The Portland Maine cost of living is likely on the forefront of your mind. Portland has a perfect mix of natural beauty, beaches, cobbled streets, seafood, and cultural vibrancy. With above-average schools, Portland is a great place for families. The city has a lively nightlife and great shopping and dining options.
With over 700 acres of open space and public parks, as well as 70 miles of trails connecting it to the surrounding communities, Portland offers excellent opportunities for healthy living and to enjoy the outdoors. Although a popular summer tourist destination, the city retains a small-town feel much of the year. Notable people from Portland include author Stephen King, poet Henry Wadsworth Longfellow, and director John Ford. Find out everything you need to know about the Portland Maine cost of living expenses in our guide!
Portland Maine Cost of Living
What is the cost of living in Portland Maine? The cost of living in Portland Maine varies based on factors like your household size, chosen neighborhood, and personal lifestyle. The indexes and data come from community and economic research to determine the Portland cost of living expenses. Is Portland Maine expensive to live? This below cost of living data will help you assess whether Portland fits your budget.
Portland Cost of Living Index
The cost of living index is based on the national average, which is set at 100. If a city has a cost of living index of 90, that means the cost of living is 10% below the national average. If it’s 110, then the cost of living in that city is 10% higher than the national average. The cost of living index Portland Maine has is made up of housing, healthcare, groceries, transportation expenses, and other costs.
The Portland Maine cost of living index allows you to see how the cost of living in Portland Maine compares to where you’re living now. The overall cost of living in Portland Maine is 121, which is 21% higher than the U.S. average. The biggest contributor to the Portland Maine cost of living is housing, which is 53% higher than the national average.
Consumer Price Index
The Consumer Price Index (CPI), tracked by the Bureau of Labor Statistics (BLS), reflects the average change in prices over time that urban consumers pay for goods and services. The CPI for the Northeast Region increased 3.5 percent over the last 12 months, mainly due to rises in the shelter index that contributed to the 4.4 percent increase in all items less food and energy index. Food cost prices rose 1.6 percent, the smallest increase since May 2021. Energy prices decreased by 2.9 percent. These are all things to consider when looking at the Portland Maine cost of living.
Consumer Expenditures Survey
The Consumer Expenditure Surveys (CE) provide data on consumer expenditures, income, and demographics in the United States. The surveys include the Interview Survey, which focuses on major or recurring expenses, and the Diary Survey, which captures smaller or frequently purchased items.
What salary do you need to live comfortably in Portland, Maine? The CE for the Northeast Region 2022-23 shows expenditures for households averaged $83,647 per year for the Portland Maine cost of living. The national average is $75,172. Expenditures for housing accounted for 34.3% ($28,681), food accounted for 12.8% ($10,683), and transportation accounted for 15.5% ($12,991).
Family Budget Calculator (Economic Policy Institute)
The Family Budget Calculator on the Economic Policy Institute (EPI) website estimates the income a family needs to maintain an adequate standard of living in every county or metro area in the U.S. based on one of 10 family types (one or two adults with zero to four children).
The money costs for a family of two adults and two children living in the Portland Maine Metro area would be $10,076 monthly or $120,916 yearly to live comfortably. The Portland Maine cost of living breakdown would include housing expenses, food costs, transportation expenses, living wage, education, and individual needs. Here is what the Portland Maine cost of living calculator shows:
Monthly:
- Housing - $1,859
- Food - $1,170
- Child Care - $1,724
- Transportation costs - $1,446
- Health Care - $1,330
- Other Necessities - $1,072
- Taxes - $1,475
Yearly:
- Housing - $22,308
- Food - $14,040
- Child care - $20,688
- Transportation costs - $17,352
- Health care - $15,960
- Other necessities - $12,864
- Taxes - $17,700
Cost of Household Items, Food, & Groceries in Portland
Is it expensive to live in Portland? The cost of living index for Portland takes into account the estimated expenses for household items, groceries, gas, and other everyday life necessities. Here’s a breakdown of typical consumer prices, average utility costs, and other common expenses going into the Portland Maine cost of living, including how much is a gallon of milk in Portland, Maine.
