Quick facts: Portland, ME

Quick Facts

110.5
Cost of Living
above US average
68,424
Population
18.63
Crime Rate per 1000
below US average
$71,498
Median Income
below US average
$920,000
Median House Price
above US average
$2636.99
Average Rent
above US average
10%
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 $71,498.

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Income Needed to Buy

βœ— Stretch
$289k/year
Based on $920,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $289k vs median $71,498
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Income Needed to Rent

⚠ Stretch
$113k/year
Based on $2636.99/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $113k vs median $71,498
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Portland, ME

Portland, Maine, is the state's largest city and is known for its stunning waterfront, vibrant arts scene, and rich maritime history. Nestled on the southern coast of Maine, Portland boasts a charming blend of old and new, with historic architecture and modern amenities. The city is famous for its picturesque Old Port district, characterized by cobblestone streets, unique boutiques, and a variety of restaurants featuring fresh seafood, particularly its renowned lobster. Outdoor enthusiasts will enjoy nearby parks and beaches, such as Fort Williams Park, home to the iconic Portland Head Light, one of the most photographed lighthouses in the U.S. Additionally, the city's thriving arts and culture scene includes numerous galleries, theaters, and music venues, making it a hub for creativity. Portland is also known for its craft breweries, with numerous local breweries contributing to the city's status as one of the best beer cities in America. With a strong sense of community, diverse neighborhoods, and a beautiful coastal setting, Portland, ME, offers a unique and inviting atmosphere for residents and visitors alike.

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