Do you need to earn over $60K to afford a fair market, 2-bedroom Maine apartment? | Fact brief

A Maine household must earn over $60,000 annually to afford a two-bedroom apartment at the statewide fair market rate.

The National Low Income Housing Coalition estimates Maine’s threshold at $67,224 a year, based on a monthly fair market rent of $1,681. It defines affordable housing as costing no more than 30% of household income.

Fair market rents are set by the U.S. Department of Housing and Urban Development; they generally represent the 40th percentile of comparable rentals, meaning 40% cost less and 60% cost more.

The amount varies by location: A household needs about $85,200 in the Portland area and $66,360 in Bangor. Across Maine’s nonmetropolitan areas, the average needed is about $54,700.

Maine has the 19th-highest required wage to afford a two-bedroom rental among the states, Washington, D.C., and Puerto Rico. Maine’s required wage is $32.32 an hour, below the national figure of $34.73.