- Meal, inexpensive restaurant - $25.50
- Meal at McDonalds - $12.00
- Beef round (1 pound) - $8.09
- Beer - $6.00
- Milk (regular), (1 gallon) - $3.95
- Bread (1 pound) - $3.14
- Dozen eggs - $4.50
- Chicken fillets (1 lb) - $4.37
- Potato (1 pound) - $2.98
- Gasoline (1 gallon) - $3.42
- Utilities (monthly) - $225.00
- Movie ticket - $14.75
- Mobile phone (monthly) - $47.83
- Transportation (monthly pass) - $60.00
- Car insurance (yearly) - $1,140
Portland Real Estate Market
A big part of Portland Maine cost of living is the real estate. The Portland housing market is somewhat competitive, and you can expect to spend more money now than in recent years. The median sale price of a home in Portland is $615,000, up 10.0% since last year. The median sale price per square foot in Portland is $398, 0.6% higher than last year. This can vary depending on On average, homes in Portland sell after 26 days on the market, up from 27 days last year. Home sales average 100.1% of the list price. Homeownership in Portland is 46%.
In Portland, the average rent for a 669-square-foot apartment is $1,864. However, rental costs can vary significantly based on factors such as unit size, location, and the number of bedrooms.
Portland Price-to-Rent Ratio
If you're weighing the decision to rent or buy, consider using the example of the price-to-rent ratio to guide your choice of the Portland Maine cost of living.
Median Home Price in Portland ÷ Median Annual Rent in Portland = Price-to-Rent Ratio.
The higher the ratio, the better the market is for renters. The lower the ratio, the better it is for buyers. A ratio of 1 to 15 means buying is better than renting. However, a ratio of 16 to 20 means it’s usually better for renting. A ratio of 21 or more means it’s much better to rent than buy.
The price-to-rent ratio in Portland is: $615,000 ÷ $22,368 = 27.5, which is a good indication of the Portland Maine cost of living.
Based on the price-to-rent ratio, it’s much better to rent than to buy in Portland.
Portland has great neighborhoods to choose from, including the bustling Downtown area and the picturesque East Bayside. Each neighborhood has its unique characteristics and caters to different lifestyles and preferences. The most expensive neighborhood in Portland is West End, a historic neighborhood featuring Victorian-era architecture along with modern condos, tree-lined streets, and stunning water views.
The most affordable neighborhood is Parkside, with a median listing home price of $380,000. This beautiful neighborhood has the iconic Deering Oaks Park, with over 55 acres of green space, tennis courts, a baseball diamond, and a playground. The park hosts concerts, farmers’ markets, and ice skating throughout the year.
Parkside is close to downtown, where attractions like the Portland Museum of Art and One Longfellow Square are minutes away.
Portland Rental Market – Average Rent in Portland
The average rent in Portland is $1,864 per month for a 669-square-foot apartment. Rents can vary from $701 to over $2,000 a month, depending on the unit type, number of bedrooms, and location. You can find inexpensive and luxury apartments in the city. The cost of living data from RentCafe shows the average costs in the city Portland, ME.
The most affordable neighborhoods in Portland have housing expenses of:
- Back Cove - $1,741/month
- East Deering - $1,741/month
- North Deering - $1,741/month
The most expensive neighborhoods in Portland have housing expenses around:
- Nasons Corner - $2,230/month
- Stroudwater - $2,230/month
The most popular neighborhoods in Portland have housing expenses around:
- Downtown Portland - $1,940/month
- Parkside - $1,940/month
- Westside Portland - $1,940/month
Out of Reach shows you how wide the gap is between renters’ wages and the cost of rental housing for every state in the United States, including the Portland Maine cost of living. The Housing Wage estimates the hourly wage a full-time worker must earn to afford a rental home at 30% or less of their income on housing costs, which is the accepted standard of affordability.
The minimum wage in Maine is $14.15 per hour. That means you would have to work 59 hours per week to afford a modest 1-bedroom rental home, more than what the typical full time worker works. The 30% cap of your income would mean you could afford to pay $718 per month in rent. Unfortunately, this is less than half of the average rental cost in Portland. This means it's not affordable.
Average Salary & Household Income in Portland
The median household income in Portland is $71,498. According to Payscale, the average salary is $72,000 a year. Wages in Portland have increased by 0.5 percent in Q3 2024. The yearly wages for some of the most popular occupations in Portland are:
- Project Manager - $93,340
- Mechanical Engineer - $102,990
- Software Developer - $118,740
- Operations Manager - $115,950
- Marketing Specialist - $76,260
- Chief Executive - $195,540
- Dentist - $222,460
Income, Sales & Property Taxes in Portland
When looking at the Portland Maine cost of living, you’ll want to consider how much you’ll pay in taxes compared to where you are now. Below is some helpful tax information you’ll need when moving to Portland.
Income Tax
The state of Maine has a graduated state individual income tax, with rates ranging from 5.80 percent to 7.15 percent.
