Cost of Living in Oakland, ME

With a cost of living index of 75, Oakland, ME is a very affordable place to live. Living here is 25% cheaper than the national average and 11% below the Maine state average of 87. Oakland is a small community of 2,714 residents.

Housing costs are the biggest factor in Oakland's cost of living. The median monthly rent is $932 (29% below the US median of $1,319), and the median home value sits at $142,800 (53% below the national median of $304,900). At current prices, the median home costs roughly 3.2x the median household income — a moderately affordable ratio by today's standards.

The median household income in Oakland is $44,846, which is 40% lower than the national median of $75,149. Residents spend roughly 25% 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 Oakland. 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.