The median home price in Maine is $377,025 which has increased by 8.3% since the last year. The Maine housing market has witnessed a 24.4% year-over-year decline in the number of homes listed. With only a 2-month supply left, the tight inventory is expected to drive an increase in the median sale price.
As per our research, home prices are relatively higher in inland cities near Portford. On the other hand, as you move towards the border areas of the Pine Tree State, like Bangor, you can find cheaper housing options.
4 Reasons to live in Maine 🌲
- Cheaper Houses: The median home sale price in Maine is ~$377K, but you can get houses between $145K and $255K in cities like Caribou, Presque Isle, and Augusta.
- Tax Benefits:Maine offers tax credits to all it’s residents. These tax credits are based on the amount of property tax, rent and income of the residents.
- Affordable Transportation:Transportation costs in cities mentioned in this blog are up to 30% lower than the national average.
- Cheaper Rentals:The rent prices of these cities are lower than the national average. You can save up to $1,150 per month in rent.
Cheapest Places to Live in Maine in 2024
This list provides insights into the average household income, median listing price, population, unemployment rate, and poverty rate of the cities.
| City | Median Household Income | Median Home Value | Population | Unemployment Rate | Poverty Rate |
|---|---|---|---|---|---|
| Caribou | $43,967 | $145,365 | 7,448 | 5.8% | 13.8% |
| Presque Isle | $47,853 | $158,912 | 8,859 | 5.2% | 15.9% |
| Skowhegan | $46,786 | $205,619 | 6,344 | 3.5% | 15.5% |
| Waterville | $41,245 | $221,768 | 15,872 | 5.2% | 23.1% |
| Bangor | $49,652 | $252,906 | 31,920 | 4.9% | 16.1% |
| Winslow | $48,506 | $253,658 | 5,104 | 2.2% | 9.3% |
| Augusta | $40,438 | $255,302 | 18,895 | 2.4% | 19.3% |
7 Cheapest Places to Live in ME
The annual population growth of 4.3% since 2010 is reflective of people’s intention to move to Maine. If you’re considering to shift to Maine, here are some cities that offer affordable living options:
1. Caribou
| 🟢 Cost of Living Compared to National Average | 24.9%⬇️ |
| 🏡 Median Home Price | $145,365 |
| 💲 Median Rent | $700 |
| 🍓 Known For | Goughan’s Berry Farm |
Caribou is an affordable place to live in Maine. The housing costs are 62.4% less than the national average. It also offers affordable transportation that costs which is 34.4% lower than the national average.
Caribou stands out as a budget-friendly city. The city is surrounded by picturesque landscapes, including the nearby Appalachian Mountain, and the Potomac River.
» Homes for Sale in Caribou, ME: Find your dream home in this city.
2. Presque Isle
| 🟢 Cost of Living Compared to National Average | 24.9%⬇️ |
| 🏡 Median Home Price | $158,912 |
| 💲 Median Rent | $850 |
| ☀️ Known For | Maine Solar System Model |
Presque Isle is one of the cheapest rental destinations in Maine with home rent ranging from $750 – $3,450. It also offers affordable housing which is 57.6% lower than the national average.
The city’s proximity to the Presque Isle State Park gives residents opportunities for outdoor activities and a scenic environment. Apart from this, the city has excellent educational institutes like the University of Maine at Presque Isle (UMPI).
» Homes for Sale in Presque Isle, ME: Browse thousands of property listings in Presque Isle.
3. Skowhegan
| 🟢 Cost of Living Compared to National Average | 20.6%⬇️ |
| 🏡 Median Home Price | $205,619 |
| 💲 Median Rent | $1,100 |
| 🌊 Known For | Whitewater Rafting |
Skowhegan has affordable housing with average costs being 52.6% lower than the national average. The transportation costs are 29.8% lower than the national costs.
Moreover, Skowhegan has a robust healthcare system with hospitals like Redington-Fairview General Hospital.
