Best Affordable Places to Live in Maine in 2024

Best Places to Live in Maine

Maine offers plenty of choice in places to live, including lively small cities, charming coastal towns, and rural enclaves.

Whether you’re a first-time homebuyer, recent graduate, growing family, or retiree, Maine has options.

💡 Quick Tip: Mortgage loans are available with flexible term options and down payments as low as 3%.^*

Best Affordable Places to Live in Maine

The cost of living in Maine can be quite reasonable. Here are five of the best affordable places to live in Maine and enjoy all that it offers.

1. Caribou

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Situated near the Canadian border, Caribou ranks among the best affordable places to live in Maine. The northeastern Maine city is known for outdoor recreation and agriculture.

Population: 7,441

Median Household Income: $43,967

Median Rent Price: $700

Home Price-to-Income Ratio: 0.82

Average Property Tax: 1.56%

Housing Affordability: Caribou’s home price-to-income (HPI) ratio is the lowest in Maine, meaning that it has the best home affordability in the state. The median home value is $99,300, and average rent is $700 a month. The rental market in Caribou has low demand and lower prices compared to the rest of Maine. If you decide it’s the right spot for you, you may want to research how to qualify for a mortgage as you prepare to settle there.

2. Presque Isle

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Presque Isle is one of the best places in Maine to live for affordable housing. Set due east of the North Maine Woods, Presque Isle is known for its year-round outdoor recreation opportunities.

Population: 8,678

Median Household Income: $47,853

Median Rent Price: $2,250

Home Price-to-Income Ratio: 2.5

Average Property Tax: 1.56%

Housing Affordability: With an HPI ratio of 2.5, Presque Isle is an affordable place to buy a home. Home prices are higher than neighboring Caribou but lower than most of the state. Rental prices have increased substantially, rising an average of $1,475 year over year.

3. Gardiner

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Located on the west bank of the Kennebunk River, Gardiner is a historic community and one of the best places to live in Maine to stretch your housing budget further. Gardiner is within commuting distance of Augusta, Maine’s capital, as well as less than an hour’s drive from Portland.

Population: 6,106

Median Household Income: $57,458

Median Rent Price: $1,190

Home Price-to-Income Ratio: 2.7

Average Property Tax: 1.4%

Housing Affordability: With an HPI ratio of 2.7, homes in Gardiner are affordable compared to Maine as a whole. The rental market’s prices have recently dropped by $310 a month, but seasonal fluctuations may explain this.

4. Waterville

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Waterville is a college town offering cultural amenities, recreation opportunities, and a lower cost of living. It’s home to both Colby and Thomas Colleges, and it’s sited on the banks of the Kennebec River.

Population: 15,828

Median Household Income: $41,245

Median Rent Price: $1,500

Home Price-to-Income Ratio: 3.3

Average Property Tax: 1.4%

Housing Affordability: Waterville has a HPI ratio of 3.3, and the median home value is $137,100, making it one of the best places to live in Maine — both for affordability and quality of life. The rental market is cool and rental prices are 28% less than the national median.

5. Auburn

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Auburn is located a half-hour north of Portland on the Androscoggin River. It has a walkable downtown and is home to multiple employers as Maine’s fifth most populous city. This combination of job opportunities, natural beauty, and amenities help make it one of the most affordable places to live in Maine.

Population: 24,193

Median Household Income: $55,402

Median Rent Price: $1,400

Home Price-to-Income Ratio: 3.4

Average Property Tax: 1.65%

Housing Affordability: Auburn has an HPI ratio of 3.4 and the median home value is $190,000. If you’re thinking about bidding on a reasonably priced home in Waterville, you might want to prep by getting preapproved for a home loan. Prefer to rent? The median rent price is $100 lower than last year and 33% lower than the national number.

💡 Quick Tip: A home equity line of credit brokered by SoFi gives you the flexibility to spend what you need when you need it — you only pay interest on the amount that you spend. And the interest rate is lower than most credit cards.

Best Places to Live in Maine for Families

If you are raising a family or planning on starting one, Maine can be a welcoming location. Here are some options for the best affordable places in Maine for families.

1. Falmouth

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Falmouth can be one of the best places to live in Maine for families, who will appreciate that the Portland suburb has one of the state’s top-ranking school systems and offers a range of year-round recreational opportunities for families, including boating, skating, and golf.

