Cost of Living in Damariscotta, ME

With a cost of living index of 98, Damariscotta, ME is slightly more affordable than average. Living here is 2% cheaper than the national average and 11% above the Maine state average of 87. Damariscotta is a small community of 1,172 residents.

Housing costs are the biggest factor in Damariscotta's cost of living. The median monthly rent is $1,016 (23% below the US median of $1,319), and the median home value sits at $387,200 (27% above the national median of $304,900). At current prices, the median home costs roughly 6.1x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Damariscotta is $63,696, which is 15% lower than the national median of $75,149. Residents spend roughly 19% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum.

Climate is another factor for anyone considering a move to Damariscotta. 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.