The city has a vibrant artistic community, highlighted by the renowned Skowhegan School of Painting & Sculpture. This creates a unique cultural experience for residents and fosters a creative atmosphere.
» Homes for Sale in Skowhegan, ME: View all the properties for sale in this city.
4. Waterville
| 🟢 Cost of Living Compared to National Average | 11.4%⬇️ |
| 🏡 Median Home Price | $221,768 |
| 💲 Median Rent | $1,350 |
| 🎼 Known For | Waterville Opera House |
Waterville offers budget-friendly living with a median rent of $650 lower than the national median of $2000. With transportation costs being 37% lower than the national average, the city stands out as one of the most inexpensive places to live in Maine.
Waterville is an ideal place for job seekers. The city has a projected job growth of 33.08%, which is higher than the national average. Health practitioners are some of the highest-paid people in the area.
» Homes for Sale in Waterville, ME: Browse through thousands of affordable properties.
5. Bangor
| 🟢 Cost of Living Compared to National Average | 14.3%⬇️ |
| 🏡 Median Home Price | $252,906 |
| 💲 Median Rent | $1,600 |
| 🏘️ Known For | Stephen King’s House |
Bangor’s cost of living is 14.3% lower than the national average. The transportation expenses are 31.1% lower than the national median.
Bangor is the region’s largest market town, distribution center, and media center. Besides this, institutions like Bangor Savings Bank contribute to the financial well-being of the community.
» Homes for Sale in Bangor, ME: Browse through thousands of properties in Bangor.
6. Winslow
| 🟢 Cost of Living Compared to National Average | 11.4%⬇️ |
| 🏡 Median Home Price | $253,658 |
| 💲 Median Rent | $1,600 |
| 🌲 Known For | Reynolds Forest |
The house rent in Winslow is between $1,300 – $3,500. You can comfortably live in this city with an average household income of $62,096.
Winslow offers a peaceful lifestyle and is close to large cities like Portland. The city boasts abundant outdoor pursuits. Winslow Park is a favored spot to enjoy walking trails, a playground, and picnics.
» Homes for Sale in Winslow, ME: Find a home in one of the cheapest places to live in Maine.
7. Augusta
| 🟢 Cost of Living Compared to National Average | 11.4%⬇️ |
| 🏡 Median Home Price | $255,302 |
| 💲 Median Rent | $1,400 |
| 🖼️ Known For | Maine State Museum |
Augusta is one of the best places to live in Maine. The monthly expenditure on food for an individual amounts to $589, making it one of the most budget-friendly options across the state.
Augusta is a charming city with numerous attractions like Capitol Park and Viles Arboretum. Each September, residents can participate in the Common Ground Country Fair, providing ample entertainment.
» Homes for Sale in Augusta, ME: Get yourself a home in Augusta.
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Bottom Line
The cost of living in Maine is 3.0% lower than the national average. It is also home to some of the most expensive cities in America. However, if you want to shift to Maine, you can find affordable housing in cities like Caribou, Waterville, and Bangor.
Cities like Augusta and Winslow have a slightly expensive cost of living but provide better job opportunities. You must research the city’s home prices and living costs before relocating.
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Research Methodology
We’ve created this list by considering factors such as cost of living, median home price, and rental price range. We have also accounted for the population, median household income, poverty rate, and unemployment rate in these cities.
To compile this list of the cheapest areas to live in Maine, we have drawn data from the Economic Research Institute, World Population Review, Rent Cafe, Zillow, and Best Places.
Frequently Asked Questions
Which is the cheapest place to live in Maine?
The cheapest place to live in Maine is Caribou. The cost of living in this city is 24.9% lower than the national average.
» 7 Cheapest Places to Live in Maine: Find out the other cheapest places to live in Maine!
Is Maine the cheapest place to live in?
No, it is not. The median home value is $377,025. If you're looking for cities with affordable housing and a low cost of living, you can try your luck in some of these cheapest places in America.
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