Population: 12,857

Median Household Income: $132,817

Median Rent Price: $3,000

Home Price-to-Income Ratio: 3.8

Average Property Tax: 1.46%

Housing Affordability: The HPI ratio in Falmouth is moderate due to an above average median household income. While the median home value is high at $510,200, Falmouth has comparatively low property taxes. The median rent, which decreased by $2,150 from last year, is 43% higher than the national average.

2. Windham

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Situated between Portland and the Lakes Region, Windham offers country living in fairly close proximity of employers, amenities, and outdoor activities. Parents will give an A+ to its school system, which ranks above average in the state.

Population: 19,128

Median Household Income: $86,794

Median Rent Price: $2,200

Home Price-to-Income Ratio: 3.1

Average Property Tax: 1.46%

Housing Affordability: Windham has a relatively low HIP ratio and the median home value is $280,200, making it more affordable than other Portland suburbs. The rental market is cool, with median prices dropping $400 year over year.

3. Gorham

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West of Portland, Gorham is home to University of Southern Maine and features a walkable town center with restaurants and shops. Gorham is less than 30 minutes by car from Portland. The combination of being a college town and close to Portland can make it a wonderful setting to raise a family.

Population: 17,785

Median Household Income: $90,446

Median Rent Price: $3,150

Home Price-to-Income Ratio: 3.5

Average Property Tax: 1.46%

Housing Affordability: Gorham has an HPI ratio of 3.5 and the median home value is $314,100. Rent is 50% higher than the national average, though the median rent has decreased by $1,050 year over year.

4. Kittery

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Maine’s southernmost town is another ideal place to live for families. Kittery is known for being home to the Portsmouth Naval Shipyard, as well as its historic sites, downtown shops and cafes, and small town charm.

Population: 10,235

Median Household Income: $72,941

Median Rent Price: $2,513

Home Price-to-Income Ratio: 5.0

Average Property Tax: 1.29%

Housing Affordability: The median home value in Kittery is $364,900, which is less than several other seaside communities in this guide. If you are starting to shop for a home, it can be wise to acquaint yourself with how mortgage prequalification vs. preapproval compare. Rent prices, which have dropped an average of $437 year over year, are 20% higher than the national average.

5. Yarmouth

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Yarmouth is a coastal town 12 miles north of Portland that’s popular with families. Parents will be grateful for its well-rated school system, and it also features family-friendly amenities like parks, boating, and a mix of local shops and convenient big-box stores.

Population: 9,091

Median Household Income: $90,942

Median Rent Price: $3,200

Home Price-to-Income Ratio: 4.6

Average Property Tax: 1.46%

Housing Affordability: The median home value in Yarmouth is $416,400. Rent prices are 53% higher than the national median but the market demand is cool at the moment.

Best Places to Live in Maine for Young Adults

If you are a young adult starting your career, you likely want to settle in a place with a good job market, an affordable cost of living vs. other states, and plenty of activities and entertainment options. Here are the best affordable places to live in Maine for young adults.

1. Orono

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Orono is one of the best places to live in Maine for young adults. Around 36.3% of the population is between ages 20 and 29. Home to the University of Maine, Orono has museums, hockey games and other sport events, local restaurants, and nearby trails and parks for year-round entertainment.

Population: 10,185

Median Household Income: $47,412

Median Rent Price: $1,435

Home Price-to-Income Ratio: 3.9

Average Property Tax: 1.53%

Housing Affordability: Median home prices in Orono are relatively affordable at $185,900. The median rent price in Orono is just above $1,400 a month, which ranks among the cheaper options in Maine.

2. Portland

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Maine’s largest city is home to the state’s best nightlife and cultural amenities, making it one of the best places to live in Maine for singles. Roughly 15.4% of the population is between ages 20 and 29. Portland is an economic hub for the state and has numerous employers in a range of industries.

Population: 68,424

Median Household Income: $66,109

Median Rent Price: $2,500

Home Price-to-Income Ratio: 5.2

Average Property Tax: 1.46%

Housing Affordability: Portland’s median home price is $341,700, and it has the highest average property tax burden of any community in this guide. Looking into first-time homebuyer programs in Maine might be a wise move if you want to rein in your housing costs when moving to Portland.

Rent prices have decreased by $200 from the previous year, though they remain 19% higher than the national median.

3. South Portland

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If you’re looking for the best places to live near Portland, Maine, you might consider South Portland, located just across the Fore River. Around 15.7% of the population is between ages 20 and 29. The city is home to theaters, restaurants, trails, and Southern Maine Community College.

Population: 27,026

Median Household Income: $73,899

Median Rent Price: $2,500

Home Price-to-Income Ratio: 4.0

Average Property Tax: 1.46%

Housing Affordability: The median home value in South Portland is $293,700, which is lower than neighboring Portland. Rent prices have not changed from the previous year, and the rental market is considered cool.

