Finding a home that meets your needs without breaking the bank can be a serious challenge. State-wide, Maine has a median home value of $198,000. When you add in maintenance costs and property taxes, it can be difficult for many to buy and own a home.
That's why we've compiled a list of affordable cities in Maine to help you find a new place to live. All of these places are more affordable than average, meaning you can get more bang for your buck.
Looking for the most affordable places in Maine is a start, but you'll save even more money by working with a great agent.
The top Maine real estate agents know the local market and where to find pockets of more affordable homes. They can also help negotiate a better price when you do find your dream home.
At Clever Real Estate, we can match you with agents in any area you're interested in — even multiple areas at the same time. You can interview as many agents as you like until you find the perfect place to call home — all at no cost or obligation to you.
Most affordable cities in Maine
Whether you're looking for a quiet small town or a trendy suburban neighborhood, it's possible to locate pockets of affordability throughout Maine.
Here are our top picks for Maine residents on a budget:
1. Caribou
Caribou, Maine has a population of 7,827 according to Niche. Its median home value at $89,400, with a price-to-income ratio of 2.2 making Caribou the most affordable city in Maine.
Not only is it affordable, it’s beautiful, too. The neighbors are friendly and helpful, there are plenty of activities for outdoor lovers, and the job market and cost of living are both desirable. It’s a quiet, rural small town that’s perfect for those who like that kind of environment.
2. Gardiner
Gardiner, Maine is home to 5,672 and the median home value in the area is $137,400. The median income is $47,475, and with a price-to-income ratio of 2.9 and an income-to-rent ratio of 70.6, Gardiner is right up there with Caribou where affordability is concerned.
Like Caribou, Gardiner is a small town that’s full of natural, outdoors areas. It’s also incredibly safe and great for families. There’s also a historic element to the town that many find charming and interesting.
Even after you've found a more affordable place to live in Maine, moving there can be expensive. By working with a Clever Partner Agent, you'll have an expert in your corner and you may be able to take advantage of Clever Cash Back.
When you buy a home with a Clever agent, you might be eligible for up to 0.5% cash back to use on anything you want. For the average home value of $198,000, you'd pocket $990 to help you move (or splurge on a great housewarming gift for yourself).
» SAVE: Learn more about what you can save with Clever Cash Back!
3. Brewer
About 9,167 people call Brewer, Maine home. It’s a bit larger than some of the other towns on this list, but it still has that small town feel. The median home value here is $159,900, and the median household income is $56,354. That gives Brewer a price-to-income ratio of 2.8 and an income-to-rent ratio of 65.3.
For most Brewer residents, the park, grocery store, and other essential locations are within walking distance of home. It’s a nice, safe area that’s good for families and has excellent schools. Like most of the other towns on this list, Brewer is small, friendly, and generally a wonderful place to live.
4. Presque Isle
With a population of 9,246, Presque Isle is another “big little town”. The median home value here is $108,700 with a median household income of $37,036. The price-to-income ratio is 2.9 and the income-to-rent ratio is 56.5, which makes Presque Isle another affordable location in Maine.
Presque Isle is attractive to many businesses, which means commerce and the job market usually thrive in this city. There are great schools and newly renovated and upgraded hospitals, and the University of Maine at Presque Isle is located here. There are many trails, walking paths, and opportunities for outdoor adventure and relaxation, as well.
5. Auburn
Auburn, Maine is the largest town on the list with a population of 22,941. While this city is larger, many residents will tell you that it still has a small town feel in that everyone is friendly and neighbors genuinely look after each other. The median home value in this city is $152,400 and the median household income is $48,363, giving Auburn a price-to-income ratio of 3.2 and an income-to-rent ratio of 64.8.
This beautiful town is close enough to the larger cities to help you avoid feeling isolated but is far enough away to help you avoid the busy and chaotic vibe that many large cities can give off. As per the usual in Maine, there are lots of hiking trails and outdoor areas for you to enjoy. This is another area that’s great for families and has a promising job market, as well.
The benefits of a great real estate agent
If you're just researching affordable places to live, you might wonder why you need a real estate agent. They're the ones that help you once you've already decided on a house, right?
Not necessarily. The truth is, it's never too early to start looking for an agent. In fact, talking to a realtor early on in the process can help you narrow down your options much faster than doing research on your own.
A real estate agent's job is to know everything about their local area. They'll find the best deals in desirable neighborhoods — and might just help you snag your dream home for an affordable price. Let a Clever agent help you discover your options today — all while you enjoy 0.5% cash back!
Frequently asked questions about affordable places to live in Maine
In addition to shopping in some of the most affordable areas, you'll want to work with an experienced real estate agent. They can find you hidden gems at low price points. A good agent can also negotiate like a pro to get you a lower sale price and more buyer incentives. You may also be able to take advantage of home buyer rebates.
We recommend using the 28/36 rule to know how much house you can afford. This means your housing expenses shouldn't exceed 28% of your income, and all of your total debt shouldn't exceed 36%. Learn more about how to calculate your home buying budget.