Income needed to buy a house in Maine
A median-priced home in Maine costs $341,900. With 20% down you'd need about $92,538 a year, $16,096 more than the state's median household income of $76,442. Maine ranks #25 of 51 for the lowest income needed.
Income needed: $92,538 a year
Defaults: state median home value and property tax (Census ACS 2024), median homeowners insurance paid by owners with a mortgage (Census ACS 2024; quotes vary by home and ZIP code), 30-year rate 6.95% (Freddie Mac, week of 2026-09-17).
You'd need a household income of about $92,538 a year to buy a $341,900 home in Maine with $68,380 down.
Based on lenders' 28/36 rule: housing costs under 28% of gross income, all debt under 36%.
| Monthly cost | Amount |
|---|---|
| Principal & interest | $1,811 |
| Property tax | $259 |
| Homeowners insurance | $90 |
| Total | $2,159 |
Monthly cost by down payment
| Down payment | Cash down | Monthly cost | Income needed |
|---|---|---|---|
| 5% | $17,095 | $2,634 | $112,888 |
| 10% | $34,190 | $2,514 | $107,733 |
| 20% | $68,380 | $2,159 | $92,538 |
Under 20% down includes estimated private mortgage insurance of 0.5% of the loan per year.
Buying in Maine: what's different
- Transfer tax
- 0.44%, split 50/50
- On the median home
- $1,500
- Homestead break
- Up to $25,000 off value
- First-time buyer help
- MaineHousing
- Transfer and recording taxes. The transfer tax is $2.20 per $500 of value (0.44%), split equally between buyer and seller. For transfers since November 1, 2025, the part of the value above $1 million pays another $3.80 per $500. On the median Maine home ($341,900), that's about $1,500 in transfer tax.
- Property tax breaks for your home. The homestead exemption takes up to $25,000 off your home's value (adjusted by the town's certified ratio), but only once you've owned a home in Maine for the previous 12 months. File with the town by April 1.
- First-time buyer help. MaineHousing offers the First Home Loan through participating lenders. Check its site for income and price limits.
Checked against official sources on September 25, 2026. Local transfer taxes and exemptions vary, so confirm with the county before you close.
Home prices in Maine's largest metro area
| Metro area | Income needed | Median home value | Median household income |
|---|---|---|---|
| Portland, ME | $126,946 | $474,200 | $93,062 |
The median home in the Portland, ME area is worth $474,200, 39% more than the statewide median, and takes about $126,946 a year to buy with 20% down.
Metro medians from Census ACS 2024 cover the whole metro area, including any part in a neighboring state. Income needed: 20% down at 6.95%, the metro's median property tax and its main state's median homeowners insurance for homes with a mortgage (Census ACS 2024), under the 28% rule.
What makes owning in Maine about average among states
- Home prices: the median value of $341,900 is 5% below the U.S. median of $360,600.
- Property tax: about 0.91% of value a year ($259 a month on the median home).
- Insurance: owners with a mortgage paid a median $1,081 a year for homeowners insurance in 2024 (Census ACS). Premiums have risen in most states since then, and they vary a lot by home and ZIP code, so get quotes.
- Mortgage rate: each 1-point rise in rates adds roughly $187 a month on this loan.
13 states need at least 20% less income to buy their median home. States with a similar income requirement:
Frequently asked questions
How much do you need to make to buy a house in Maine?
About $92,538 a year for the median home of $341,900 with 20% down at 6.95%. With 10% down it's about $107,733.
What is the property tax rate in Maine?
The median Maine homeowner pays $3,103 a year, about 0.91% of the median home value (Census ACS 2024). Rates vary by county and city.
Is it cheaper to rent or buy in Maine?
Median rent is $1,210 a month, while owning the median home costs about $2,159 a month with 20% down, before maintenance. Renting affordably takes about $48,400 a year under the 30% rule.