Total monthly cost of ownership
Cost to Own a Home in Portland, Maine
A $453,000 home here costs
$3,633per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $2,329. The real number is $1,304 higher every month — 56% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Portland against Cumberland County and Maine
| Measure | Portland | Cumberland County |
|---|---|---|
| Median home value | $452,600 | $411,400 |
| Median property tax | $5,598 | $4,577 |
| Effective tax rate | 1.237% | 1.113% |
| Median gross rent | $1,487 | $1,492 |
| Population | 68,505 | 305,940 |
The weather behind that power bill
Portland sits in Cumberland County, which averages a high of 79.5°F in its hottest month and a low of 15.6°F in its coldest, with 48.12" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 446 cooling and 6,795 heating degree days, which is what sets the $257 electricity line above.
See the full climate breakdown for Cumberland County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Cumberland County
Full Cumberland County cost breakdown · Every county in Maine
Common questions
How much does it cost to own a home in Portland?
A $453,000 home in Portland, Maine costs approximately $3,633 per month with 20% down at 6.66%. That is $2,329 principal and interest, $467 property tax, $134 homeowners insurance, $325 utilities and $378 set aside for maintenance.
What is the property tax rate in Portland?
Portland has an effective property tax rate of 1.237%, based on a median home value of $452,600 and median real estate taxes of $5,598. That is higher than the Cumberland County average of 1.113%.
What is the average home price in Portland?
The median owner-occupied home value in Portland, Maine is $452,600, against $411,400 across Cumberland County.
Is it cheaper to rent or buy in Portland?
Median gross rent in Portland is $1,487 a month, against $3,633 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Portland — 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.