Home News Portland isn’t the only place out-of-staters are buying pricey homes

Portland isn’t the only place out-of-staters are buying pricey homes

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In Portland, there are some new buyers outside the state. But Bangor is seeing a larger share.

Long history of Maine with temporary properties Many buyers are more likely to use the new property as a seasonal residence. Listing another address may simply mean retaining ownership of the previous home, but the majority of people from remote markets want to stay here in Maine homes. It is affecting the outlook for purchases.

In Bangor, five (26%) of the 19 homes sold for more than $ 250,000 were purchased in May by people with post-sale addresses outside Maine. That percentage was actually higher than in Portland, with 9 (15%) of 61 such properties sold having out-of-state addresses.

This figure is not only the ongoing desire of people outside Maine to move to the state or build villas there, but also the powerful role that such purchases play in driving demand and prices. is showing.

According to Catherine Townsend, a real estate agent at Cape Elizabeth-based Townsend Real Estate, many homes purchased are currently the first buyers considering relocation. She said most out-of-state residents who buy a home in Maine worked with those who bought a summer home, but seem ready to stay here full-time. rice field.

Cape Elizabeth, one of the wealthiest communities in Maine and one of the places where housing was located tightLast month, I saw four of the 13 properties sold to residents with out-of-state addresses.

Because the median household income in Maine is below the national average, most buyers have far more wealth and resources for the average person, such as the ability to win bid wars and prepay in cash. I’m from a state that has.

For example, the median household income in Maine was $ 59,500 as of the 2020 American Community Survey, with 26% of households earning more than $ 100,000 annually. Massachusetts, home to the overwhelmingly largest out-of-state buyer in the community surveyed, has a median household income of $ 84,400, with 43% of households earning more than $ 100,000 annually. increase.

In the southern region of Maine, where the affordable housing crisis is most severe, the difference is not that great, but the average resident of Massachusetts is more than the average person in both Cumberland and York counties. Is also wealthy.

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