Total monthly cost of ownership
Cost to Own a Home in Damariscotta, Maine
A $387,000 home here costs
$3,112per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $133,500 a year.
A standard mortgage calculator would have told you $2,110. The real number is $1,002 higher every month, 47% more than the payment most buyers budget for.
Compare Lincoln County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Damariscotta from a five-year rolling sample, and with about 1,172 residents that sample is small. The median home value here carries a much wider margin of error than a big-city figure does, so treat it as indicative rather than exact. The Lincoln County figures are drawn from a far larger sample if you want a steadier number.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Damariscotta against Lincoln County and Maine
| Measure | Damariscotta | Lincoln County |
|---|---|---|
| Median home value | $387,200 | $306,200 |
| Median property tax | $3,841 | $2,850 |
| Effective tax rate | 0.992% | 0.931% |
| Median gross rent | $1,016 | $1,003 |
| Population | 1,172 | 35,840 |
The weather behind that power bill
Damariscotta sits in Lincoln County, which averages a high of 78.3°F in its hottest month and a low of 14.7°F in its coldest, with 49.25" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 346 cooling and 7,077 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Lincoln County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Lincoln County
Talk to someone who works this market
These are Damariscotta averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Damariscotta every week. Free, no obligation, and we never sell your details to a list.
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Common questions
How much does it cost to own a home in Damariscotta?
A $387,000 home in Damariscotta, Maine costs approximately $3,112 per month with 20% down at 7.24%. That is $2,110 principal and interest, $320 property tax, $115 homeowners insurance, $245 utilities and $323 set aside for maintenance.
What is the property tax rate in Damariscotta?
Damariscotta has an effective property tax rate of 0.992%, based on a median home value of $387,200 and median real estate taxes of $3,841. That is higher than the Lincoln County average of 0.931%.
What is the average home price in Damariscotta?
The median owner-occupied home value in Damariscotta, Maine is $387,200, against $306,200 across Lincoln County.
Is it cheaper to rent or buy in Damariscotta?
Median gross rent in Damariscotta is $1,016 a month, against $3,112 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Damariscotta?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Damariscotta, Maine at today's rate takes a household income of roughly $133,500 a year. That covers the full $3,112 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Damariscotta, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Maine.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.