Cost of Living in Newport, ME
Housing
The housing market plays a significant role in determining the cost of living in Newport, ME.
- Housing Index: 90.0 / 100
- Median Home Price is: $160,000
- Average Rent (2 BR Apartment): $1200 per month
- Average Rent (2 BR House): $1360 per month
When considering a move to Newport, ME, the housing index of 90.0 indicates a generally affordable market. With a median home price of 160000, potential homeowners may find it appealing compared to pricier regions. Renters can expect to pay an average of 1200 for a 2-bedroom apartment or 1360 for a house, signifying modest monthly costs. Remember, researching local amenities and employment opportunities is essential as housing trends may shift, affecting your long-term satisfaction and financial stability in the area.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Newport, ME.
- Electricity Price: $22.26 USD (median by state)
- Natural Gas Price: $21.63 USD per Thousand Cubic Feet (median by state)
- Other Utilities (water, garbage, etc.): $250 per month
Living in Newport, ME could entail higher utility costs. Electricity costs sit at $22.26, while natural gas is priced at $21.63 per Thousand Cubic Feet — both aligning with state medians. Expect to budget about $250 monthly for other services like water and garbage. These utility expenses are vital considerations as they directly influence monthly living costs. Comparing these rates to other cities may help ascertain if Newport is a financially viable option for your relocation.