Buying a Home in Maine: What You Need to Know
If you're considering buying a home in Maine, understanding the true cost of homeownership is essential. Beyond your mortgage payment, Maine homeowners face property taxes, insurance costs, and closing fees that vary significantly from the national average. This calculator uses Maine-specific data to give you accurate monthly payment estimates.
Maine Property Taxes
Maine has an effective property tax rate of 0.94%, ranking #20 out of 50 states (where #1 is the highest). On a median-priced home of $381,000, you'd pay approximately $3,581 per year in property taxes, or about $298/month.
Maine's property tax rate is near the middle nationally. Property tax rates can vary by county, so check with your local tax assessor for exact rates in your area.
Maine Homeowners Insurance
The average annual homeowners insurance premium in Maine is $1,219 for $300,000 in dwelling coverage, or about $102/month.
Maine enjoys relatively low insurance costs compared to many other states. This is often due to lower risk of major natural disasters. However, rates vary by location, so get quotes for your specific property.
Maine Closing Costs
Closing costs in Maine average 0.88% of the home's purchase price. On a $381,000 home, that's approximately $3,353. Closing costs typically include:
- Loan origination fees
- Appraisal and inspection fees
- Title insurance and search
- Recording fees
- Prepaid property taxes and insurance
Maine Housing Market
The median home price in Maine is $381,000. This is close to the national median of approximately $410,000, offering a balanced housing market with options for various budgets.
More Maine Mortgage Tools
Use these additional calculators to plan your Maine home purchase: