Cost of Living in Boothbay Harbor, ME

With a cost of living index of 84, Boothbay Harbor, ME is a very affordable place to live. Living here is 16% cheaper than the national average and 3% below the Maine state average of 87. Boothbay Harbor is a small community of 948 residents.

Housing costs are the biggest factor in Boothbay Harbor's cost of living. The median monthly rent is $677 (49% below the US median of $1,319), and the median home value sits at $339,300 (11% above the national median of $304,900). At current prices, the median home costs roughly 5.9x the median household income — a stretch for many buyers, though not uncommon in today's market.

The median household income in Boothbay Harbor is $57,679, which is 23% lower than the national median of $75,149. Residents spend roughly 14% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Boothbay Harbor. The area sees an average annual temperature of 45.9°F, with summers averaging 66°F and winters around 25°F. Annual rainfall totals 46.7 inches spread over roughly 147 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.