A Look Back: An ongoing need for housing in Portland
A story from the Mainebiz issue of July 25, 2005, had an air of deja vu about it, with a twist. The story, “Debunking the bubble,” weighed experts’ opinion on whether the Portland market was overbuilt and decried the fact that Cumberland County’s median home price was at $250,000.
Well, in 2019, we're growing concerned about a possible recession in the future, but the median home price is closer to $343,950. And the debate has shifted away from whether Portland is overbuilt to whether we have enough housing, particularly affordable housing. We hear about the construction boom, but at least when it comes to housing it’s not a bubble.
Fun Fact: The Aug. 8, 2005, issue of Mainebiz reported that Gifford’s Famous Ice Cream produced 1.2 million gallons of ice cream annually. Today, it produces upwards of 2 million gallons.
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