Maine
Maine’s trend of hanging onto homes for decades plays into affordability crisis
The BDN is exploring Maine’s housing disaster from each doable angle, from the way it impacts dwelling costs, to what it means for Mainers throughout the state. Learn our ongoing protection right here and fill out this kind to inform us what you need to know.
The quick housing provide in Maine’s market is being drained additional by a neighborhood phenomenon: decades-long dwelling possession.
Maine ranks tenth out of fifty states by way of properties that had been moved into in 1989 or earlier: they make up 17 p.c of owner-occupied housing models within the state, in response to 2020 census information. The numbers don’t embody properties which have stayed in the identical households, which is widespread throughout the nation.
Research have proven that People are staying of their properties longer than ever, a relationship between proprietor and property that may span a long time. Many of those residents like their dwelling and group and don’t really feel they’ve a motive to maneuver.
However the phenomenon is one think about Maine’s housing affordability disaster. The numbers additionally showcase the superior age of many Mainers within the oldest state within the nation. To have the ability to purchase a house in 1989 or earlier, most homeowners would must be not less than 60 years previous in the present day.
Current nationwide developments have additionally proven that People are transferring lower than ever, one other issue compounding the low provide of housing. Mixed with through-the-roof demand, that has raised costs past what many Maine residents can afford.
Mainers have hunkered down most in rural races. The Aroostook County city of Van Buren has probably the most owner-occupied models for a Maine group with over 1,000 housing models. A majority of householders there, some 53 p.c, have lived of their property since 1989 or earlier.
That group has seen inhabitants declines each decade since 1940, although the speed of decline from 2010 to 2020 was the bottom in 70 years. That has left a inhabitants far older than the remainder of Maine, with a median age of 55.6 in contrast with 44.8 statewide.
However there are additionally quite a few communities in dearer components of Maine which have excessive charges of decades-long dwelling possession. Ogunquit is seeing an inflow of latest out-of-state residents, however 33 p.c of owner-occupied housing models have had the identical homeowners for 31 or extra years. The speed in close by Kennebunkport and Kittery is 22 p.c.
Of the 50 most costly communities in Maine to purchase a house, in response to Zillow, Southwest Harbor has probably the most such properties at 49 p.c. The group of 1,500 additionally skews older, with a minimal age of round 55.
Portland’s charge is 13 p.c, and the state’s largest metropolis has the best variety of these properties right here at 4,440.
Glenburn had the bottom charge in that very same class, with simply 4 p.c of homeowners having moved in 1989 or earlier. It’s maybe unsurprising as a result of the median age in that city is almost seven years youthful than in the remainder of Maine.
That city has grown in recent times as extra individuals working within the Bangor space determined to dwell exterior the town itself. The biggest group had been the 39 p.c of people that had moved within the 2000s, however one other 25 p.c moved in additional lately from 2015 to 2016.
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