How Much Money Do You Need To Make To Afford A Rental Unit In Maine? A LOT More Than Minimum Wage
Portland has become a focal point in recent years for a lack of affordable housing, specifically rentals, available for residents of the city. Prices have skyrocketed for a simple 2-bedroom unit within city parameters, leaving many would-be renters frustrated. But Portland isn't alone when it comes to climbing rental prices. ALL of Maine is becoming expensive, and the amount of money you need to make per hour just to afford a rental is astounding.
According to Don't Waste Your Money, Mainers need to make roughly $18 per hour to
afford a 2-bedroom unit. That factors in a person working 40 hours per week, 52 weeks per year. Making anything less than $18 per hour would mean the average person is spending more than one-third of their income on rent per month.
What does that ultimately mean? Well, two things. Supply isn't meeting demand for rentals in Maine, allowing landlords to move prices in their favor instead of renters. It also means that the average worker in Maine simply cannot live alone; they must have another reliable income streaming in to afford a rental property within state lines.
If you're a minimum wage worker in Maine, it gets ugly. In order to afford even a one-bedroom apartment at market prices, the average person would need to work between 60-70 hours per week. Astounding.
For those who want to run away to greener pastures? Better think again. The national average is actually higher than what Mainers have to pay. $21 per hour will get you that 2-bedroom apartment across the country.