Estimated Monthly Payment — Median Maine Home
$2,726
Based on $380,000 home · 20% down · 6.7% APR · 30-year fixed · taxes & insurance included
Median Price
$380,000
Property Tax
1.36%
Avg. HOA
$175/mo
Median Rent
$1,350/mo
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Estimate only. Not a loan offer, approval, pre-approval, or financial advice. Actual payments and terms may vary. Consult a licensed mortgage professional before making real estate decisions.
Market Insights
About the Maine housing market
Maine's housing market is moderately priced for the region, with a median home price around $380,000. Portland is the largest metro, with Lewiston a close second. Maine has seen significant home price increases driven by remote-worker migration, with coastal areas commanding substantial premiums. Maine's effective property tax rate of 1.36% is above the national average.
The median Maine home costs $380,000. At today's average 30-year fixed rate (6.7%) with 20% down, principal & interest works out to roughly $1,962, and the total monthly payment including taxes, insurance, and average HOA comes to approximately $2,726. First-time buyers in Maine can explore programs through Maine HFA.
Photo by Keith Luke on Unsplash
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FAQ
Maine mortgage FAQs
What's the property tax rate in Maine?
Maine's effective property tax rate averages about 1.36% — above the national average. On a $380,000 home, that's roughly $431/month or $5,168/year.
How much do I need to earn to afford a typical Maine home?
Using the 28/36 rule, a buyer would need roughly $102,000–$131,000 in gross annual income to comfortably afford Maine's $380,000 median home with 20% down at current rates.
What first-time buyer programs are available in Maine?
MaineHousing offers the First Home Loan program with low rates and Advantage down payment assistance up to $5,000. Eligibility typically requires being a first-time buyer with income within program limits and completing homebuyer education.
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