How Much House Can You Afford in Maine?
Lenders typically use the 28/36 rule: your monthly housing payment should not exceed 28% of gross monthly income, and total debt payments should stay under 36%. With Maine's median income of $65,000/year ($5,417/month), that means a maximum housing payment of roughly $1,517/month.
At 6.88% over 30 years with a 10% down payment ($36,000), that monthly budget supports a purchase price of approximately $342,000–$360,000. The median home price in Maine is $360,000, which means housing is near the national average.