It’s a well-established fact that Maine is in need of affordable housing. It was a topic of discussion before the pandemic, and the issue was made worse by the pandemic itself, when Maine saw an influx of cash buyers coming into the market.
Even amid a slower real estate market, Maine’s median sales price for homes has not wavered. It was $380,000 in July, compared to $216,900 in February 2020, just before the start of the pandemic. The increase is more pronounced in Cumberland County, where the median sales price was $550,000 in July, up from $317,250 in February 2020.
The lack of affordable houses has meant more people are looking for (or staying put in) apartments or rental housing, creating additional demand on multifamily housing.
… While the need for affordable housing is not expected to be met anytime soon, here are six efforts that are underway that at least offer some optimism that developers and local municipalities are focused on tackling the issue.