Cost of Living in Old Town, ME

With a cost of living index of 78, Old Town, ME is a very affordable place to live. Living here is 22% cheaper than the national average and 8% below the Maine state average of 87. Old Town is a smaller community of 7,439 residents, where everyday costs can differ substantially from nearby larger cities.

Housing costs are the biggest factor in Old Town's cost of living. The median monthly rent is $1,014 (23% below the US median of $1,319), and the median home value sits at $183,200 (40% below 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 Old Town is $49,329, which is 34% 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 Old Town. The area sees an average annual temperature of 43.2°F, with summers averaging 65°F and winters around 20°F. Annual rainfall totals 44.4 inches spread over roughly 147 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Everyday prices in the Bangor, 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.