Portland, Maine Home Prices Expected to Increase More Than Any Other US City
It’s no mystery that Portland’s prices have been skyrocketing. I’m not just talking about the price of a cocktail, but the cost of having a roof over your head.
Lately, it seems like finding a place to live in our little city is unattainable. On the magical off-chance that something affordable pops up, it’s taken right away and usually for even more than it was listed for.
We keep seeing new rental apartments and spaces opening up but not for the rent price that working Portlanders can actually afford. How many more ‘luxury’ apartments do we need?
Unfortunately, based on recent studies, it doesn’t look like things are going to get any better.
According to an analysis conducted by Realtor.com, Portland rent and home prices are expected to increase faster and more than any other large metropolitan in the United States… and by a substantial difference.
The analysis predicts the median sale price for homes in the U.S. will increase by 2.9%, but in the Portland-South Portland area, they may increase by 10%.
Other New England cities are anticipating a huge jump as well, including Worcester by 8.2% and Boston by 7.5%.
It may be a horrid time to want to rent or buy a home, but a killer time to list. The same report predicts home sales will potentially increase more than they have in the last 16 years.
So, you’ll be able to find a home for sale… but as for being able to afford it? Goodluck.
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