Housing Affordability
In 2024, the share of households unable to afford the median-priced home worsened 1 percentage point to 64%.
No significant movement since the last available data
Benchmark: The percentage of households unable to afford the median-priced home will remain below 50%.
Overview
Data on homeownership affordability shows a troubling trend. The COVID-19 pandemic sparked a surge in homebuying that pushed up sale prices in Maine and nationwide. As a result, the estimated percentage of Maine households that cannot afford the median-priced home has risen from 39% in 2020 to 64% in 2024.* This means the cost of the home’s mortgage, taxes, and insurance would exceed 30% of the household’s income. This number may be inflated due to an increase in sales of high-priced homes. Nevertheless, the need for affordable housing is a recurring theme across the state.
Housing is a significant portion of household budgets, and housing costs reflect everything from the supply of housing stock, to public policies regarding planning and new construction, to lending practices and interest rates. Regions with affordable housing are better able to attract and retain workers. Affordable housing also has broad positive impacts on health and childhood development, which benefit individuals and communities alike.
*This estimate reflects a new methodology adopted by MaineHousing in 2025. The affordability threshold was raised from 28% to 30% to align with industry standards, and updated data cleaning and estimation procedures were adopted as part of MaineHousing’s continuous improvements.
Fig. A
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Maine Households Unable to Afford Median-Priced Home
Source: MaineHousing