Cost of Living in Southwest Harbor, ME

With a cost of living index of 96, Southwest Harbor, ME is slightly more affordable than average. Living here is 4% cheaper than the national average and 10% above the Maine state average of 87. Southwest Harbor is a small community of 563 residents.

Housing costs are the biggest factor in Southwest Harbor's cost of living. The median monthly rent is $903 (32% below the US median of $1,319), and the median home value sits at $407,700 (34% above the national median of $304,900). At current prices, the median home costs roughly 12.9x the median household income — a challenging ratio that puts homeownership out of reach for many residents.

The median household income in Southwest Harbor is $31,518, which is 58% lower than the national median of $75,149. Residents spend roughly 34% of household income on rent. This exceeds the recommended 30% threshold, meaning many renters here are cost-burdened.

Climate is another factor for anyone considering a move to Southwest Harbor. The area sees an average annual temperature of 45°F, with summers averaging 67°F and winters around 22°F. Annual rainfall totals 41.7 inches spread over roughly 134 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.