Affordable cost of living, favorable climate, and quality education have motivated more than 34,237 people to move to Maine. But it’s not that easy for everyone. With a median home price of $410,347, Maine can be expensive.
Should that stop you from moving to the Pine Tree State? Absolutely NOT!
Cities like Waterville and Augusta offer several budget-friendly options. While Waterville offers a cost of living 5% lower than the national average, the median home price in Augusta is $279,764.
Whether you’re a retiree or a young professional looking for exciting opportunities, Maine has affordable housing for everyone. Let’s explore some of the cheapest places to live in Maine!
4 Reasons to live in Maine 🌲
- Cheaper Houses: The median home sale price in Maine is ~$410K, but you can get houses between $160K and $381K in cities like Caribou, Presque Isle, and Belfast.
- 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 money every month on 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% |
10 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 | $160,330 |
| 💲 Median Rent | $1,500 |
| 🍓 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. The city also has some major employment opportunities for its residents. National companies like Day’s Jewelers and Living Innovations offers jobs in this area.
» 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 | $176,796 |
| 💲 Median Rent | $875 |
| ☀️ Known For | Maine Solar System Model |
Presque Isle is one of the cheapest rental destinations in Maine with home rent ranging from $750 – $1,300. 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 | $229,094 |
| 💲 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 29.7% 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. Apart from this cultural vibe, companies like Skowhegan State Fair and New Balance are prominent in Skowhegan and known for their economic contribution.
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4. Waterville
| 🟢 Cost of Living Compared to National Average | 11.4%⬇️ |
| 🏡 Median Home Price | $245,249 |
| 💲 Median Rent | $1,250 |
| 🎼 Known For | Waterville Opera House |
Waterville offers budget-friendly living with a median rent of $1,250 which is lower than the national median of $2,100. 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.
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5. Bangor
| 🟢 Cost of Living Compared to National Average | 14.3%⬇️ |
| 🏡 Median Home Price | $278,069 |
| 💲 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 | $279,578 |
| 💲 Median Rent | $1,250 |
| 🌲 Known For | Reynolds Forest |
The house rent in Winslow is between $500 – $2,500. 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. In addition, the city is a hub for employment with major companies like Midstate Machine and Johnny’s Selected Seeds. These companies are prominent in Winslow city.
» 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 | $279,764 |
| 💲 Median Rent | $1,613 |
| 🖼️ 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 $594, 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. There are also major companies in the city such as MaineGeneral Health and FAME Maine that offer jobs.
» Homes for Sale in Augusta, ME: Get yourself a home in Augusta.
8. Orono
| 🟢 Cost of Living Compared to National Average | 14.3%⬇️ |
| 🏡 Median Home Price | $311,321 |
| 💲 Median Rent | $1,700 |
| 🏫 Known For | University of Maine |
The median home price in Orono is $311K with living expenses of 14.3% lower than the national average. The city has transportation services that also cost 31.6% cheaper.
Residents of Orono enjoy a diverse range of outdoor activities and landscapes. The city is also known for the University of Maine. Additionally, Independence Advocates of Maine and Genesis HealthCare also contribute to the city’s strong job market.
» Homes for Sale in Orono, ME: Get yourself a home in Orono.
9. Gardiner
| 🟢 Cost of Living Compared to National Average | 11.4%⬇️ |
| 🏡 Median Home Price | $294,752 |
| 💲 Median Rent | $1,700 |
| 🖼️ Known For | Yellowstone National Park |
Gardiner is one of the best places to live in Maine. The cost of living is 11.4% lower than the national average, making it one of the most budget-friendly options across the country.
Gardiner has top-rated schools like the Gardiner Regional Middle School. The city is an ideal place for families to settle down and thrive. Also, the city is famous for its employment. Two major employers in the city are Pine State Trading and Gardiner Savings Institution Fsb.
» Homes for Sale in Gardiner, ME: Find homes in one of the cheapest cities in Maine.
10. Belfast
| 🟢 Cost of Living Compared to National Average | 11.3%⬇️ |
| 🏡 Median Home Price | $381,145 |
| 💲 Median Rent | $2,350 |
| 🏭 Known For | Advances Manufacturing |
Belfast is one of the cheapest cities to live in Maine with a median home price of $381K. Housing costs are also 20% lower than the US average. Belfast’s affordable food, health, housing, and make the city one of the cheapest places to live in the US.
Apart from this, the city is home to major companies like Maine Farmland Trust and352 Medical Group. These companies offer jobs in the agriculture and medical sectors.
» Homes for Sale in Belfast, ME: Find homes in one of the cheapest cities in Maine.
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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 Orono and Belfast 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.
» Free Home Value Estimator: Get an estimate of property values with Maine’s most accurate home value estimator.
Find Homes for Sale in ME Under Your Specific Budget
» Best Rental Websites in America: Can’t find your dream home within your budget? Explore thousands of listings on the nation’s top rental websites.
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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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