Cost of Living in Hallowell, ME

With a cost of living index of 82, Hallowell, ME is a very affordable place to live. Living here is 18% cheaper than the national average and 4% below the Maine state average of 87. Hallowell is a small community of 2,570 residents.

Housing costs are the biggest factor in Hallowell's cost of living. The median monthly rent is $830 (37% below the US median of $1,319), and the median home value sits at $266,700 (13% below the national median of $304,900). At current prices, the median home costs roughly 4.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Hallowell is $58,811, which is 22% lower than the national median of $75,149. Residents spend roughly 17% 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 Hallowell. The area sees an average annual temperature of 46.1°F, with summers averaging 68°F and winters around 24°F. Annual rainfall totals 41.8 inches spread over roughly 137 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.