With mouthwatering seafood, cozy small towns, beautiful scenery, and lighthouses dotting the rocky coastlines, Maine is the perfect place to call home. There are also plenty of first-time homebuyer programs to make homebuying more affordable. NewHomeSource has compiled a list of the 10 most affordable cities in Maine to help you find the next city where you can settle down.
Home Price to Income Ratio: 3.5%
Average Property Tax: $3062
Median Household Income: $52,477
Sanford tops the list of most affordable cities in Maine. This pleasant town is known for its scenic neighborhoods and historic buildings. One of the best ways to enjoy Sanford is by strolling through the picturesque landscapes. Mix in the placid lakes and lush forests, and you have a peaceful place to live.
Home Price to Income Ratio: 3.22%
Average Property Tax: $1713
Median Household Income: $38,862
Waterville, in Kennebec County, is home to Colby College and Thomas College. It is a beautiful city known for academic excellence, cinema, and the arts. There are many activities to engage in, such as hiking the Quarry Road Trails, enjoying a drink and appetizers with friends at Mainely Brews Restaurant & Brewhouse, and taking in a show at Railroad Square Cinema.
Home Price to Income Ratio: 3.16%
Average Property Tax: $2404
Median Household Income: $44,523
Lewiston is the second-largest city in Maine. It is located on the Androscoggin River and has many opportunities for those who love to fish year-round. In addition, the wildlife preserve – Thorncrag Bird Sanctuary – is an excellent place for bird watching. Trails crisscross the 450 acres where you can walk or jog while admiring the breathtaking forests, critters, and fields. You can learn about the strong Franco-American influence in Lewiston by dropping in at the Gendron Franco Center or Museum L/A.
Home Price to Income Ratio: 3.31%
Average Property Tax: $1984
Median Household Income: $43,796
Augusta, the capital, is surrounded by greenery and Victorian architecture which makes it an idyllic city. Historic Downtown Augusta has many new restaurants and businesses with many year-round events. Folks wanting to escape the city culture and immerse themselves in nature must schedule a getaway to Kennebec River Rail Trail!
Home Price to Income Ratio: 3.37%
Average Property Tax: $2277
Median Household Income: $46,625
Frequently referred to as the “Queen City of the East”, Bangor is full of adventurous things to do. The downtown center of Bangor is the most happening part of the city. It has many shops, boutiques, and restaurants with a beautiful view of the mighty Penobscot River. Additionally, the American horror author, Stephen King, is from Bangor. Stop by his home– if you dare– and see gargoyles perched on a black iron fence.
Home Price to Income Ratio: 3.32%
Average Property Tax: $2825
Median Household Income: $49,719
Auburn is the twin sister of Lewiston, and both occupy different sides of the Androscoggin River – one of the largest rivers in New England. The locale brims with nature, offering many opportunities for outdoor activities. You can take a leisurely stroll along the Auburn Riverwalk, enjoy a brisk walk down Spring Road Trail, and hike the forested trails on Mt. Apatite. Snow buffs can learn to ski at Lost Valley.
Home Price to Income Ratio: 3.92%
Average Property Tax: $3237
Median Household Income: $59,460
The city of Westbrook is located on the Presumpscot River and is an ideal place for canoeing, fishing, and kayaking. It is one of the fastest-growing areas in Maine and has a diversity of arts, culture, dining, entertainment, and shopping. Furthermore, Mill Brook Preserve is one of the most popular nature walks in Westbrook. At the preserve, you will be surrounded by 130 acres of majestic forest. You may think it’s Camelot, as it’s a perfect spot to be immersed in nature.
Home Price to Income Ratio: 4.63%
Average Property Tax: $3123
Median Household Income: $53,120
Biddeford is a coastal town located in the southwestern part of Maine. It hosts many festivals such as La Kermesse and River Jam Fest in the summer, which are favorites amongst locals. Those looking for a place to relax and enjoy the stunning views of ocean waves must check out Biddeford Pool – a village that wraps around a marsh, or ‘the Pool.” After a day of soaking up the sun, stop by Sweetcream Dairy for a delicious treat.
Home Price to Income Ratio: 3.67%
Average Property Tax: $3288
Median Household Income: $70,517
Saco is a neighboring city of Biddeford, and is home to two of Maine’s largest amusement parks: Funtown Splashtown USA and Aquaboggan Water Park. Ferry Beach State Park is a place where you can enjoy ocean views and nature trails, such as Saco Bay Trails. Those looking for a city bursting with outdoor activities will love Saco.
10. South Portland
Home Price to Income Ratio: 3.71%
Average Property Tax: $3575
Median Household Income: $69,290
South Portland is located across the harbor from Portland. It is famous for its shops and is home to Maine’s largest mall: The Maine Mall. Bug Light Park is a charming place to watch the sunset. Spring Point Shoreway is a mile-long walk along the water that offers expansive views of the coast and leads you to Bug Light Park.
Cities with the Best Home Price to Income Ratio
While the list above is sorted by the lowest overall cost of living index, the following cities have the lowest home price to income ratio, meaning you can get more home for your money.
Drew Port is a writer for NewHomeSource. She writes on the homebuying process, as well as informing readers on homeownership.