Average Salary in Maine: Can You Afford the Cost of Living in Maine?
Maine is one of the most affordable places to live in the United States. The most important thing to consider before you move there is the cost of living in Maine. Maine is not only a coastal state with coastal views but also home to a few renowned national parks. Acadia National Park is one of them.
In this article, we will give you insight into the cost of living in Maine. We look at the average salary in Maine and the average rent in Maine. You will also find answers to questions like, what is a good salary in Maine? The article provides a salary comparison by city to give you an idea of what to expect as you plan your relocation to Maine.
What to Know Before Moving to Maine
Maine has natural beauty with a beautiful coastline and many nearby hiking trails. It is a friendly location where people are warm and welcoming, but it does not have as much diversity as New York. The career opportunities most in demand are a nurse practitioner, physician assistant, physical therapist, and software developer.
Maine is a great place to start a family, far from busy places like New York and New Jersey. If you’re moving your whole family, you may want to review the University of Maine and Maine Maritime Academy.
Tech jobs are in high demand in Maine, with top-tier companies like TechMaine, Tyler Technologies, Maine Technology Group, Plixer, Kinotek Inc, and Bottomline Technologies. According to Statista, the unemployment rate in Maine was about 4.6 percent in 2021. This is around the same rate as the national unemployment rate.
What Is the Cost of Living in Maine?
The cost of living in Maine is about $45,272 yearly, according to the personal consumption expenditure report released by the Bureau of Economic Analysis in 2020. The minimum federal wage rate is $7,25 per hour, but Maine’s state law raised this to $12.75 per hour in 2022.
The average salary in Maine is about $58,015 per year, which translates to $4,835 per month and $27.89 per hour. The cost of living varies from city to city. A cost of living calculator will give you a more accurate median price figure based on your needs.
How Is Cost of Living Calculated?
You calculate the cost of living in Maine by summing up the average cost of rent, private or public transportation, food, healthcare, and utilities per individual in Maine. The cost of living would be higher in the more expensive cities, like Portland, Biddeford, and Saco. Of course, the cost of living varies depending on each person’s unique circumstances.
What Contributes to the Cost of Living in Maine?
Average Rent in Maine
The average rent in Maine ranges from $829 to $1,850 per month, depending on the kind of apartment. Studio apartments cost an average of $829, with a median rent price of $727. A one-bedroom apartment’s monthly rent is $908, and a typical two-bedroom apartment costs $1,168 per month. If you need more space, you need to be willing to spend between $1,502 and $1,850 for three- and four-bedroom apartments, respectively.
Average Transportation Costs in Maine
The annual transportation costs in Maine are about $10,618 and currently make up the bulk of the total cost of living in the city. The high cost of transportation is due to the high gas prices that affect both the cost of public and private transportation in the state. It is also important to note that the cost of transportation varies from one part of Maine to the other.
Average Food Costs in Maine
The average food costs in Maine are about $361 per adult per month. Multiplied by twelve months, grocery prices will total $4,332 per year. This does not include the cost of eating out in any restaurants, feeding a family, or any other miscellaneous costs.
Average Healthcare Costs in Maine
The cost of healthcare in Maine is about $7,851 annually for individuals. Healthcare is another major contributor to the total cost of living in the state, and it is above the national average. There have been some complaints about the high cost of health insurance for individuals and family healthcare in Maine.
Average Utility Costs in Maine
The average utility bill per person in Maine is about $380 per month and $4,560 yearly per household. In some parts of Maine, the rental amount includes utilities, while in other regions, you will have to put money aside for your monthly utility bill.
Other Expenses to Consider in Maine
Apart from the bulk expenses like housing, transportation, healthcare, food, and utilities, you must consider taxation in Maine. Everyone must pay annual taxes, and property owners must pay property taxes in Maine. You also need to consider personal monthly costs like entertainment, gym memberships, and clothing.
Should I Buy or Rent in Maine?
The median cost for a home in Maine is $233,000, and the monthly payments vary significantly depending on the mortgage agreement and initial deposit. It is a substantial sum for an average salary earner in Maine. However, if you can get the housing loan approved and have a stable job for the monthly payment, it might be a better investment to buy a house instead of renting one in Maine.
What Is the Average Salary in Maine?
The average salary in Maine is about $58,015 per year, which translates to $4,835 per month, $27.89 per hour, according to ZipRecruiter. It is just below the annual national average of $63,214 in the United States. The salary range for Maine jumps from a low of $18,828 to a high of $124,905 per annum. These depend on location, job description, profession, and experience.
Workers in Waterville, Augusta, and Sanford earn higher salaries than those in other parts of Maine. This is based on the national average and is influenced by several variables. Clinical physician assistants, certified registered nurse anesthetists, emergency medicine specialists, and public health dentists are among the highest-paid workers in the United States.
Salary Comparison by City in Maine
What Is a Good Salary?
Anything above $50,000 is considered a good salary in Maine for a single individual with no family obligations. A family of two may need at least $100,000 in combined income to meet up with daily expenses and unplanned costs. When it comes to a family with children, consider variables like the cost of education for school students and a family-sized house.
Can You Afford the Average Cost of Living in Maine?
Yes, you can afford to live in Maine if you are a single person who earns an annual salary of at least $45,272. Keep in mind that the cost of living only includes monthly expenses and does not include savings, investments, or personal costs.
To live comfortably and save money in Maine, you will need to earn at least $50,000. Otherwise, you will spend almost everything you earn as a living wage. Simply earning minimum wage or the amount required to survive in Maine might leave you in debt after a few years as a single adult.
Cost of Living in Maine FAQ
Maine is a more expensive state to live in than the average state in the US. While Maine is more affordable than places in Vermont, Connecticut, Massachusetts, and New England, the cost of living in Maine is still higher than the national average in the country. The bulk of your income will be spent on taxes, healthcare, and food.
Mississippi is the cheapest state to live in in the United States. The average cost of living in Mississippi is about 15 percent lower than the average standard of living in the United States. This is according to the latest cost of living reports by World Population Review.
Yes, Maine is a good place to move to because it is one of the safest places in the United States. The crime rate in Maine is extremely low compared to states like California with high rates of school shootings and intentional deaths. Maine has a deceptively long coastline and acres of forest in nearby national parks.
Winter in Maine may last for three months and is marked by freezing temperatures. This is not a surprise since Maine is close to Canada. The winter in Maine officially starts toward the end of November and lasts until early March the following year.