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The price of homes in Maine has remained high since the pandemic and wages for those living here largely haven’t kept up.
This makes it difficult for many families to buy property in the communities they work, especially first-time buyers looking to put down roots and build equity.
We searched for Maine homes on the market with asking prices at or below what a family could afford if they’re earning the statewide median household income of $74,733, according to the U.S. Census Bureau.
The formula we used follows the 28/36 rule, which is financial guidance that states no more than 28% of a buyer’s monthly income should go toward housing expenses, and no more than 36% should go toward their monthly debt obligations.
This method assumes the buyer will put a 20% down payment on the home with a 30-year mortgage at today’s standard interest rate. It also assumes the buyer doesn’t have any regular debt payments or monthly expenses, such as student loans, car payments or child care fees.
A buyer would pay a 20% down payment of roughly $60,000 for a home priced around $300,000. After that, the owner would be responsible for monthly mortgage bills of nearly $1,550 for the 30-year life of the agreement, plus additional fees for property taxes and homeowners insurance, according to NerdWallet.
Here are five homes we found throughout the state with asking prices well under $300,000, putting it within budget for a family earning Maine’s median household income. That’s significantly less than the value of an average home in Maine, while Zillow placed at more than $416,000 as of late April.
342 Grove St., Bangor, $215,000
Located in Bangor’s Tree Streets neighborhood, this two-bedroom, one-bathroom home offers 910 square feet of living space.
Built in 1900, the home offers a three-season porch, heat pumps and plenty of counter space in the kitchen. Outside, the home has both a back deck and patio space, a fenced-in backyard, and a shed for additional storage.
The home hit the market on June 11 with an asking price of slightly less than $215,000.
27 Edgemont Avenue, Waterville, $235,000
Built in 1949, this Cape Cod-style home occupies a 0.14-acre corner lot with a fenced-in yard in a quiet Waterville neighborhood.
The three-bedroom, one-bathroom home offers nearly 990 square feet of living space, with two bedrooms on the main floor. This makes single-floor living possible for those looking to downsize or age in place.
In addition to a detached garage, the home has a full basement and an additional bedroom on the second floor, which could be a primary suite, office space or additional space for guests.
The home was listed on June 8 for $235,000.
57 Washington St., Rumford, $215,000
With more than 2,460 square feet of living space, this three-bedroom, two-bathroom Victorian-style home in Rumford hit the market on June 9 with a $215,000 price tag.
Built in 1890, the home’s other features include hardwood floors, a stained glass window in the staircase, two fireplaces, wood paneling and a built-in cabinet french doors in the main living area.
Some of the home’s more recent updates include new lighting fixtures and ceiling fans, updated appliances in the spacious kitchen and fresh paint.
The property also offers a large attic and unfinished basement for additional storage.
14 Green St., Livermore Falls, $228,000
This four-bedroom, two-bathroom home in Livermore Falls has 1,570 square feet of living space and is a 20-minute drive from Farmington and 40 minutes from Augusta.
The home was built in 1920 and renovated in 2021. It offers heat pumps, updated kitchen appliances, laminate flooring as well as some timeless features, including a stained glass window in the staircase and a wide front porch.
The home was listed on June 8 with an asking price of $228,000.
5 Cone St., East Millinocket, $175,000
Built in 1960, this three-bedroom, two-bathroom home in East Millinocket hit the market on June 10 with an asking price of $174,900.
With roughly 1,480 square feet of living space, the home has undergone several recent improvements, including new double-pane windows, updated plumbing and paved driveways.
The home’s spacious kitchen, meanwhile, offers quartz countertops, a hammered copper sink and a six-burner gas range.
The 0.2-acre property also includes a detached two-car garage and large composite deck.