5% |
| Rental Rate | 48.3% | 20.4% | 31.2% |
| Vacancy Rate | 9.4% | 20.6% | 10.2% |
| Median Tenure (years) | 11.0 | 16.0 | 15.0 |
| Median Year Moved In | 2015 | 2010 | 2011 |
Portland has a homeownership rate of 42.2%, lower than the Maine average of 59.0%. Its housing vacancy rate is 9.4%, compared with 20.6% in Maine.
Housing Stock
| Metric | Portland | Maine Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.03 people | 2.25 people | 2.53 people |
| Median Structure Built Year | 1953 | 1974 | 1978 |
| Median Number of Rooms | 4.9 | 5.5 | 5.5 |
The typical housing unit in Portland was built around 1953. On average, 2.0 people live in a home with about 4.9 rooms, staying for about 11.0 years on average.
Portland, ME Housing Compared With Nearby Cities
How Portland, ME compares with the 1 cities closest to it.
| Area | Population | Median home price | Median rent | Homeownership |
|---|---|---|---|---|
| Portland, ME | 68,646 | $294,630 #2/2 | $1,577 #2/2 | 46.6% #2/2 |
| South Portland, ME | 26,562 | $370,394 | $1,811 | 58.2% |
Frequently Asked Questions
Common questions about the housing market in Portland, Maine.
What is the median home price in Portland, Maine?
The median home price in Portland, Maine is $294,630, higher than the Maine average of $261,367.
What is the average home price in Portland, Maine?
The typical home price in Portland, Maine, reported as the median sale price, is $294,630. 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 Portland, Maine?
The median gross rent in Portland, Maine is $1,577 per month, higher than the Maine average of $1,139.
What was the median gross rent in Portland in 2020?
In 2020, the median gross rent in Portland, Maine was $1,203 per month.
What is the price-to-rent ratio in Portland, Maine?
The price-to-rent ratio in Portland, Maine is about 15.6, meaning it would take roughly 15.6 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 Portland.
Are home prices or rent rising faster in Portland, Maine?
Both home prices and rent are rising in Portland, up about 12.0% and 6.3% a year respectively. Home prices are changing faster.
What is the homeownership rate in Portland, Maine?
42.2% of households in Portland, Maine own their home, lower than the Maine average of 59.0%.
What is the vacancy rate in Portland, Maine?
The housing vacancy rate in Portland, Maine is 9.4%, lower than the Maine average of 20.6%.
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