Mortgage payment estimates, closing cost breakdowns, and homebuying data for Portland, Maine.
Median Home Price
$475K
Population
68K
Avg Monthly Rent
$1,850
Property Tax Rate
1.3% *
* Property tax shown is the Maine state average effective rate. Actual rates vary by county, city, and school district — check with your local assessor for exact rates in Portland.
Portland vs Maine Median
The median home price in Portland is $475,000, which is 36% above the Maine state median of $350,000.
Mortgage Calculator — Portland, ME
Pre-filled with Portland median home price and Maine tax/insurance rates. Adjust for your property.
Three down payment scenarios for a $475K home using Maine's 1.3% tax rate and $1,300/yr insurance.
5% Down
$3,738/mo
Down: $23,750
Loan: $451K
P&I: $2,852
Tax: $515
Insurance: $108
PMI: $263
10% Down
$3,574/mo
Down: $47,500
Loan: $428K
P&I: $2,702
Tax: $515
Insurance: $108
PMI: $249
20% Down (No PMI)
$3,025/mo
Down: $95,000
Loan: $380K
P&I: $2,402
Tax: $515
Insurance: $108
Income needed (28% rule): $130K/year with 20% down, $153K/year with 10% down.
Rent vs Buy in Portland
Rent
$1,850/mo
vs
Buy (10% down)
$3,574/mo
Price-to-rent ratio: 21.4 — At a ratio above 20, renting may be more economical in Portland for shorter stays. Buying costs $1,724 more per month than renting, and it typically takes 5-7 years to break even on the transaction costs of buying.
The median home price in Portland is $475,000, 36% above the Maine state median of $350,000. With a population of 68,408, Portland is a smaller market where home prices reflect strong demand and local economic factors.
Property taxes in Maine average 1.3% annually. This moderate property tax rate means a $475,000 home in Portland would carry roughly $515/month in property taxes. Homeowners insurance in Maine runs approximately $1,300 per year. This is within the normal range nationally.
Average rent in Portland is $1,850/month. With a price-to-rent ratio above 20, renting could be more economical in the short term — use our Rent vs Buy calculator to model your specific timeline.
Portland is a higher-cost market. At $475K median, buyers need significant savings or strong income. Down payment assistance through Maine's MaineHousing First Home program becomes especially important.
Run a Rent vs Buy analysis
Compare total costs of renting vs buying in Portland.