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]

Also Read

How Useful is Maine Cost of Living

While the cost of living index can be helpful in comparing the relative expenses of living in different locations, it does not tell the whole story. There are many factors that can affect the cost of living in a particular area, including the availability of affordable housing, healthcare, transportation, and utilities. In Maine, these factors can vary widely depending on where you live in the state.

For example, while housing costs may be relatively high in popular coastal cities like Portland or Bar Harbor, they may be more affordable in rural areas inland. Similarly, healthcare costs can vary depending on access to insurance and healthcare providers. Transportation costs can also differ depending on whether you live in a city with public transit or in a more rural area where you may need to rely on a personal vehicle.

Furthermore, the cost of living index may not take into account the overall quality of life in a particular location. While Maine may rank high in terms of cost of living, it also offers many benefits that can make living there worthwhile. The state boasts a strong sense of community, a thriving arts and culture scene, and plenty of outdoor recreational opportunities. These factors can contribute to a high quality of life that may outweigh the higher expenses of living in the state.

Additionally, the cost of living in Maine may be offset by factors such as a lower crime rate, good schools, and access to healthcare and social services. These factors can contribute to a higher overall standard of living for residents, even if they are paying more for housing or other expenses.

In conclusion, while the cost of living in Maine can be a useful tool for comparing expenses between locations, it is not the only factor to consider when evaluating the affordability and quality of life in the state. Factors such as access to amenities, quality of schools, and overall community support are also important considerations when deciding where to live. Ultimately, the decision to live in Maine should be based on a combination of factors that contribute to a high quality of life, rather than just focusing on the cost of living alone.

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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