Reports show “unaffordable” housing market in southern Maine

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New data shows the growing gap between median income and housing costs in York County. The report by the Southern Maine Planning and Development Commission highlights the discrepancy between housing costs and median income. It uses the home affordability index, a calculation that weights the average income needed to buy a home with the average home price in a given area. Between 2015 and 2019, York County’s average incomes rose 13.54 percent. At the same time, the average home prices in the district rose by 34.88 percent. In 2019, the median income in York County fell around $ 17,000 below what it would take to buy a home in the area. “There are young families who cannot afford to buy a home or are trying to get into this market and they are not right now,” said Reagan Young, who helped produce the report. Rob Edgerley, CEO of Maine Life Real Estate, said the housing market in southern Maine has grown steadily over the past decade, but an increasing number of outside of the state home buyers looking to move to Maine are still driving the red. hot market. “They think they’re coming to Maine, up north in the United States, and it’s going to be a lot,” Edgerley said. However, he said the southern Main’s proximity to Boston, New York City and other expensive housing markets keeps local prices high. Edgerly said supply and demand were most responsible for rising costs as growing interest in communities like York County competed with scarce availability.

New data shows the growing gap between median income and housing costs in York County.

The report by the Southern Maine Planning and Development Commission highlights the discrepancy between housing costs and median income.

It uses the home affordability index, a calculation that weights the average income needed to buy a home with the average home price in a given area.

Between 2015 and 2019, York County’s average incomes rose 13.54 percent. At the same time, the average home prices in the district rose by 34.88 percent.

In 2019, the median income in York County fell around $ 17,000 below what it would take to buy a home in the area.

“There are young families who cannot afford to buy a home or are trying to get into this market and they are not right now,” said Reagan Young, who helped produce the report.

Rob Edgerley, CEO of Maine Life Real Estate, said the housing market in southern Maine has grown steadily over the past decade, but an increasing number of outside of the state home buyers looking to move to Maine are still driving the red. hot market.

“They think they’re coming to Maine, up north in the United States, and it’s going to be a lot,” Edgerley said. However, he said the southern Main’s proximity to Boston, New York City and other expensive housing markets keeps local prices high.

Edgerly said supply and demand were most responsible for rising costs as growing interest in communities like York County competed with scarce availability.



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