CALCMONEY // HOME AFFORDABILITY // ME // PORTLAND
How much house can you afford in Portland? Based on local median home prices, current ME mortgage rates, and Portland property tax data.
$485,000
$3,211/mo
$137,614/yr
$195,894
Monthly housing costs of $3,211 represent 53.5% of Portland's median gross monthly income ($6,000/mo). At 53.5%, median-income buyers in Portland are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $485,000 |
| Down Payment (20%) | $97,000 |
| Loan Amount | $388,000 |
| Monthly PI Payment | $2,568 |
| Monthly Property Tax | $441 |
| Monthly Insurance Est. | $202 |
| Total Monthly PITI | $3,211 |
| Housing Cost % of Income | 53.5% |
| Required Income (28% rule) | $137,614/yr |
| Max Affordable Home | $195,894 |
$16,975
$4,072/mo
Portland Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $485,000 | Portland city median |
| Down Payment (20%) | $97,000 | Conventional loan |
| Monthly PITI | $3,211 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $137,614 | Annual gross |
| Max Affordable Home | $195,894 | Based on median income |
| FHA Down (3.5%) | $16,975 | Minimum FHA |
| Housing Cost % of Income | 53.5% | Median income: $72,000/yr |
| Property Tax Rate | 1.09% | $5,287/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Portland is $485,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $388,000, generating a monthly P&I payment of $2,568. Adding property taxes ($441/mo) and homeowners insurance ($202/mo) brings total monthly PITI to $3,211.
Portland's property tax rate of 1.09% is near the national average, adding a standard increment to monthly housing costs. On the Portland median home, that is $441/month, or $5,287 per year.
Maine levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Portland should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Portland's median income of $72,000/year can afford up to $1,680/month in total housing costs. Based on Portland's mortgage rate of 6.95% and property tax rate of 1.09%, that translates to a maximum affordable home price of approximately $195,894 with 20% down on a 30-year loan.
To afford the median Portland home priced at $485,000, you need an annual gross income of approximately $137,614. Total monthly housing costs (principal and interest of $2,568, property taxes of $441, and insurance of $202) come to $3,211/month, which equals 28% of the required income.
At the median home price of $485,000 and median household income of $72,000, the total monthly housing cost of $3,211 represents 53.5% of gross monthly income. This is well above the standard 28% threshold, making Portland a challenging market for buyers at median income.
A conventional 20% down payment on the median Portland home of $485,000 is $97,000. An FHA loan requires just 3.5% down — $16,975 — but adds mortgage insurance of roughly $332/month, bringing total FHA payments to $4,072/month.
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