Portland housing report indicates gap in affordability
PORTLAND, Maine (AP) — Policy changes and public financing have produced more housing in Portland, Maine, 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 says 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.
Information from: Portland Press Herald, http://www.pressherald.com