Rent vs Buy in Portland, ME
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Rent and buy are roughly balanced in Portland, ME
Price-to-rent ratio is 19.6 (under 15 favors buying, over 21 favors renting). Renting costs $2,353/mo; owning runs about $4,206/mo — $1,853/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 7.18% rate) | $3,005 |
| Property tax | $508 |
| Home insurance | $231 |
| Maintenance | $462 |
| Total to own | $4,206 |
| Average 2BR rent | $2,353 |
Based on a median home value of $554,454 with a $110,891 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.