The Cost of Living in Maine

If you want to move to New England, you should check out the cost of living in Maine.

There are so many things to love about the northernmost state in New England. From the breathtaking mountains, forests and lakes to fresh, delicious seafood, this coastal state has something for everyone. 

Living in Maine has many advantages, but there are things to consider, especially what it would take for you and your family to take up residence comfortably. 

Here’s a breakdown of the Pine Tree State’s living cost. 

General Cost of Living in Maine 

Recent data from the Missouri Economic Research and Information Center ranks Maine as the least expensive state in New England, ranking 41st in the states with the lowest cost of living. New England is wealthy and population dense, making the region more expensive than others in the United States. 

Hawaii had the highest cost of living, and Mississippi had the lowest. Popular entertainment and business states New York and California cost more than Maine, as did Oregon, Alaska and the District of Columbia. Massachusetts is the New England state with the highest cost of living. 

According to data from the Massachusetts Institute of Technology (MIT) the average single resident in Maine with no children needs $29,613 each year to comfortably live. That cost increases as households grow, with a family of four generally needing around $74,547 after taxes. 

Typical Income for Different Industries 

Maine has various career options, with many fishing, nature preservation, education, health care and business jobs. 

According to MIT, the average educator makes around $53,000, while doctors make approximately $82,300. Fishing industry employees earn about $42,000, and business managers earn around $104,000. 

Whether you can afford the cost of living in Maine will depend on what income you can expect in your caree field there. It also makes a difference if you have a partner who you share income with and whether they also work.  

Other Considerations 

The cost of living encapsulates many different living expenses, such as owning a home, raising kids, having a vehicle and feeding your household. However, you must consider other factors when deciding if Maine is right for you. 

Cost of living does not account for savings, so it’s important to remember your finances when saving for medical emergencies, downpayments, vacations and other expenses. 

Maine is gorgeous but can have cold winters filled with snow and ice. Are you able to handle home and car maintenance when it gets frigid? If not, can you afford to pay someone else to do it?

There are many entertainment options throughout the state and you’ll need to budget to enjoy annual ski and snowboarding passes, camping under the stars and enjoy the lively arts culture. You also might want to take advantage of the iconic restaurants. These excursions help you get the most out of Maine and make new friends.  

It’s also important to consider whether taxes come out of your paycheck or not. If you meet cost of living but don’t have extra to pay necessary taxes, it’s important to consider whether its the right time to move. 

Embracing Maine as Your Next Home 

Maine is a gorgeous state with various career opportunities, gorgeous scenery, fantastic food and a great social atmosphere. However, it’s important to feel secure in your financial decision to live there. Knowing what the average cost of living would be for your family is the first step to embracing the state.