CALCMONEY // HOME AFFORDABILITY // ME // SOUTH PORTLAND
How much house can you afford in South Portland? Based on local median home prices, current ME mortgage rates, and South Portland property tax data.
$420,000
$2,777/mo
$119,020/yr
$204,006
Monthly housing costs of $2,777 represent 47.6% of South Portland's median gross monthly income ($5,833/mo). At 47.6%, median-income buyers in South Portland are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $420,000 |
| Down Payment (20%) | $84,000 |
| Loan Amount | $336,000 |
| Monthly PI Payment | $2,224 |
| Monthly Property Tax | $378 |
| Monthly Insurance Est. | $175 |
| Total Monthly PITI | $2,777 |
| Housing Cost % of Income | 47.6% |
| Required Income (28% rule) | $119,020/yr |
| Max Affordable Home | $204,006 |
$14,700
$3,523/mo
South Portland Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $420,000 | South Portland city median |
| Down Payment (20%) | $84,000 | Conventional loan |
| Monthly PITI | $2,777 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $119,020 | Annual gross |
| Max Affordable Home | $204,006 | Based on median income |
| FHA Down (3.5%) | $14,700 | Minimum FHA |
| Housing Cost % of Income | 47.6% | Median income: $70,000/yr |
| Property Tax Rate | 1.08% | $4,536/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in South Portland is $420,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $336,000, generating a monthly P&I payment of $2,224. Adding property taxes ($378/mo) and homeowners insurance ($175/mo) brings total monthly PITI to $2,777.
South Portland's property tax rate of 1.08% is near the national average, adding a standard increment to monthly housing costs. On the South Portland median home, that is $378/month, or $4,536 per year.
Maine levies a state income tax, which affects take-home pay and effective buying power. High-income earners in South 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 South Portland's median income of $70,000/year can afford up to $1,633/month in total housing costs. Based on South Portland's mortgage rate of 6.95% and property tax rate of 1.08%, that translates to a maximum affordable home price of approximately $204,006 with 20% down on a 30-year loan.
To afford the median South Portland home priced at $420,000, you need an annual gross income of approximately $119,020. Total monthly housing costs (principal and interest of $2,224, property taxes of $378, and insurance of $175) come to $2,777/month, which equals 28% of the required income.
At the median home price of $420,000 and median household income of $70,000, the total monthly housing cost of $2,777 represents 47.6% of gross monthly income. This is well above the standard 28% threshold, making South Portland a challenging market for buyers at median income.
A conventional 20% down payment on the median South Portland home of $420,000 is $84,000. An FHA loan requires just 3.5% down — $14,700 — but adds mortgage insurance of roughly $287/month, bringing total FHA payments to $3,523/month.