Those thinking about moving to Portland, Maine, already know it is a unique location. Portland is a city full of artists and food lovers, beachcombers, and winter lovers. The city also has plenty of nightlife, shopping, and tourism. But it is also a city that manages to keep its small-town charm despite the urban essentials. Maine is an excellent and safe area to settle in 2022. This far north state has many beautiful things to see, but it is not for everyone. This guide will help everyone see what to expect if they decide to move up to Portland and make it their home. So for those considering moving to Maine, here are some things to ponder.
Quick Facts
- Maine provides 90% of the country's lobster supply.
- The average household income in Portland is $78,881, with a 13.92% poverty rate.
- In recent years, the median rental rate has been $1,204 per month, with a median property value of $302,700.
- Portland's population is falling at a rate of -0.29% each year and has declined by -0.67% since the previous census.
- Portland has a population of 65,645 in 2020. It also serves as the county seat for Cumberland County.
Portland, Maine in a Nutshell
Throughout Portland, there are many local entrepreneurs. They sell homegrown or handcrafted goods ranging from mittens to coffee. Residents refer to Portland's center and surrounding urban and neighborhoods as the "peninsula." And more residential communities expand to the west and north of the Back Inlet. Younger generations are looking to settle for an island lifestyle. They can find it on the metro area's residential islands east of the peninsula. Even though more people are discovering its charms, Portland is at a fork in the road. The new developments can sometimes receive criticism. But still, there is a great demand for cheap housing in the city. Currently, Portland has a tight market because of housing stock. As a result, it has made it difficult for middle-income earners to settle in Portland.
Economy
Portland has become Maine's economic powerhouse. The state has the largest port and most people, and it is near Boston. Its local economy has transitioned away from fishing, manufacturing, and agriculture. Over the years, it has been moving toward a more service-based economy. Most national banks and other financial institutions are already in the city. Some of these places include the Bank of America and Key Bank, which operate out of Portland. Maine Medical Center is the state's largest hospital.
Additionally, professional workers in health care are in high demand in the city. Meanwhile, hiring in industrial and information technology has remained robust. Unum Group, a Fortune 500 corporation, owns a life insurance subsidiary in Portland. Since 1912, L.L. Bean in nearby Freeport has been a proponent of outdoor clothing. Portland is particularly appealing to telecommuters. Those who want a better quality of life and keep their out-of-state salaries will gain the most. Maine's minimum wage is $12 per hour, making it one of the highest in the US. Many will earn more money here than in other New England states except Massachusetts. Living in Portland will be more delightful than other southern states' $7.25 minimum wage. At least in Portland, they may make a decent living while doing something they enjoy.
Employment
People move to Maine because it is their desired location. It is a little out of the way, but it's still close by major cities like Boston, New York City, and other important New England sites. That means that most people can find work before they move or shortly after they arrive. This outcome is even more fortified because the state's unemployment rate is below 3%. Portland has a lower unemployment rate than the national average, which many admire. But, the city has a significant concentration of low-paid service jobs. As a result, the mean annual wage in Portland is a little lower than the national average.
Additionally, healthcare employment is the most prevalent in the state. So, jobs like occupational therapists and nurse practitioners are in high demand. Most high-paying occupations in Maine are in the medical area, as mentioned. But there are also positions available in the software development and mechanics field.
Real Estate in Portland, Maine
Maine's gorgeous landscape and amenities come at a high cost. Maine housing costs almost $40,000 more than the national average. So, those on a limited budget can consider renting a house or an apartment for $1,204 per month. But, the many career prospects allow residents to save money and finally buy their ideal home. Those who intend to live in Maine for good must have a reasonable estimate of their budget.
Additionally, property investment is something 43% of Portland residents do. So knowing the average home value in Portland of around $302,700 is vital. But, as more people move to Portland and homes become available, real estate values tend to rise. For example, in December 2021, the average home value had increased by about 22% over the previous year. Not to mention, houses rarely stay on the market for long. The average in 2021 was nine days before contracting, compared to 13 days the previous year.
Real Estate Trends
Portland has seen a boom in population over the last twelve months. This situation has had a direct impact on the local real estate market. Currently, more than 60% of Portland residents rent. Due to the increased rental demand and rising costs, many tenants are now looking to buy a home. Portland is experiencing a thriving economy and increased demand for houses now. Thus, the Portland housing market expects to take off in the coming months. Portland, Maine, currently has 361 active home listings and 26 new homes for sale. Portland homes sold for a median price of $606,500 in June 2022. Homes sold after 108 days on the market, compared to 26 days last year. There were 311 homes sold in Portland for June 2022 this year, up from 88 last year.
Final Thoughts
Nowadays, people want to live somewhere that seems like a little town. Many also seek easy access to the shore, encouraging a slower pace of life. For those who want these aspects, Portland is the place to be. This city has a lot to offer, from historical towns to whale sightings that seem to happen all the time. There are also scenic lighthouses, islands, and mountains. The city's job market also works well for young families working from home or freelancers. The benefits and drawbacks of living in Maine may force many to adopt a different lifestyle. But, for those who are ready, there are many options to move and begin a new life in Portland.
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