What is the cost of living in Maine?
The cost of living in Maine is 4.6% higher than the US average. According to MIT, the required living wage for a family of four with two working parents in Maine is $93,871 vs the national average for a family of four with two working parents of $89,744. The median income of a Maine household is $59,489.
The average home price in Maine is $198,000, which is lower than the US average home price of $229,800. Median rent in Maine is $873/mo which is lower than the US average rent of $1,096/mo. If you want to adjust homes prices to local incomes, the ratio of home prices to median household income is about 3.3 to 1. That means it takes roughly 3.3 years of a full salary to pay off a house. That compares to the national average of 3.5 to 1.
All in all, Maine has a high cost of living compared to America as a whole.
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People Also Ask About Maine
Is Maine a dangerous state?
No, Maine is not a dangerous state as it ranks as the #2 safest state in the United States based on our analysis of the latest FBI Crime Data. The violent crime rate in Maine ranks 50th most dangerous in the United States -- 70.64% better than US average violent crime rate. The property crime rate in the Pine Tree State ranks 47th most dangerous in the United States -- 40.84% better than US average property crime rate. The latest reporting year from the FBI was 2022.
Is Portland, ME a dangerous city?
No, Portland is not a dangerous city. Portland ranks as the #548 safest out of 1433 major cities over 30,000 people in the United States based on our analysis of the latest FBI Crime Data. Keep in mind that are always safe and dangerous parts of any city, so even though Portland might be considered safe you still need to be aware of where you are.
Compared to other big cities, the violent crime rate in Portland ranks 957th highest in America -- 50.61% better than US average violent crime rate. The property crime rate in the ranks 849th highest in the United States -- 22.12% better than US average property crime rate. Note the latest reporting year from the FBI was 2022 and that no city in America is "dangerous". Despite the uptick in murders, it's nothing like you'd see in Tijuana or Caracas where the murder rate is 2x any American city.
What county in Maine has the lowest cost of living?
The county in Maine with the lowest cost of living is Cumberland County. The average living wage in Cumberland County is $102,589 according to MIT data. Cumberland County has the lowest cost of living because it has relatively less expensive childcare and housing costs compared to Maine as a whole. Childcare costs $19,660 a year in Cumberland County for two children compared to the Maine average of $16,757. Housing costs, defined as a blend of the average rent and average mortgage payment, are $17,631 per year in Cumberland County compared to $12,883 on average in Maine.
What is the cheapest housing market in Maine?
The cheapest housing market in Maine is Caribou. The average home value in Caribou is $93,100, the lowest in the state. The average home value in Maine is $198,000, almost 2.1 times higher than Caribou.