Quick facts: Minot, ME

Quick Facts

106.3
Cost of Living
above US average
2,598
Population
3.85
Crime Rate per 1000
below US average
$65,000
Median Income
below US average
$589,900
Median House Price
above US average
$1922
Average Rent
above US average
5%
Poverty Rate
below US average
2.3%
Unemployment Rate
below US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $65,000.

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Income Needed to Buy

βœ— Stretch
$185k/year
Based on $589,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $185k vs median $65,000
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Income Needed to Rent

⚠ Stretch
$82k/year
Based on $1922/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $82k vs median $65,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Minot, ME

Minot is a charming town located in Androscoggin County, Maine. With a population of around 3,400 residents, it offers a tight-knit community atmosphere. The town is primarily rural, known for its picturesque landscapes, including rolling hills and wooded areas, making it ideal for nature enthusiasts and outdoor activities. Minot is situated just northwest of Auburn and Lewiston, providing convenient access to urban amenities while maintaining a peaceful, small-town vibe. The area is rich in history, featuring several historical sites and a vibrant community spirit, often showcased through local events and gatherings. Residents enjoy various recreational opportunities, including hiking, fishing, and winter sports, thanks to the nearby lakes and wooded areas. The local school system is valued, aiming to provide quality education to the community’s youth. Overall, Minot is a serene place to live, perfect for those seeking a tranquil lifestyle with the convenience of larger cities just a short drive away. Its friendly community and beautiful surroundings make it a hidden gem in Maine.

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