Even Maine’s cheapest town has seen housing prices soar
The BDN is discovering Maine’s housing crisis from every possible angle, from how it affects household prices, to what it means for Mainers across the condition. Read our ongoing coverage in this article and fill out this kind to tell us what you want to know.
Mexico was amid the most inexpensive destinations to are living in Maine in advance of the pandemic, with regular homes valued at $60,000. This calendar year, four properties there bought for far more than $300,000.
Even though the fascinating spots in southern Maine like Cape Elizabeth and Portland have observed the most popular marketplaces during the COVID-19 pandemic, rural communities like Mexico, which is just across the Androscoggin River from the mill town of Rumford, are also observing homes market like they in no way have before.
The common household in Mexico was really worth $59,600, the most affordable for any neighborhood in Maine with 1,000 folks or much more, as of the most a short while ago readily available American Community Study quantities from 2020. Most of the only communities that have been underneath ended up plantations and townships of much less than 100 persons.
That valuation has risen considering the fact that the pandemic began, as has the median revenue value of a house on the sector. 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 properties.
Mason Milligan, a 26-calendar year-aged welder, grew up in Rumford and lived in Maine all his life right before shopping for a two-bedroom house in Mexico in March. He made a decision to try for it right after getting outbid on one particular in Rumford, attracted to a sizable garage and a desire to leave far more rural Andover.
Milligan mentioned he was “not completely happy” with the $179,000 rate for the property, but mentioned that the marketplace was superior. That was the 2nd priciest of the six two-bedrooms sold in Mexico this 12 months. He was able to get the property with the support of a Federal Housing Administration financial loan.
The median gross sales rate for two-bedroom residences in Mexico from 2018 to 2020 was $75,000. In general, the median gross sales rate so much in 2022 was $159,900, though that variety is however significantly beneath prices in most of Maine.
Again in January, a 4-bed room with close to 100 acres became the most pricey property offered in Mexico in the earlier five yrs, in accordance to Redfin details. It went for $599,000 soon after 77 days on the market place. It was acquired by two people today who listed their tackle as a residence in Los Angeles.
The city is most recognised in Maine for its unique identify, which came from area sympathy for Mexico’s struggle for independence from Spain at the time of the town’s incorporation in 1818.
It has extended housed personnel of the ND Paper mill in Rumford. When that mill saw drawdowns with modifications in the financial system, Mexico’s inhabitants shrunk. Immediately after peaking at 5,000 in 1960, it has just about halved in dimension considering the fact that then. But the calendar year 2020 was the very first time the U.S. Census recorded a inhabitants raise in 60 several years, with 2,800 dwelling there.
Some of these new people are obtaining homes there, which includes 24-year-outdated landscaper Evan Dore, formerly of Farmington, New Hampshire, around 2 1/2 hrs absent. Dore, who bought a property for $190,000 very last January, experienced hardly ever been to Mexico prior to he began his look for.
He commenced wanting at relocating to Maine thanks to charges spiking all over him in New Hampshire. He initially looked at relocating to southern Maine but identified that it was also way too high priced for him.
So he seemed farther north. He located the location beautiful since of the selection of leisure options, together with hiking and fishing spots as perfectly as nearby skiing.
“As a first-time homebuyer, I wasn’t super picky and just wanted a nice, cleanse position to phone residence,” Dore explained.
Even though it is unclear how long new citizens will remain in Mexico, rural everyday living absent from the busyness of towns remains captivating to quite a few. Due to the fact going into his four-bedroom, Dore has found his neighborhood serene, locals nice and recreational spots pleasurable.
“It is a wonderful change to not have all the mountaineering and out of doors places overcrowded in the course of the summertime,” Dore said.
A lot more content from the BDN