Cost of Living in Steep Falls, ME

With a cost of living index of 86, Steep Falls, ME is a very affordable place to live. Living here is 14% cheaper than the national average and in line with the Maine state average. Steep Falls is a small community of 1,720 residents.

Housing costs are the biggest factor in Steep Falls's cost of living. The median monthly rent is $974 (26% below the US median of $1,319), and the median home value sits at $241,000 (21% below the national median of $304,900). At current prices, the median home costs roughly 3.5x the median household income — a moderately affordable ratio by today's standards.

The median household income in Steep Falls is $68,125, which is 9% 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 Steep Falls. 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.