Housing in Maine becomes less affordable in 2016
MaineHousing's 2016 Housing Affordability Index, an analysis of median incomes, home prices and apartment rents, shows that statewide homeownership became less affordable after two years of affordability, while rentals continued to become less affordable.
An index number of 1.0 or greater is considered affordable. Statewide, the homeownership index was 0.97 in 2016 while the rental index was 0.85. In the past 18 years, 2014 and 2015 were the only two when homeownership was affordable.
In 2016, the median home price for Maine was $184,000 and the median income was $50,990, according to MaineHousing’s 2016 index. The income needed to afford the median home price was $52,545 and the home price affordable to the median income was $178,552.
For apartments, the average two-bedroom rent with utilities was $872 and the renter household median income was $29,588. The income needed to afford an average two-bedroom rent was $34,873, and the two-bedroom rent affordable to the median income was $740.
The affordability index is broken down by homes and apartments, and by statewide, counties, towns and cities, labor market areas, and congressional districts. To see the various reports, go here.
While the statewide index number shows an overall unaffordability, there are counties throughout Maine that are affordable: Androscoggin (1.10 index); Aroostook (1.61); Franklin (1.11); Kennebec (1.17); Lincoln (1.04); Oxford (1.11); Penobscot (1.22); Piscataquis (1.72); Somerset (1.55); Waldo (1.04) and Washington (1.51).
In 2016, two additional counties are now unaffordable for home ownership: Knox (0.99) and Sagadahoc (0.99). Cumberland (0.81), Hancock (0.95) and York (0.93) also are unaffordable.
For rentals, Knox (1.04) and Lincoln (1.03) counties were the only two with affordable rentals available.
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