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Counties with the lowest home prices in Maine
The real estate market is booming right now thanks to low interest rates, a flood of millennial buyers, and shrinking inventory. The has increased 20% year over year, hitting $347,500, according to a report released in April 2020 by real estate listing website Redfin. These high asking costs鈥攚hile good for sellers鈥攁re pricing many buyers out of the market entirely.
But all things are not equal when it comes to real estate in the United States.
used 2021 data calculated by the to compile a list of counties with the lowest median home values and monthly mortgage payments in Maine. Counties were ranked by the monthly mortgage payment for a typical home in 2020, from lowest to highest. Ties were broken by median home values in 2020.
The calculated the fourth quarter 2020 median home values by applying the Federal Housing Finance Agency's growth to 2019 housing and population data from the American Community Survey and determining an estimate of 2020 median home values for all counties where data is available. The monthly mortgage payments for fourth quarter 2019 and fourth quarter 2020 were calculated for a 30-year fixed-rate mortgage with a 10% down payment.
Keep reading to discover which county in Maine has the lowest home prices.
#16. Cumberland County
- Monthly mortgage payment in 2019: $1,293
- Median home value in 2020: $324,900
- Ranked #2,913 out of 3,120 counties nationwide
#15. York County
- Monthly mortgage payment in 2019: $1,155
- Median home value in 2020: $297,000
- Ranked #2,843 out of 3,120 counties nationwide
#14. Sagadahoc County
- Monthly mortgage payment in 2019: $881
- Median home value in 2020: $231,600
- Ranked #2,593 out of 3,120 counties nationwide
#13. Lincoln County
- Monthly mortgage payment in 2019: $969
- Median home value in 2020: $228,600
- Ranked #2,576 out of 3,120 counties nationwide
#12. Knox County
- Monthly mortgage payment in 2019: $939
- Median home value in 2020: $226,400
- Ranked #2,563 out of 3,120 counties nationwide
#11. Hancock County
- Monthly mortgage payment in 2019: $962
- Median home value in 2020: $225,700
- Ranked #2,559 out of 3,120 counties nationwide
#10. Androscoggin County
- Monthly mortgage payment in 2019: $712
- Median home value in 2020: $186,700
- Ranked #2,285 out of 3,120 counties nationwide
#9. Kennebec County
- Monthly mortgage payment in 2019: $710
- Median home value in 2020: $179,600
- Ranked #2,206 out of 3,120 counties nationwide
#8. Waldo County
- Monthly mortgage payment in 2019: $731
- Median home value in 2020: $173,000
- Ranked #2,092 out of 3,120 counties nationwide
#7. Penobscot County
- Monthly mortgage payment in 2019: $655
- Median home value in 2020: $164,100
- Ranked #1,980 out of 3,120 counties nationwide
#6. Oxford County
- Monthly mortgage payment in 2019: $646
- Median home value in 2020: $152,900
- Ranked #1,811 out of 3,120 counties nationwide
#5. Franklin County
- Monthly mortgage payment in 2019: $631
- Median home value in 2020: $148,300
- Ranked #1,755 out of 3,120 counties nationwide
#4. Somerset County
- Monthly mortgage payment in 2019: $511
- Median home value in 2020: $122,800
- Ranked #1,276 out of 3,120 counties nationwide
#3. Washington County
- Monthly mortgage payment in 2019: $502
- Median home value in 2020: $119,300
- Ranked #1,173 out of 3,120 counties nationwide
#2. Piscataquis County
- Monthly mortgage payment in 2019: $517
- Median home value in 2020: $116,200
- Ranked #1,108 out of 3,120 counties nationwide
#1. Aroostook County
- Monthly mortgage payment in 2019: $439
- Median home value in 2020: $99,600
- Ranked #693 out of 3,120 counties nationwide
