To Rent or Buy in Portland Maine…. That is the Question!
Aug 22, 2017 in Market News

Housing is the biggest expense for most and as real estate prices plus rental rates have risen here in Maine... is it now better to buy or has renting become more attractive again? 

Generally it is almost always a better deal to buy, but not always depending on how long one plans on staying in an area, the number of people involved, average incomes, costs of moving, etc. 

Here is some data on the cost of living in Portland, ME compared to the communities right outside of the city 

Rents Per Month
1 Bed Apt in city: ranges from $900-$1,250 
1 Bed Apt outside city: ranges from $750-$1,000
3 Bed Apt in city: ranges from $1,800-$2,500 
3 Bed Apt  outside city: ranges from $1,200- $2,000 

If you aren’t looking to buy a house at the moment then buying a condo may also be a more effective way to go than renting.

If your average cost of rent is $900 per month over 5 years, it comes out to $54,000. That’s over $50,000 that you could be investing into your own property! 

We are currently in a Sellers Market but that does not necessarily mean it is now a bad time to buy.. one needs to do their own calculations but with inventory remaining low, demand still on the rise and low rates.. buying a home is still more than likely the better way to still go!

August and September are usually busy times in real estate, so don’t hesitate to browse what is out on the market here in Maine and never hesitate to contact one of our agents if you have any questions as well! :)

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