Most people are familiar with Maine, which has a reputation for being a small but wealthy state. In fact, this reputation is one reason that the Maine housing market always tends to be booming. It’s a popular place to live.
Maine is found in New England and is the 9th least populous state in the entire United States. It is close to New Hampshire and to Canada, particularly the provinces of New Brunswick and Quebec.
Maine’s population was approximately 1,329,328 as of 2015 as determined by the United States Census Bureau, with a small increase expected in the population regularly. However, even with the increase, Maine is still a very small state, and its towns and cities do not tend to be very densely populated. In fact, many people do not live in Maine year-round but use it more as a vacation destination.
Compare and Contrast this Information to the 2015 Maine Real Estate Market Here
The 2018 housing market in Maine is expected to be on the rise based on data over the past few years, with home values rapidly going up. The fact that home values are only expected to rise in the Maine housing market makes now a very good time to consider buying a home.
The median list price for homes in Maine is $224,900 with a median home value of $219,623. Rent tends to be comparatively priced at an average of around $1,600.
Influencing Factors for the 2018 Maine Real Estate Market
Currently, many factors are having an influence on the state of the Maine housing market. These include the following facts:
- Foreclosures are expected to affect many homes in the coming years.
- Maine has a higher than average foreclosure rate, with 3.0 homes being foreclosed per every 10,000 homes
- Maine has a delinquent mortgage percentage of 2.1%
With such high rates of foreclosure and delinquent mortgages, it is expected that many foreclosed-on homes will come up for sale in the state in the next few years. These homes can often be bought at a cheaper than average rate. And, while this is certainly not fortunate for those who have had their homes foreclosed upon, it is fortunate for people looking to buy homes in the state at a bargain.
Best Places to Live in Maine
As you have probably gathered, not everyone can afford to live in Maine. However, for those who can, it is a great state to call home with many excellent places to live within the state.
South Portland definitely tops the list due to its proximity to hip Portland, among other factors. There is a high employment rate in the area, making it easy to find work, and it is generally a wealthy, virtually crime-free place to live. It’s also near the Maine Mall and other hubs for shopping, as well as for nightlife and entertainment. People who want to experience big city life without all of the stress and the crowds will often find that South Portland is a great place to be.
Cape Elizabeth is another nice place to call home. It is, in fact, a particularly good place to raise a family with some of the top schools being located in this area. This shows in the fact that 40% of the population has at least a bachelor’s degree. While there are plenty of other things to love about this cute city, its fine educational opportunities really top the charts for many who choose to take up residence here.
Brunswick is yet another fine area with a population of 20,278. Like South Portland, it boasts a low unemployment rate, and it also has plenty of entertainment opportunities. The town is home to a charming historic district, lots of museums, and plenty of restaurants. The town also enjoys great summertime weather, which makes it a popular vacation spot as well as a popular place to live.
For those who want access to good schools but who don’t want to live in Cape Elizabeth, Falmouth is an excellent solution. Like Cape Elizabeth, the city has plenty of excellent educational opportunities. However, most people who live in Falmouth are quite wealthy as it can be an expensive place to live. The truth is, though, that most of Maine is an expensive place to live.
Another good option for living in Maine is Topsham, which is a really fun place to call home. It has a huge fair each year that people flock to the city for. It is also known for its year-round community activities and its warm weather.
As you can see, there are lots of great places to live in Maine providing that you can afford it. If you can, then it’s time to start looking at housing options in the area and finding a place where you can stake your claim.