Cost of Living in Gorham, ME

With a cost of living index of 120, Gorham, ME is a notably expensive place to live. Living here is 20% more expensive than the national average and 34% above the Maine state average of 87. Gorham is a smaller community of 7,365 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Gorham's cost of living. The median monthly rent is $1,518 (15% above the US median of $1,319), and the median home value sits at $459,000 (51% above the national median of $304,900). At current prices, the median home costs roughly 3.7x the median household income — a moderately affordable ratio by today's standards.

The median household income in Gorham is $125,058, which is 66% higher than the national median of $75,149. Residents spend roughly 15% 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 more than offset the higher cost of living.

Climate is another factor for anyone considering a move to Gorham. The area sees an average annual temperature of 47.5°F, with summers averaging 68°F and winters around 27°F. Annual rainfall totals 48.1 inches spread over roughly 131 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.