New report finds housing still unaffordable for many Portland residents

Troy R. Bennett | BDN
Troy R. Bennett | BDN
A fishing boat steams into Portland harbor with the city skyline behind it in this Nov. 12, 2012, file photo.
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The average median household income in Portland is $51,800, while the median home price is $316,000.
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Policy changes and public financing have produced more housing in Portland, however, prices remain unaffordable to some city residents.

A report from the city indicates that most construction approved in the last five years is reserved for low-income residents or is a high-end rental property.

The Portland Press Herald reports that housing isn’t being built for young families or low-wage workers.

At-large Councilor Jill Duson said housing is an asset becoming more unachievable for most who live in Portland.

According to a biennial report on Portland’s housing situation, the average median household income is $51,800 and the median home price is $316,000. MaineHousing reports that in order to afford the median home price residents would need a household income of $102,173.

 



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