Total monthly cost of ownership
Cost to Own a Home in Newport, Maine
A $163,000 home here costs
$1,532per 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 $65,500 a year.
A standard mortgage calculator would have told you $889. The real number is $643 higher every month, 72% more than the payment most buyers budget for.
Compare Penobscot County with anywhere in America · full county breakdown
Small-place caveat: the Census publishes these figures for Newport from a five-year rolling sample, and with about 1,469 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 Penobscot 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.
Newport against Penobscot County and Maine
| Measure | Newport | Penobscot County |
|---|---|---|
| Median home value | $162,800 | $193,800 |
| Median property tax | $2,572 | $2,435 |
| Effective tax rate | 1.580% | 1.256% |
| Median gross rent | $896 | $997 |
| Population | 1,469 | 153,571 |
The weather behind that power bill
Newport sits in Penobscot County, which averages a high of 79.3°F in its hottest month and a low of 3.4°F in its coldest, with 44.27" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 337 cooling and 8,272 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Penobscot County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Penobscot County
Full Penobscot County cost breakdown · Every county in Maine
Talk to someone who works this market
These are Newport 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 Newport every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Newport I already own here and may sell
Common questions
How much does it cost to own a home in Newport?
A $163,000 home in Newport, Maine costs approximately $1,532 per month with 20% down at 7.24%. That is $889 principal and interest, $215 property tax, $48 homeowners insurance, $245 utilities and $136 set aside for maintenance.
What is the property tax rate in Newport?
Newport has an effective property tax rate of 1.580%, based on a median home value of $162,800 and median real estate taxes of $2,572. That is higher than the Penobscot County average of 1.256%.
What is the average home price in Newport?
The median owner-occupied home value in Newport, Maine is $162,800, against $193,800 across Penobscot County.
Is it cheaper to rent or buy in Newport?
Median gross rent in Newport is $896 a month, against $1,532 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 Newport?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Newport, Maine at today's rate takes a household income of roughly $65,500 a year. That covers the full $1,532 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Newport, 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.