Even Maine’s cheapest town has seen housing prices soar
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Mexico was between the most economical locations to are living in Maine right before the pandemic, with typical homes valued at $60,000. This calendar year, four residences there marketed for far more than $300,000.
Whilst the desirable spots in southern Maine like Cape Elizabeth and Portland have noticed the most popular markets through the COVID-19 pandemic, rural communities like Mexico, which is just across the Androscoggin River from the mill town of Rumford, are also viewing homes promote like they hardly ever have right before.
The common home in Mexico was worth $59,600, the least expensive for any neighborhood in Maine with 1,000 persons or far more, as of the most recently obtainable American Community Survey figures from 2020. Most of the only communities that were being below were plantations and townships of fewer than 100 people today.
That valuation has risen given that the pandemic started, as has the median profits price tag of a home on the current market. It was $60,000 in 2018, $65,000 in 2019, $77,000 in 2020 and $93,900 in 2021, according to Redfin information of bought residences.
Mason Milligan, a 26-year-previous welder, grew up in Rumford and lived in Maine all his lifestyle in advance of buying a two-bedroom dwelling in Mexico in March. He resolved to check out for it right after currently being outbid on a single in Rumford, attracted to a sizable garage and a desire to leave far more rural Andover.
Milligan stated he was “not solely happy” with the $179,000 selling price for the property, but noted that the current market was superior. That was the second priciest of the 6 two-bedrooms marketed in Mexico this 12 months. He was in a position to buy the household with the enable of a Federal Housing Administration loan.
The median profits selling price for two-bed room homes in Mexico from 2018 to 2020 was $75,000. General, the median gross sales price tag so considerably in 2022 was $159,900, even though that variety is even now much down below prices in most of Maine.
Back again in January, a 4-bedroom with close to 100 acres became the most costly home offered in Mexico in the past 5 a long time, in accordance to Redfin details. It went for $599,000 immediately after 77 days on the current market. It was acquired by two individuals who outlined their tackle as a home in Los Angeles.
The town is most acknowledged in Maine for its one of a kind title, which came from community sympathy for Mexico’s battle for independence from Spain at the time of the town’s incorporation in 1818.
It has long housed personnel of the ND Paper mill in Rumford. When that mill noticed drawdowns with improvements in the overall economy, Mexico’s populace shrunk. After peaking at 5,000 in 1960, it has practically halved in dimension considering that then. But the 12 months 2020 was the 1st time the U.S. Census recorded a inhabitants raise in 60 decades, with 2,800 living there.
Some of those people new inhabitants are getting homes there, including 24-year-outdated landscaper Evan Dore, previously of Farmington, New Hampshire, all over 2 1/2 hrs away. Dore, who purchased a household for $190,000 last January, had under no circumstances been to Mexico just before he commenced his research.
He commenced wanting at shifting to Maine thanks to rates spiking close to him in New Hampshire. He in the beginning seemed at moving to southern Maine but found that it was also far too expensive for him.
So he looked farther north. He uncovered the region attractive since of the selection of leisure chances, which includes mountaineering and fishing places as effectively as close by skiing.
“As a initial-time homebuyer, I wasn’t tremendous picky and just needed a awesome, thoroughly clean place to simply call dwelling,” Dore explained.
Although it is unclear how long new citizens will keep in Mexico, rural lifetime absent from the busyness of towns stays appealing to lots of. Considering that transferring into his four-bed room, Dore has located his community serene, locals wonderful and recreational places pleasant.
“It is a wonderful alter to not have all the climbing and outside spots overcrowded through the summertime,” Dore stated.
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