Cost of Living in Damariscotta, ME
Housing
The housing market plays a significant role in determining the cost of living in Damariscotta, ME.
- Housing Index: 120.0 / 100
- Median Home Price is: $318,000
- Average Rent (2 BR Apartment): $1600 per month
- Average Rent (2 BR House): $1640 per month
When considering a move to Damariscotta, ME, the housing market presents a mixed bag. With a housing index of 120.0, it suggests that property costs are relatively high. The median home price of 318000 paired with an average rent of 1600 for a 2-bedroom apartment indicates that renting may be slightly more favorable than buying. The average rent for a 2-bedroom house at 1640 suggests options exist for those seeking more space. Historically, markets with a similar index experience growth, making it an intriguing place to call home or invest in real estate long-term.
Utilities
The cost of utilities such as electricity, natural gas, and other services can significantly impact the overall cost of living in Damariscotta, 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 Damariscotta, 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 Damariscotta is a financially viable option for your relocation.