Maine is a beautiful state and there are plenty of places to live. If you’re looking to buy an affordable home in Maine, where should you start your search? We’ve narrowed down five of the most affordable places to live in Maine to help you narrow your search and save money.
The East Coast is a beautiful area and Maine is one of the most nature-oriented and gorgeous states in the nation. There are many forested areas, plenty of unspoiled natural wonders, and outdoor activities to choose from.
It’s no wonder that Maine’s population has seen a steady increase over the years and is expected to grow a total of 0.8% between 2016 and 2026, according to the Maine Population Outlook to 2026.
Maine’s housing market is hot, as well, with the median home value up 5.7% from last year and projected to rise another 2.6% in the coming year, according to Zillow data. While Maine is relatively affordable when compared to many other East Coast states, there are many areas that are still out of reach for many.
So what can you do if you’re looking to purchase a home in Maine but you want to stay on a budget? We’ve narrowed down the five most affordable places in Maine to help you get started on the right track.
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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.
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.
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.
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.
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.
Maine has many beautiful towns, and while these are just a few they are the most affordable. If you’re looking to buy a Maine home but you need to keep your budget in mind, starting your search with one of these towns gives you a jumping off point as you begin your home buying journey.
Clever can help you find a top-rated, local real estate agents who have experience in the area. Working with a Clever Partner Agent means that if you spend $150,000 or more on your home, you’re eligible for a $1,000 rebate to help with closing costs when you buy a home.