Real Estate Relocation Guide To Maine

Relocating from Chicago to Maine is a major move. You’re crossing state lines and heading 1,100 miles to find a new home in a different community. By familiarizing yourself with the local real estate market, whether your destination is Portland or Bath you can get a good idea of the Maine landscape and locate the best area for you and your family.

We’ll start with the big picture… Maine has an estimated population of 1.3 million* and around 30,000 square miles of land. The total number of housing units is 691,164, of which about 399,000 are owner-occupied and 149,000 are inhabited by renters. Roughly 143,000, or 20 percent, of the residences in the state are vacant. The median home value in Maine is $170,500 and the median household income is $43,439. For an idea of how this sizes up with national averages – the median home value in the U.S. is $185,200 and the median household income is $48,451.

Statewide figures provide a good overview of Maine, but when you’re planning to relocate to the region, knowing what types of housing are available is the most important thing. So here’s a breakdown of what Maine real estate has to offer…

About 8,200 homes in Maine are new construction, developed in 2005 or after (another 41,000 were put up between 2000 and 2004). Maine has its share of vintage charm as well with 201,000 residences built prior to 1940. The total number of detached, single-family houses across the state is 471,000, and there’s also a good selection of multi-unit residences and condos. Most homes have 2 bedrooms, but size varies greatly depending on where you look. And, in case you’re wondering about how your budget will pan out in The Pine Tree State, monthly mortgage costs in [Alabama] generally hover between $500 and 2,000+.

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*All statistics are from the 2006 American Community Survey as shown on the U.S. Census Bureau website.
Sources: factfinder.census.gov and www.city-data.com