Maine Cost Of Living Statistics


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Maine Cost Of Living Statistics 2023: Facts about Cost Of Living in Maine reflect the current socio-economic condition of the state.

maine

LLCBuddy editorial team did hours of research, collected all important statistics on Maine Cost Of Living, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to start a Maine LLC business in 2023? Maybe for educational purposes, business research, or personal curiosity, whatever it is – it’s always a good idea to gather more information.

How much of an impact will Maine Cost Of Living Statistics have on your day-to-day? or the day-to-day of your LLC Business? How much does it matter directly or indirectly? You should get answers to all your questions here.

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Top Maine Cost Of Living Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 7 Maine Cost Of Living Statistics on this page 🙂

Maine Cost Of Living “Latest” Statistics

  • According to personal expenditures statistics for 2020 from the bureau of economic analysis, Maine’s average yearly cost of living is $45,272.[1]
  • The average monthly energy cost in Maine is just $87.21, according to statistics from the U.S. energy information administration for 2017.[2]
  • According to MERIC 2021 statistics, Maine has the lowest cost of living in New England, surpassing all five of its neighbors, including Massachusetts, Connecticut, and Vermont.[1]
  • Maine’s average annual cost of health care per person is $7,851.[1]

Maine Cost Of Living “Other” Statistics

  • In Maine, an average single person working 40 hours per week for 52 weeks would need an annual income of $31,034 to get by, according to MIT’s living wage calculation.[1]
  • In Maine, the majority of those receiving the minimum wage was 25 years of age or older, and two-thirds of them were women, according to a 2017 MDOL research.[3]
  • While homeowners in Maine pay an average effective yearly property tax of 1.27% at the state level, the state additionally levies a 5.5% state sales tax.[1]

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How Useful is Maine Cost of Living

The cost of living in Maine is notably higher than in many other states, due in part to factors such as housing prices, taxes, and utility costs. Housing prices in particular can be a major financial burden for many Maine residents, especially those living in more urban areas like Portland or Bangor. Rent or mortgage payments can eat up a sizable portion of a person’s income, leaving less money for other expenses like groceries, transportation, or healthcare.

Taxes are also a concern for many Mainers, as the state has some of the highest property taxes in the country. This can be especially challenging for retirees on a fixed income, who may struggle to afford to stay in their homes. And while Maine does not have a sales tax on most necessities like food and clothing, the overall tax burden can still be significant for many residents.

Utility costs are another factor that can make living in Maine more expensive. Heating costs in the winter can be particularly high, especially for those living in old or poorly insulated homes. This can lead to tough choices for many residents, who may have to choose between heating their home and paying for other essentials like food or medication.

Despite the high cost of living, many Mainers find ways to make ends meet. Some residents take on second or even third jobs to supplement their income, while others rely on programs like food assistance or heating assistance to help make ends meet. Still, these strategies can only go so far, and many Mainers find themselves struggling to get by.

The high cost of living in Maine also has implications for the state’s economy. Businesses may have trouble attracting and retaining employees if wages do not keep pace with living expenses. This can lead to a lack of skilled workers in key industries, which can in turn stifle economic growth and innovation.

Ultimately, the high cost of living in Maine is a complex issue that impacts individuals, families, and the state as a whole. While there may not be an easy solution, it is important for policymakers and community leaders to continue to address this issue and work towards making living in Maine more affordable for all residents. By doing so, they can help ensure that Maine remains a vibrant and desirable place to live for generations to come.

Reference

  1. sofi – https://www.sofi.com/cost-of-living-in-maine/
  2. smartasset – https://smartasset.com/mortgage/what-is-the-cost-of-living-in-maine
  3. maine – https://www.maine.gov/labor/news_events/article.shtml?id=3321670

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