Vermont

[Catintheheat]

There is going to be some politics in this, but I believe it needs to be said. The cost of living in Maine does not match the wages, especially when it comes to housing. When I moved here I stayed at a rooming house (next door where I live now). I have a decent credit score, but finding an apartment was an adventure. When I saw an apartment, I didn't realize I was competing with over a dozen other renters. I have good credit, but it wasn't enough. The available housing doesn't match the demand for housing in this area. So the demand is out of whack.

Originally, I wanted to live in the Portland area. I applied at Maine Medical Center and they called me back within 15 minutes. I had an interview in 2 days. Yet, when I learned about the pay and the cost of renting, I knew I couldn't live int he area. It is crazy here. Way too expensive. The cost of housing isn't even in the ballpark of cost of living with the wages I would get.

There are 2 problems with housing in Maine. One is the Massholes. People from Massachusetts who make a lot of money want a summer cottage in Maine, so they buy up the housing. It takes housing away from Mainers who want to work in Portland. You have to have roommates to survive in Portland. I don't mind anyone from Massachusetts who desires to live in Maine permanently. But that is rare. I hate the Red Sox and will cheer for the Yankees every time.

The second problem is Maine keeps getting sent refugees when there is no housing. I can't afford an apartment in Portland, but if I was a refugee, it wouldn't be a problem. They don't even have to work and are taken care of. There are homeless in Portland who desire to work. I am very angry about this. IMO, Mainers come first. I understand refugees need a place to stay, but Maine doesn't have the resources. It is not Mexicans BTW. So, when the media talks about immigrants, it isn't about Mexicans in Maine. Yet, it is a problem, and locals are hurt.

BTW, I was able to find housing because I visited the local pub (which I love). And a local realter, who rents apartments and houses, eats lunch there every day. I was able to speak to him, and socialize in the pub, to where he trusted me. I am lucky. I paid too much for my apartment, but rent hasn't increased for 2 years. He doesn't raise rent for good renters. I think that is smart.

Overall, I love the beauty of Maine, but hate cost of living compared to wages. I absolutely LOVE northern New England. I desire to live in New Hampshire and retire there. If you can afford living in northern New England, it is an option. Just have a generator ready. If it were up to me, I would want Maine to break off from the US and become a part of New Brunswick, Canada.

[Merkin]

Isn't that true everywhere desirable in the US where rents far outstrip wages? At least out here in CA one of the reasons is corporations buying up houses, charging exorbitant rent and getting it. I saw someone today listing an ADU (converted garage) for rent for $1500 and they will get it.

[Chicat]

Yeah, it’s definitely not just a Maine or New England thing. It’s an American thing.

[scumdevils86]

Hell even in Tucson. The median home price is $330k. That works out to a mortgage payment if about $2400/month. The median gross household income is $51k. So net, that's about $3k a month. That's 80% of your net income on your mortgage alone. Rent isn't much better with a measly 2 bedroom going for about $1200. That's still 40% of your net income. It's unsustainable.

[Catintheheat]

Hell even in Tucson. The median home price is $330k. That works out to a mortgage payment if about $2400/month. The median gross household income is $51k. So net, that's about $3k a month. That's 80% of your net income on your mortgage alone. Rent isn't much better with a measly 2 bedroom going for about $1200. That's still 40% of your net income. It's unsustainable.

Wow! I left Tucson in 2014, and rent wasn't that bad at the time. Maybe when I retire I will have to move to W. Virginia or Mississippi. Or maybe not. Maybe move back to Indiana, or parts of Michigan. Of course Detroit and Flint are out. Benton Harbor is probably worse.

[Merkin]

Maybe when I retire I will have to move to W. Virginia or Mississippi. Or maybe not. Maybe move back to Indiana, or parts of Michigan. Of course Detroit and Flint are out. Benton Harbor is probably worse.

How about NC? At least for me, I could not deal with that cold.

This is my daughters' old house when they lived there. Very nice house in a quiet neighborhood. Lots of retirees from the North East.

https://www.zillow.com/homedetails/226- ... 6462_zpid/

[dovecanyoncat]

Hell even in Tucson. The median home price is $330k. That works out to a mortgage payment if about $2400/month. The median gross household income is $51k. So net, that's about $3k a month. That's 80% of your net income on your mortgage alone. Rent isn't much better with a measly 2 bedroom going for about $1200. That's still 40% of your net income. It's unsustainable.

Interest rate increases really bite. Who would want to sell out of a home that carries a 3% mortgage? Low sales inventory + heavy mortgage burden = rising prices.

Edit: word is there will be a bulge of rental construction completed and available in '24-'25 as we become more and more like Europe.

[scumdevils86]

Yea I bought in 2020 just as prices were lifting off and right before rates bottomed out. My mortgage is $1400 but if I bought my exact house today it'd be more like $2500.