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Everyone wants a home that mixes affordability with comfort and Maine does this very well. Families love the Pine Tree State's beaches, midlands, and mountains as tourists before moving here and calling it home.
But before you decide to relocate, you have to do some research into the exact cost of living around the state -- and that's how we're going to help you.
These are the places in Maine that cost a pretty penny -- the most expensive cities in the state.
After we saved up for months and could finally afford it, we landed on this list of the ten most expensive cities in Maine for 2023.
So where is the most expensive place to live in Maine? That would be Portland.
the 2017-2021 American Community Survey for the 22 places in Maine with more than 1,000 people.
What's the most expensive place to live in Maine? Well, HomeSnacks crunched the numbers and discovered that Portland is the most expensive place to live in Maine.
So hopefully Caribou (the cheapest place to live in Maine) can show these guys how to live on a budget in the coming years. Read on for how these places had costs rise faster than inflation.
And if you already knew these places were expensive, check out some more reading about Maine and the most expensive cities in the country:
The 10 Most Expensive Places To Live In Maine For 2023
The median income in Portland comes in at $66,109 and the median home value is $341,700 for 2023.
The median income in South Portland comes in at $73,899 and the median home value is $293,700 for 2023.
The median income in Biddeford comes in at $58,142 and the median home value is $278,300 for 2023.
The median income in Saco comes in at $72,700 and the median home value is $289,800 for 2023.
The median income in Belfast comes in at $55,900 and the median home value is $199,100 for 2023.
The median income in Hallowell comes in at $57,250 and the median home value is $219,700 for 2023.
The median income in Augusta comes in at $40,438 and the median home value is $149,500 for 2023.
The median income in Westbrook comes in at $71,335 and the median home value is $253,900 for 2023.
The median income in Rockland comes in at $48,871 and the median home value is $173,600 for 2023.
The median income in Old Town comes in at $43,474 and the median home value is $145,000 for 2023.
Methodology: How We Determined The Most Expensive Places To Live In The Pine Tree State For 2023
The two most important things to think about when it comes to being able to afford if you can live comes down to:
- How much do money do I make?
- How much do I have spend to live there?
You need to understand your costs in the context of how much money you make.
For example, if the median household earns $100,000 and spends $40,000 on housing it's actually cheaper to live there than a place with a median income of $50,000 and housing costs of $21,000. You might spend more on housing, but you have more money overall to play with.
With that example in mind, we derived several statistics from the latest Census American Community Survey 2017-2021 around incomes and costs. They are:
- Median Home Price / Median Income (lower is better)
- Median Income / Median Rent (Higher is better)
- Median Home Price
We added simply median home price because high home prices generally correlate with higher expenses for all costs related to homes (heating, electricity, etc).
You can then compare these metrics in each of the places in Maine to figure out which is the most expensive.
What you are left with is a "Cost of Living Index" by taking the average rank of each of these metrics for each city.
So we used that cost of living index in order to rank all of the 22 places in Maine that have more than 1,000 people.
The place with the highest cost of living in Maine according to the data is Portland. You can download the data here.
Summary: Taking A Chunk Out Of Your Paycheck In Maine For 2023
Well there you have it, the places in Maine that have the highest cost of living, with Portland ranking as the most expensive city in the Pine Tree State.
Here's a look at the most affordable cities in Maine according to the data:
For more Maine reading, check out:
- Best Places To Live In Maine
- Cheapest Places To Live In Maine
- Most Dangerous Cities In Maine
- Best Places To Raise A Family In Maine
- Safest Places In Maine
- Worst Places To Live In Maine
Detailed List Of The Most Expensive Cities In Maine