Even Maine’s cheapest town has seen housing prices soar

The BDN is exploring Maine’s housing disaster from each doable angle, from how it has an effect on household costs, to what it indicates for Mainers throughout the state. Read through our ongoing coverage in this article and fill out this form to explain to us what you want to know.

Mexico was amongst the most economical sites to reside in Maine before the pandemic, with standard properties valued at $60,000. This calendar year, 4 houses there bought for far more than $300,000.

Whilst the appealing places in southern Maine like Cape Elizabeth and Portland have observed the best marketplaces during the COVID-19 pandemic, rural communities like Mexico, which is just across the Androscoggin River from the mill town of Rumford, are also viewing houses offer like they by no means have right before.

The normal property in Mexico was really worth $59,600, the least expensive for any group in Maine with 1,000 individuals or additional, as of the most recently obtainable American Neighborhood Survey numbers from 2020. Most of the only communities that have been beneath had been plantations and townships of much less than 100 people.

That valuation has risen due to the fact the pandemic began, as has the median income price tag of a residence on the industry. It was $60,000 in 2018, $65,000 in 2019, $77,000 in 2020 and $93,900 in 2021, in accordance to Redfin information of offered residences.

Mason Milligan, a 26-12 months-old welder, grew up in Rumford and lived in Maine all his everyday living right before shopping for a two-bedroom home in Mexico in March. He determined to consider for it just after remaining outbid on a person in Rumford, attracted to a sizable garage and a wish to depart extra rural Andover.

Milligan explained he was “not fully happy” with the $179,000 rate for the property, but mentioned that the marketplace was superior. That was the 2nd priciest of the 6 two-bedrooms bought in Mexico this yr. He was able to buy the residence with the assistance of a Federal Housing Administration personal loan.

The median product sales price tag for two-bedroom houses in Mexico from 2018 to 2020 was $75,000. Over-all, the median profits price so significantly in 2022 was $159,900, nevertheless that selection is continue to far beneath prices in most of Maine.

Again in January, a 4-bed room with close to 100 acres became the most pricey residence offered in Mexico in the earlier 5 decades, in accordance to Redfin knowledge. It went for $599,000 soon after 77 times on the marketplace. It was purchased by two people who stated their handle as a property in Los Angeles.

The town is most identified in Maine for its exceptional title, which arrived from community sympathy for Mexico’s combat for independence from Spain at the time of the town’s incorporation in 1818.