Home NEWS Portland isn’t the only place out-of-staters are buying pricey homes

Portland isn’t the only place out-of-staters are buying pricey homes

by universalverge

The BDN is exploring Maine’s housing disaster from each doable angle, from the way it impacts residence costs, to what it means for Mainers throughout the state. Learn our ongoing protection right here and fill out this type to inform us what you need to know.

Portland is seeing a number of new out-of-state consumers. However Bangor is seeing a much bigger share.

Maine’s lengthy historical past with short-term properties makes it possible many consumers will use their new properties as seasonal residences. Although itemizing one other handle might merely imply retaining possession of a earlier residence, the market’s massive share of individuals from away is affecting house-buying prospects for Mainers who need to keep right here.

In Bangor, 5 out of 19 residential properties (26 %) that offered for $250,000 or extra have been purchased by individuals who listed their after-sale mailing handle outdoors of Maine in Might. That proportion was truly larger than in Portland, the place 9 out of 61 (15 %) of such properties that offered had an out-of-state handle listed.

The numbers showcase not simply the continued need for individuals outdoors of Maine to relocate to the state or get second properties there, but in addition the sturdy function such purchases play in driving demand after which costs.

Many buying properties now are first-time consumers trying to relocate, stated actual property agent Kathryn Townsend of Cape Elizabeth-based Townsend Actual Property. She stated most out-of-state residents who purchase Maine properties appeared to be ready to remain right here full-time, although she had labored with some who have been buying summer time properties.

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Cape Elizabeth, one in every of Maine’s wealthiest communities and among the many locations the place housing has been tight, noticed 4 out of 13 of properties offered to residents with out-of-state addresses final month.

With Maine having a median family revenue under the nationwide common, most consumers are coming from states the place the everyday individual has way more wealth and assets, together with the power to win a bidding battle or pay upfront in money.

For instance, Maine’s median family revenue was $59,500 as of the 2020 American Neighborhood Survey, with 26 % of households making greater than $100,000 a yr. Massachusetts, which was residence to the biggest chunk by far of out-of-state consumers for the communities examined, has a median family revenue of $84,400, with 43 % of households making greater than $100,000 a yr.

Although that distinction is much less large within the components of southern Maine the place the housing affordability disaster is the worst, the common Massachusetts resident continues to be richer than the common individual in each Cumberland and York counties.

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