Cost of Residing In Maine– 24/7 Wall St. – 24/7 Wall St.

16September 2020

Residing in Maine is about as expensive as it is on typical across the U.S. as a whole. According to information from the Bureau of Economic Analysis, goods and services in the state expense simply the same as they do usually nationwide. Compared to all other states, Maine has the 16th highest overall expense of living.

In basic, living in dense, metropolitan city locations is more costly than living in more rural areas. Maine is home to 3 metropolitan areas. The most costly in the state is the Portland-South Portland city area, where the expense of items and services is 3.2% greater than the national average and 3.2% higher than the statewide average.

Maine Real Estate Expenses

Real estate is one of the biggest parts of cost of living. In Maine, the common house deserves $184,500, $20,400 less than the national typical home worth of $204,900. Across the state, the average rate of a house integrated in 1939 or earlier is $173,000, while the mean value of a home integrated in 2014 or later is $281,200.

The normal occupant in Maine invests $831 a month on housing, $192 less than the $1,023 national median month-to-month rent. Month-to-month lease for a one-bedroom in the state is $663, while the normal rent for a system with five or more bed rooms is $1,066.

Across the state, 27.8% of occupied houses are leased, less than the 36.2% nationwide average and the second least expensive renter rate of any state.

Maine Transport Costs

Transportation can likewise be a substantial element of cost of living. In Maine, 88.1% of commuters drive to work, compared to 85.5% of commuters across the country. On average, the common vehicle driver in the state drives 11,039 miles a year. Taking into account average fuel economy and the typical cost of gas– routine fuel cost an average of $2.22 a gallon in Maine in mid-2020– the typical motorist in the state can anticipate to spend $1,012 on gas alone in one year.

Other transport expenses, like car insurance premiums, can differ by state. In Maine, the typical automobile insurance premium is $1,453, less than the $1,517 nationwide average, according to data from Insure.com. And according to data from the EPI, the typical single adult in the state spends $10,618 a year on transportation.

Maine Healthcare Expenses

Out-of-pocket costs and insurance coverage premiums for health care– assuming at least a fundamental level of health insurance coverage– remain in line with the nationwide average in Maine. Typical healthcare costs for a single adult in the state total $4,467 each year, compared to the nationwide average of $4,266. For a family of 4, typical annual healthcare costs amount to $13,593– $643 more than the equivalent nationwide average of $12,950.

Maine Food Costs

Food is another every day expenditure that has a considerable effect on the total cost of living in a location. Information from the U.S. Department of Agriculture shows that the cost of food varies from state to state.

In Maine, a single adult spends an average of $3,653 on food each year, and a household of 4 spends $10,551 typically. For context, the nationwide average yearly food expense is $3,240 for a single grownup and $9,354 for a family of four. These quotes are computed for a nutritionally appropriate diet of food bought at a grocery store for in your home preparation.

Maine Child Care Costs

For families, child care adds countless dollars to overall yearly costs. The average yearly cost of child care for a 4 year old kid in Maine is $7,622, well below the nationwide average of $8,903. Likewise, it costs an average of $12,824 to take care of a 4 years of age child and an 8 years of age child per year in Maine compared to the national average of $15,853.

Maine Taxes

Couple of expenditures differ as much from state to state as taxes. Accounting for state and federal income taxes, in addition to Social Security contributions and Medicare payroll, the typical adult working in Maine pays $6,964 annually in taxes– just above the nationwide average of $6,542.

Excluding federal taxes and including state and local taxes such as home and sales taxes– the state and local tax problem in Maine is in line with the average throughout the U.S. as a whole. Per capita state taxation in Maine come out to $3,295 each year, compared to the $3,151 average across all states.

Cost of Living by County or County Equivalent

Just as cost of living varies from one state to another, it also differs from place to location within states. In Maine, Cumberland County, home to the city of Portland, has the highest total cost of living for a household of four at $92,425 each year, well above the statewide average of $84,136 each year.

Meanwhile, Franklin County is the least costly place in Maine. The typical yearly cost of living for a family of 4 in the location is just $73,897, $10,239 less than it is throughout the state as a whole. Farmington is the most populated neighborhood in Franklin County.

Keep in mind that financial figures are rounded to the closest dollar and calculated distinctions may not constantly build up completely to the nearby dollar.

Find out more About Expense of Living

Click here to see detailed expense of living analysis for another state.Read More About Maine Click here to see detailed analysis about criminal offense in Maine.Click here to see upgraded data about coronavirus in Maine.Read more: Source: 247wallst. com

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