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Even Maine’s cheapest town has seen housing prices soar

June 28, 2022
Valorie Sprygada

The BDN is checking out Maine’s housing crisis from each individual attainable angle, from how it has an effect on home costs, to what it usually means for Mainers across the state. Go through our ongoing coverage in this article and fill out this variety to notify us what you want to know.

Mexico was among the cheapest destinations to are living in Maine right before the pandemic, with typical households valued at $60,000. This calendar year, four properties there offered for much more than $300,000.

Even though the desirable places in southern Maine like Cape Elizabeth and Portland have observed the best markets all through the COVID-19 pandemic, rural communities like Mexico, which is just throughout the Androscoggin River from the mill town of Rumford, are also looking at residences promote like they under no circumstances have before.

The standard dwelling in Mexico was really worth $59,600, the least expensive for any group in Maine with 1,000 people today or much more, as of the most just lately offered American Local community Survey quantities from 2020. Most of the only communities that ended up below had been plantations and townships of much less than 100 men and women.

That valuation has risen since the pandemic began, as has the median product sales rate of a property on the marketplace. It was $60,000 in 2018, $65,000 in 2019, $77,000 in 2020 and $93,900 in 2021, in accordance to Redfin documents of marketed houses.

Mason Milligan, a 26-12 months-old welder, grew up in Rumford and lived in Maine all his everyday living right before buying a two-bedroom home in Mexico in March. He made the decision to consider for it right after staying outbid on 1 in Rumford, captivated to a sizable garage and a desire to leave far more rural Andover.

Milligan stated he was “not fully happy” with the $179,000 price for the home, but noted that the current market was substantial. That was the second priciest of the 6 two-bedrooms marketed in Mexico this year. He was capable to acquire the house with the help of a Federal Housing Administration financial loan.

The median gross sales cost for two-bedroom households in Mexico from 2018 to 2020 was $75,000. Overall, the median income rate so considerably in 2022 was $159,900, while that quantity is even now significantly down below prices in most of Maine.

Back in January, a 4-bed room with all around 100 acres became the most pricey dwelling sold in Mexico in the previous 5 yrs, in accordance to Redfin facts. It went for $599,000 following 77 times on the market place. It was acquired by two men and women who mentioned their handle as a household in Los Angeles.

The town is most identified in Maine for its unique identify, which came from community sympathy for Mexico’s combat for independence from Spain at the time of the town’s incorporation in 1818.

It has lengthy housed staff members of the ND Paper mill in Rumford. When that mill saw drawdowns with variations in the economic climate, Mexico’s population shrunk. Following peaking at 5,000 in 1960, it has approximately halved in sizing given that then. But the year 2020 was the initially time the U.S. Census recorded a inhabitants boost in 60 decades, with 2,800 residing there.

Some of these new citizens are acquiring properties there, including 24-year-old landscaper Evan Dore, previously of Farmington, New Hampshire, around 2 1/2 several hours absent. Dore, who purchased a home for $190,000 very last January, had in no way been to Mexico right before he commenced his search.

He began searching at going to Maine due to rates spiking about him in New Hampshire. He in the beginning looked at relocating to southern Maine but observed that it was also too costly for him.

So he looked farther north. He located the location attractive because of the range of recreational possibilities, together with hiking and fishing spots as very well as close by snowboarding.

“As a 1st-time homebuyer, I wasn’t super picky and just needed a great, clean place to get in touch with home,” Dore claimed.

Whilst it is unclear how prolonged new residents will keep in Mexico, rural existence absent from the busyness of towns stays interesting to lots of. Considering that going into his four-bed room, Dore has discovered his neighborhood calm, locals great and leisure places enjoyable.

“It is a pleasant modify to not have all the hiking and outdoor spots overcrowded through the summertime,” Dore reported.

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