Maine incomes lag rising housing costs, study shows
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From 2020 to 2024, median home prices grew by more than 50% while income for Mainers grew by less than 33.3%, according to the 19-page report.
Wage increases in Maine lag far behind rising housing costs, a report from the Maine State Housing Authority shows.
From 2020 to 2024, median home prices grew by more than 50% while income for Mainers grew by less than 33.3%, according to the 19-page report.
Rental costs also rose. Since 2018, rates have increased sharply among Maine households earning between $35,000 and $75,000 in total household income.
While new loans fell sharply in response to the rise in mortgage rates, MaineHousing noted that increases have slowed for now.
The study shows some progress on the affordable housing front, with 775 units completed across the state in 2024 and another 1,005 under construction. MaineHousing sees some leveling out of building costs for affordable units.
In addition, prices for home heating fuel — oil, propane and kerosene — have all stabilized. After hitting historic highs in 2022 and 2023, they’ve been trending downwards since April 2024.
A state study released in 2023 estimated a need to build 84,000 new housing units by 2030 to meet growing demand.
More information
MaineHousing's full report is available here.
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