East Boothbay in Maine's midcoast is the least affordable place to live in the state, according to a study released Wednesday. Vanceboro, bordering Canada in Down East Maine, was listed as the most affordable.
The towns were among 100 listed in the study, conducted by unitedstateszipcodes.org. The site analyzed U.S. Census Bureau data, calculating the "median multiple," an affordability measure that determines how many years it would take someone earning the median income to pay off the median home price in a given location. Lower median multiple values indicate higher affordability.
According to the study, a value under 3 is considered affordable. Vanceboro, the most affordable, has a median multiple of 1.4, while East Boothbay, the least affordable, has a median multiple of 9.1.
The data also show that housing in Maine is becoming more affordable, on average. According to the study, the median multiple for the entire state this year is 3.4, a 2.4 percent drop from last year.
Perhaps unsurprisingly, the study shows that the 50 least affordable towns are mostly on the coast and in southern Maine — with outliers in waterfront and resort areas. ZIP codes that the site designates to Portland appear on the list five times: 04050 for Long Island; 04101 and 04102 for the peninsula, west to the Stroudwater neighborhood; 04108 for Peaks Island; 04109 for other Casco Bay islands.
All of the 50 most affordable towns are inland. To see the full list, click here.
The 10 most affordable places to live in Maine are:
Vanceboro, 04491, population 140
Median home value: $43,000
Median household income: $20,750
Median Multiple: 1.4
East Millinocket, 04430, population 1,728
Median home value: $61,100
Median household income: $34,671
Median Multiple: 1.5
Medway, 04460, population 1,419
Median home value: $74,600
Median household income: $47,143
Median Multiple: 1.6
Winn, 04495, population 407
Median home value: $68,700
Median household income: $34,444
Median Multiple: 1.7
Mexico, 04257, population 2,681
Median home value: $90,600
Median household income: $26,477
Median Multiple: 1.7
Limestone, 04750, population 2,603
Median home value: $64,600
Median household income: $34,468
Median Multiple 1.8
Saint Albans, 04971, population 2,005
Median home value: $112,800
Median household income: $43,393
Median Multiple: 1.9
Baileyville, 04694, population 2,376
Median home value: $84,800
Median household income: $46,419
Median Multiple: 1.9
Milford, 04461, population 3,070
Median home value: $122,400
Median household income: $48.569
Median Multiple: 1.9
Kingman, 04451, population 259
Median home value: $51,600
Median household income: $29,688
Median Multiple: 1.9
The 10 least affordable places to live in Maine are:
East Boothbay, 04544, population 724
Median home value: $411,300
Median household income: $57,279
Median Multiple: 9.1
South Bristol, 04568, population 391
Median home value: $300,000
Median household income: $58,750
Median Multiple: 8.9
Southport, 04576, population 604
Median home value: $440,400
Median household income: $47,250
Median Multiple: 8.4
Northeast Harbor, 04662, population 488
Median home value: $442,700
Median household income: $51,250
Median Multiple: 8.2
Portland, 04101, population 16,227
Median home value: $269,900
Median household income: $31,334
Median Multiple: 8.0
Monhegan, 04852, population 69
Median home value: $414,300
Median household income: $7,000
Median Multiple: 7.9
New Harbor, 04554, population 710
Median home value: $304,100
Median household income: $50,682
Median Multiple: 7.7
Portland, 04109, population 93
Median home value: $331,300
Median household income: $71,250
Median Multiple: 7.7
Bass Harbor, 04653, population 490
Median home value: $257,600
Median household income: $38,500
Median Multiple: 7.6
Ogunquit, 03907, population 894
Median home value: $519,900
Median household income: $57,457
Median Multiple: 7.5
Originally published July 27, 2019 at 1:25 p.m. ET.