4. Westbrook

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As Portland’s western suburb, Westbrook is close to downtown while offering more affordable rent and home prices. Approximately 15.9% of the population is between ages 20 and 29. Westbrook’s Main Street is lined with cafes and shops and it’s just 7 miles from downtown Portland.

Population: 20,645

Median Household Income: $71,335

Median Rent Price: $2,500

Home Price-to-Income Ratio: 3.6

Average Property Tax: 1.46%

Housing Affordability: Westbrook has a HPI ratio of 3.6 and a median house value of $253,900, making it more affordable than neighboring Portland and South Portland. Rent is 19% higher than the national average but dropped $100 from the previous year.

5. Brunswick

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Home to Bowdoin College, Brunswick is a quintessential college town with a walkable downtown, numerous green spaces, and cultural amenities. About 16.5% of the population is between ages 20 and 29. Brunswick is just a half-hour drive from Portland and a couple miles from the coast.

Population: 21,831

Median Household Income: $67,488

Median Rent Price: $2,000

Home Price-to-Income Ratio: 4.0

Average Property Tax: 1.46%

Housing Affordability: Brunswick has a median home value of $272,700. The rental market is cool, with median rent 5% lower than the national average.

Best Places to Live in Maine for Retirees

There are lots of reasons to love relaxing in this state, which means there are plenty of best places to live in Maine for retirees. Consider these five favorites.

1. Belfast

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Belfast is a coastal community that’s one of the best places to live in Maine for retirees. Around 35.6% of the population is aged 65 or over. Belfast has plenty to do year-round, including two farmers markets, galleries, restaurants, breweries, and parks.

Population: 7,041

Median Household Income: $55,900

Median Rent Price: $2,300

Home Price-to-Income Ratio: 3.6

Average Property Tax: 1.31%

Housing Affordability: A home in Belfast is relatively affordable, demonstrated by a HPI ratio of 3.6 and a median home value of $199,100. The median rent price has decreased by $100 since last year, and it’s 10% higher than the national average.

2. Kennebunk

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Kennebunk is a southern Maine town to the west of Kennebunkport. Approximately 30.7% of the population is aged 65 or over. Kennebunk is known for its sandy beaches, outdoor recreation, and charming downtown straddling the Mousam River.

Population: 11,757

Median Household Income: $88,865

Median Rent Price: $2,250

Home Price-to-Income Ratio: 4.0

Average Property Tax: 1.29%

Housing Affordability: The median home value in Kennebunk is $358,800, which is cheaper than the neighboring community of Kennebunkport. Rent, which dropped by $200 over the past year, is 24% higher than the national average.

3. Waterville

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Waterville, making another appearance on this list, is also a popular place to live for retirees. Around 17.2% of the population is aged 65 or over. Home to two colleges — Colby College and Thomas College — the midsize city has a lively arts and cultural scene, including museums, the Maine Film Center, and the Waterville Opera House.

Population: 15,828

Median Household Income: $41,245

Median Rent Price: $1,500

Home Price-to-Income Ratio: 3.3

Average Property Tax: 1.4%

Housing Affordability: Waterville has cheap rent and affordable home prices compared to other parts of Maine, but the average property tax is higher than most communities featured in this guide.

4. Augusta

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Maine’s capital, Augusta, is another retiree-friendly community. Roughly 23.1% of the population is age 65 or over. Augusta’s downtown is filled with restaurants, shops, and breweries, while the surrounding area is great for outdoor recreation.

Population: 19,066

Median Household Income: $40,438

Median Rent Price: $1,499

Home Price-to-Income Ratio: 3.7

Average Property Tax: 1.4%

Housing Affordability: With an HPI ratio of 3.7 and a median home value of $149,500, Augusta is an affordable place to buy a home. Rent is also significantly below the national median (31% less). However, the average property tax is on the higher end for Maine.

5. Lewiston

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Lewiston is Maine’s second largest city and retirees will find it attractive because of its blend of cultural and outdoor attractions. Around 17.9% of the population is aged 65 or over. Lewiston is located around halfway between Portland and Augusta.

Population: 38,493

Median Household Income: $48,069

Median Rent Price: $1,400

Home Price-to-Income Ratio: 3.3

Average Property Tax: 1.65%

Housing Affordability: Lewiston is an affordable place to buy a home, illustrated by an HPI ratio of 3.3 and a median home value of $157,500. While the rent price is 33% below the national median, the average property tax is higher than most Maine communities.

