CALCMONEY // HOME AFFORDABILITY // ME
Find out how much home you can afford in Maine using local median home prices, current mortgage rates, and ME-specific property tax data.
Open Full Calculator$370,000
$2,543/mo
$176,330
$108,977/yr
| Median Home Price | $370,000 |
| Down Payment (20%) | $74,000 |
| Loan Amount | $296,000 |
| Monthly PI Payment | $1,969 |
| Monthly Property Tax | $419 |
| Monthly Insurance Est. | $154 |
| Total Monthly PITI | $2,543 |
| Required Gross Income (28% rule) | $108,977/yr |
| Max Affordable Price (28% rule) | $176,330 |
$12,950
$3,202/mo
Maine Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $370,000 | State median |
| Down Payment (20%) | $74,000 | Conventional |
| Monthly PITI (median home) | $2,543 | 7% rate |
| Required Income (28% rule) | $108,977 | Annual gross |
| Max Affordable Home | $176,330 | Based on median income |
| FHA Down Payment (3.5%) | $12,950 | Minimum FHA |
Monthly PITI includes principal, interest, property tax, and homeowners insurance.
The median home price in Maine is $370,000, with a current 30-year fixed mortgage rate of 7%. A buyer putting 20% down on the median home would carry a loan of $296,000, resulting in a monthly principal and interest payment of $1,969. Once property taxes and insurance are added, total monthly housing costs reach $2,543.
Property taxes in Maine average 1.36%, near the national average of 1.1%. On the median Maine home, property taxes add $419/month to total housing costs.
Maine levies a state income tax of 5.8%–7.15%, which affects take-home pay and therefore what you can realistically budget for housing. Mortgage interest may be deductible on both federal and Maine state returns — consult a tax professional for your situation.
Using the 28% rule, a household earning Maine's median income of $64,800/year can afford up to $1,512/month in total housing costs (principal, interest, taxes, and insurance). Based on Maine's current mortgage rate of 7% and property tax rate of 1.36%, that translates to a maximum affordable home price of approximately $176,330 with 20% down on a 30-year loan.
To comfortably afford the median Maine home priced at $370,000, you need an annual gross income of approximately $108,977. This is based on the standard 28% rule: your total monthly housing costs (principal and interest of $1,969, property taxes of $419, and insurance of $154) come to $2,543/month, which should not exceed 28% of your gross monthly income.
Maine's average property tax rate is 1.36%, which is above the national average of 1.1%. On the median Maine home of $370,000, that means annual property taxes of $5,032, or $419/month. Because lenders include property taxes in your debt-to-income calculation, Maine's property taxes have a relatively modest impact on overall affordability.
The minimum down payment depends on your loan type. For an FHA loan, you can put down as little as 3.5% — on the median Maine home of $370,000, that is $12,950. Conventional loans typically require 5% down, though some programs allow 3%. Putting down 20% ($74,000 on the median Maine home) lets you avoid private mortgage insurance (PMI), which can add 0.5%–1% to your annual loan cost. There are no Maine-specific minimum down payment requirements beyond federal guidelines.