Are You Spending Too Much to Rent in Maine?

New data is out, according to WGME, by the U.S Census Bureau showing that almost half of Maine renters, are spending at least 30 percent of their income on housing. 

So, if you are constantly doing mental math while renting, you’re not alone. 

So, what the specialists are saying is that if your rent is eating up a 1/3 or more of your paycheck, you’re officially stretched.  

How Much is The Average Rent in Maine?

According to the article, median rent through Maine climbed up to $1,139 between 2020-2024, this is an increase of more than 8 percent from the past five year period. 

What’s mostly tough is that wages haven’t increased enough to match the increasing rent. 

When so much of the income you bring home goes towards keeping a roof over your head, something else has got to give. Health care. Savings. Groceries. It’s tough to build a future and own your own home when most of your paycheck is already spoken for.  

In some counties, it’s even worse.

According to the report, get this, more than half of renters in Oxford County are spending over 30 percent of their income on housing.

Rents remain highest in Cumberland County, continuing something that's pretty much squeezed residents since the pandemic housing surge. 

Maine is facing a housing shortage, and prices haven’t dropped to make much of a difference. So if you’ve been wondering why it feels harder to get ahead,  it’s not just you. 

The real question is: how long can almost half the state of Maine afford to stay renters under these conditions?