Best Places to Live in Maine Near the Beach

Love the water? Then you will likely enjoy living in Maine, with its lakes, rivers, and coastline. Here are five of the best places to live in Maine near the beach.

1. Ogunquit

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Located on the southern coast of Maine, Ogunquit is home to miles of sandy beaches and picturesque coastline. The popular tourist destination has quality restaurants, hotels, and recreation opportunities.

Population: 1,207

Median Household Income: $80,673

Median Rent Price: $2,200

Home Price-to-Income Ratio: 7.8

Average Property Tax: 1.29%

Housing Affordability: The median home value in this waterfront town is $632,100 and the HPI ratio is 7.8, making this one of the most expensive places to live in Maine. Jumbo mortgage loans may be required to afford a home in Ogunquit.

2. Kennebunkport

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Kennebunkport is another southern Maine town known for its beaches and quaint atmosphere. It’s a walkable community with restaurants, local shops, hotels, and other amenities in its historic downtown.

Population: 1,402

Median Household Income: $103,344

Median Rent Price: $3,000

Home Price-to-Income Ratio: 5.5

Average Property Tax: 1.29%

Housing Affordability: With a median home value of $566,100 and HPI of 5.5, homebuyers may have a better chance of qualifying for different types of mortgage loans compared to Ogunquit. The median rent price has dropped year over year and is 7% lower than the national median.

3. Bar Harbor

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Situated on Mt. Desert Island, Bar Harbor serves as the gateway to Acadia National Park. Here you’ll find plentiful beaches, lakes, and hiking trails. As a popular tourist destination, Bar Harbor features a wide selection of seafood restaurants, local shops, hotels, and rental cottages.

Population: 5,269

Median Household Income: $71,900

Median Rent Price: $4,500

Home Price-to-Income Ratio: 4.8

Average Property Tax: 1.03%

Housing Affordability: The median home value in Bar Harbor is $342,700, cheaper than the other beach towns on this list. The rental market has become more competitive though, with median prices 115% higher than the national average, though that may reflect summertime pricing.

4. York

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Situated in southern Maine, York is another affordable place to live in Maine. It’s a coastal community with multiple sandy beaches. The historic town is also a popular destination for golfers, whale watching, and kayaking. York is located less than 10 miles from the New Hampshire border and within a one-hour drive of the metro Boston area.

Population: 13,998

Median Household Income: $101,352

Median Rent Price: $2,595

Home Price-to-Income Ratio: 4.4

Average Property Tax: 1.29%

Housing Affordability: The median home value in York is $451,100, which is more expensive than most places in Maine, but cheaper than other coastal towns like Ogunquit and Kennebunkport. If you are thinking of financing a home in York, you might benefit from spending some time on a home loan help center site to learn some smart strategies for getting the right mortgage for you.

The median rental price is 24% higher than the national median.

5. Camden

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While southern Maine is better known for its sandy coastline, the midcoast town of Camden has several nearby beaches. The compact downtown is home to many cafes, shops, and the Camden Opera House. The area has ample recreation opportunities, including kayaking, hiking, and skiing at the Camden Snow Bowl.

Population: 5,287

Median Household Income: $84,123

Median Rent Price: $3,700

Home Price-to-Income Ratio: 4.1

Average Property Tax: 1.39%

Housing Affordability: The median home value in Camden is $346,500, which is slightly more expensive than Bar Harbor. Rent is 76% higher than the national average and among the most expensive in Maine.

Recommended: How to Apply for a Home Mortgage Refinance

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The Takeaway

Whether you’re after affordable housing, a place to retire, or proximity to the beach, there’s something for everyone in Maine. The cost of living by state varies, with Maine ranking as the most affordable place to live in New England.

Would-be Mainers looking to make the move to Vacationland should know that if you haven’t owned a home in the past three years, you could qualify for first-time homebuyer programs in Maine.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help. SoFi Mortgages: simple, smart, and so affordable.

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FAQ

Where is the best place to live in Maine year round?

The best place to live in Maine depends on your preferences. A number of communities, like Portland, Lewiston, Waterville, and others, offer year-round recreation and entertainment.

Where are the cheapest homes in Maine?

With the lowest median home value in the state, Caribou is one of the best places to live in Maine for cheap homes.

What are the most expensive and cheapest places to live in Maine?

The coastal communities of Ogunquit and Kennebunkport have the most expensive housing costs, while Caribou and Presque Isle have the cheapest home prices.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice. SOHL0823029