Cost of Living in Cape Neddick, ME

With a cost of living index of 141, Cape Neddick, ME is one of the most expensive cities in the United States. Living here is 41% more expensive than the national average and 54% above the Maine state average of 87. Cape Neddick is a small community of 2,578 residents.

Housing costs are the biggest factor in Cape Neddick's cost of living. The median monthly rent is $1,723 (31% above the US median of $1,319), and the median home value sits at $636,100 (109% above the national median of $304,900). At current prices, the median home costs roughly 6.5x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Cape Neddick is $98,113, which is 31% higher than the national median of $75,149. Residents spend roughly 21% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. While incomes are above average, they do not fully offset the higher cost of living.

Climate is another factor for anyone considering a move to Cape Neddick. The area sees an average annual temperature of 47.1°F, with summers averaging 67°F and winters around 26°F. Annual rainfall totals 47.8 inches spread over roughly 140 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Portland-South Portland, ME (Metropolitan Statistical Area) metro area are generally below the national average. Out of 6 common items tracked by the Bureau of Labor Statistics, 5 are priced lower than the US average. These real-world prices — from groceries to electricity — add up and should be factored into any cost of living comparison.

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.