Finding a new place to live can be complicated. Especially in a place like Maine where costs can vary greatly. Should you buy or rent, how much are property taxes, where can you afford to live? These are questions we all have. Our job is to make it easier for you to answer them. Here are 4 maps to help you better understand your renting and buying options in Maine.
Effective Property Tax
Maine has a wide variance in property taxes. Depending on the county you’re located in, the effective rate can nearly double!
If you would like to see how the effective rate translates to the full value, check out the full interactive version here.
Median Disposable Income
Property Taxes aren’t all you have to worry about. Income, property value, etc. We crunched the numbers and to find out the median disposable income after the median mortgage payment.
Similarly to the property taxes, if you would like to learn more about average incomes, costs associated with owning a home, then you can check out the full interactive version of the tool here.
But Where Can YOU Afford to Live In Maine
Chances are, your salary doesn’t fall perfectly within the median. And if you make less, than you might want to move to a neighboring county. No matter your situation, input your household income to see where you might be able to afford the median home.
Should You Even Buy or Should You Rent?
This is an important question. It makes sense to buy in most areas of Maine, but not all. Check out our map to see what areas it makes more sense to buy vs rent. If you’re tied down to a place with high cost of housing and lower rent, then you might be better off missing the buying boat all together.
How Much of a Mortgage Can You Afford
Mortgages are complicated and can vary by region and company. So we built a tool to help you better estimate of how much owning a home will cost. If you want to see how much less a mortgage can cost you by making extra principle payments, check out our early mortgage payoff calculator.
Want to Know Something Else About Maine?
Or anywhere else in the country? Then check out our other financial tools here. If you still don’t see something that might be helpful to you, let us know and we will do our best to answer your question. And if you like, we will even let you know when the tool is released!