Total monthly cost of ownership
Cost to Own a Home in Skowhegan, Maine
A $139,000 home here costs
$1,302per 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 $56,000 a year.
A standard mortgage calculator would have told you $758. The real number is $544 higher every month, 72% more than the payment most buyers budget for.
Compare Somerset County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Skowhegan against Somerset County and Maine
| Measure | Skowhegan | Somerset County |
|---|---|---|
| Median home value | $138,600 | $155,200 |
| Median property tax | $1,705 | $1,798 |
| Effective tax rate | 1.230% | 1.159% |
| Median gross rent | $856 | $887 |
| Population | 6,638 | 50,852 |
The weather behind that power bill
Skowhegan sits in Somerset County, which averages a high of 75.4°F in its hottest month and a low of 5.4°F in its coldest, with 44.5" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 200 cooling and 8,860 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Somerset County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Somerset County
Talk to someone who works this market
These are Skowhegan 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 Skowhegan every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Skowhegan I already own here and may sell
Common questions
How much does it cost to own a home in Skowhegan?
A $139,000 home in Skowhegan, Maine costs approximately $1,302 per month with 20% down at 7.24%. That is $758 principal and interest, $142 property tax, $41 homeowners insurance, $245 utilities and $116 set aside for maintenance.
What is the property tax rate in Skowhegan?
Skowhegan has an effective property tax rate of 1.230%, based on a median home value of $138,600 and median real estate taxes of $1,705. That is higher than the Somerset County average of 1.159%.
What is the average home price in Skowhegan?
The median owner-occupied home value in Skowhegan, Maine is $138,600, against $155,200 across Somerset County.
Is it cheaper to rent or buy in Skowhegan?
Median gross rent in Skowhegan is $856 a month, against $1,302 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 Skowhegan?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Skowhegan, Maine at today's rate takes a household income of roughly $56,000 a year. That covers the full $1,302 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Skowhegan, 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.