Sales Tax
The state of Maine has a general sales tax rate of 5.5%. Maine has the 9th lowest sales tax rate in the U.S. The total sales tax rate, including county and city taxes, is 5.5% in Portland. The Combined Sales Tax Rates for Portland in 2024 are:
- State rate: 5.5%
- County rate: No county sale tax
- City rate: No city sale tax
- Special rate: No special rate
Property Tax
Property tax is a big indicator for the Portland Maine cost of living. Property taxes in Portland are levied according to a mill rate. The mill rate is the dollars / cents per $1,000 of value that you will pay in property taxes. If your home is valued at $100,000 and the mill rate is 20, then your property taxes are equal to 2% of your home's value or $2,000.
If the mill rate is 15, then you’d pay 1.5% of the home's value or $1,500. If the mill rate is 10 mills, then you’d pay 1% or $1,000. The current mil rate in Portland is $15.01 per $1,000 of valuation, which means if your home is valued at $100,000, your tax amount will be $15,010. Maine has the 16th highest property tax rates in the U.S.
Portland vs Other Cities Cost of Living
Portland vs Lewiston
To get a better idea of the average cost of living in Portland Maine, we have compared it to Maine’s second-largest city of Lewiston. The cost of living is 22% higher in Portland than in Lewiston. Goods and services (9% higher than the national average), healthcare (3% higher than the national average), transportation (9% higher than the national average), utilities (7% higher than the national average), and groceries (2% higher than the national average) are all the same for both cities. The only difference between the cost of living in Portland Maine, and Lewiston is housing, which is 72% higher in Portland than in Lewiston.
Portland Maine vs San Francisco
The Portland Maine cost of living is significantly lower than San Francisco. Overall, the cost of living in San Francisco is approximately 124% higher than in Portland, ME. Housing is the biggest contributor to this disparity, with San Francisco’s housing costs being nearly 350% higher than Portland, ME.
Transportation is 55% higher, and groceries are about 30% more expensive in San Francisco. While Portland, ME, has slightly higher utility costs (7% above the national average), San Francisco’s cost of utilities is still higher overall. For those looking to escape sky-high expenses while still enjoying a vibrant urban lifestyle, Portland, ME, offers a much more affordable alternative.
Cost of Living Chicago vs Portland Maine
The Portland Maine cost of living is similar to Chicago's cost of living, though they differ in specific categories. Housing in Portland, ME, is about 28% higher than in Chicago, making it less affordable for homebuyers or renters. However, transportation costs in Portland, ME, are 12% lower, and healthcare expenses are 8% lower compared to Chicago.
Groceries and goods/services are nearly equal in both cities. If you prioritize housing affordability, Chicago may be the better option, but Portland, ME, stands out for its lower transportation and healthcare expenses.
Cost of Living Portland Oregon vs Portland Maine
While both cities share the same name, Portland, OR, has a cost of living that is 42% higher than the cost of living Portland Maine has. Housing is the primary factor, with Portland, OR, housing costs being about 70% higher than in Portland, ME. Transportation in Portland, OR, is 35% higher, while groceries and utilities are about 10% and 12% more expensive, respectively.
However, healthcare costs in Portland, ME, are slightly higher (3% above the national average), while Portland, OR, is closer to the national average. If affordability is a priority, Portland, ME, is the more budget-friendly choice for your new city.
Cost of Living Boston vs Portland Maine
Boston is significantly more expensive than the Portland Maine cost of living, according to the cost of living data. The cost of living in Boston is about 57% higher overall. Housing in Boston is 140% more expensive, due to the many urban areas. Transportation and healthcare are also higher in Boston by 25% and 15%, respectively.
Groceries and utilities in Boston are about 12% and 8% more expensive than in Portland, ME. For those who want a New England experience but with more affordable living costs, The cost of living Portland Maine vs Boston means Portland Maine is a better option than Boston if it's your current city.
Moving to Portland Maine? Preferred Movers Can Help!
Although Portland has a higher cost of living than the national average, most of that cost comes from housing. Portland also has a healthy job market, great neighborhoods, above-average schools, and many dining and shopping opportunities. Portland also offers a wealth of outdoor activities.
If the Portland Maine cost of living sounds good to you and you're planning on moving to the area, you need the best Portland ME movers to help you get there. We can help with local moving, international moving, storage, and more! Preferred Movers is a top Maine moving company that is ready to help you with anything you need. Give us a call today at (351) 888-3984 or fill out our form for a free quote!
