Quick facts: Monmouth, ME

Quick Facts

106.3
Cost of Living
above US average
4,129
Population
0.73
Crime Rate per 1000
below US average
$70,000
Median Income
below US average
$249,900
Median House Price
above US average
$1922
Average Rent
above US average
9%
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 $70,000.

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Income Needed to Buy

βœ— Stretch
$78k/year
Based on $249,900 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $78k vs median $70,000
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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 $70,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Monmouth, ME

Monmouth is a charming town located in Kennebec County, Maine, with a rich history and a close-knit community. Known for its picturesque landscapes, Monmouth offers a blend of rural charm and outdoor recreational opportunities. The town is situated near the eastern shore of Lake Cobbosseecontee, providing residents and visitors with access to various water activities such as boating, fishing, and swimming. The area is steeped in history, with several historic sites and buildings that reflect its heritage. Monmouth has a tight-knit community, with annual events and gatherings that foster a sense of belonging among residents. The town is also home to Monmouth Academy, a local school that serves the educational needs of the community. Outdoor enthusiasts will appreciate the nearby hiking trails and parks that allow for exploration of Maine's natural beauty. With its blend of history, community spirit, and recreational opportunities, Monmouth serves as a tranquil retreat that reflects the quintessential New England lifestyle. Visitors can enjoy the peaceful surroundings, making it an ideal location for those seeking relaxation and a connection to nature.

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