PORTLAND, Maine — Reports compiled and published by the Maine State Housing Authority detail home affordability in communities across the state, gauging how many would have been within reach of a household making the median income in a given community.
Last year, the most affordable town was Mexico, based on the housing agency’s data. Just 17 miles away, Newry, near the Sunday River ski resort, was one of Maine’s most difficult places to find a home deemed affordable using these standards.
The housing agency defines affordability as a being able to cover the payment on a 30-year mortgage using no more than 28 percent of gross income. Areas with an affordability index of 1 means home prices were in line with the area’s median household income last year.
An index below 1 means the area is less affordable, higher values indicate it’s more affordable to residents.
The County is pleased to feature content from our sister company, Bangor Daily News. To read the rest of “Here’s where to find the most affordable homes in Maine,” an article by contributing Bangor Daily News staff writer Darren Fishell, please follow this link to the BDN online.
