My wife and I are 40(me) and 36(her) three kids, stable careers, own our home. By any reasonable measure we're doing fine. But we've hit a wall with where we are and the life we're living feels like it's missing something. We want a different quality of life, more interesting community, better environment for our kids, and a place that actually feels like somewhere.
We've been seriously looking at the Midcoast Maine area, specifically the Camden/Rockport/Lincolnville area. Her job is fully remote and location-independent. I work in school administration and would need to find a position in Maine, which is actively in progress.
The financial picture:
Combined income around $255k. We'd walk away from our current properties with roughly $350k after paying off what we owe. We have around $430k in investment accounts and retirement vehicles, but we don't want to touch that. I work in public schools, so I do have a pension at retirement age additioinally.
Homes in the area we want are running $850k to $1 million plus for a four bedroom. We have three kids so that's the minimum we want on space.
We're open to properties that generate some income, whether that's a separate unit, detached rental space, or even something with a hospitality component. We've looked at a historic property that could serve as a family home with two detached rental rooms that would offset the mortgage meaningfully, and that concept appeals to us.
What I'm actually asking:
How do people think through a move like this? We're not running from something, we're trying to run toward something, but the numbers are real and we want to be honest with ourselves. Is the Maine market as strong as it looks for supplemental rental income? Are there things people who did this wish they had known?
And how do we optimize our situation? Is there an option I'm missing?
We've modeled the finances pretty carefully and they work. What we're less sure about is everything else.
***EDIT For Context: My Wife is a native midcoast Mainer who's been living away since college.
Thinking about leaving a stable upstate New York life for coastal Maine. How do we think about this?
byu/OrinIncandenza1 inpersonalfinance
Posted by OrinIncandenza1
14 Comments
Maybe worth doing a bit of research by looking at similar rentals available and their pricing? I would make sure the math works without the addition of rental income, anything more is a happy surprise. Best of luck to you and your family on the exciting move!
Make sure you include lahbstah rolls as a line item in your budget. Might need to set aside at least $5k annually for them.
I would not make any assumptions about the “Maine market” for real estate/renting. You should only make this move if you can afford it without a renter, IMO.
You mentioned a pension, but you also didn’t mention how long you’ve been in your current position. Are you fully vested?
It would reduce your risk a lot if you pick a property that already has a history of renting. Most usually even come with a tenant!
Then you already know exactly how much you’ll make from the rental and can factor it in.
There are more unknowns when you’re starting from scratch with a space that’s never been rented.
How old are your kids? What is their opinion on a move? Will the new area have schools just as good as what you are leaving? What about their school and other activities? Your post mentions nothing about the impact of a move on your children and that should be one of the biggest considerations?
If you look slightly north, towards Belfast, you can likely find a 4BR home for less than 850k
Former transplant to Maine, you’ll make your money in the summer but I wouldn’t expect year round income in those communities.
Or if you do want that you’ll have to lower the price to accommodate the locals, basically you could either gouge the tourists, but keep in mind if 1st time visitors are going that far away from Portland they are typically headed to Acadia, or you could ask a lower price to get locals to actually rent
Maine is a beautiful state and I loved living there and just moved a state over but Maine in the depths of winter is a different place, I realize you’re in NY and have dealt with the weather but things get reeeaaalll quiet in those small towns, it can be isolating.
Also the community aspect is there but it won’t be immediate, you’ll never be a Mainer and your kids will never be Mainers, in fact if your kids have kids in Maine they’ll still never be Mainers.
So it takes awhile and a lot of work and patience on your part but you’ll be disappointed if you think Mainers are going to be welcoming you with open arms, could be rough for your kids at first as well
As a Mainer, Maine is extremely expensive. It’s ranked #6 for the highest grocery prices, and we’re taxed on almost everything. Make sure to factor all of that into your calculations to get the full picture.
On top of that, wages here don’t always match the cost of living, especially outside of southern Maine. Utilities can be high, particularly heating in the winter, and things like electricity and property taxes add up quickly. Even everyday expenses like gas, groceries, and basic services tend to cost more than people expect.
Since one of you works remotely with a strong income, that definitely helps offset some of this. But if the other is planning to find work in the school system, just keep in mind that pay in many Maine districts can be lower than expected relative to the cost of living, depending on the area and role.
Another thing people don’t always realize is how slow and limited online ordering and delivery can be here. Even in southern Maine, shipping often takes longer than expected, fewer companies offer fast delivery, and things like same-day or next-day options are much more limited. Once you get into midcoast areas like Camden, Rockport, or Lincolnville, that becomes even more noticeable.
Tourism is also a big factor, especially in coastal areas. During the summer and fall, towns like Camden get very busy, with traffic, crowds, and higher prices in certain spots. It can make everyday errands take longer and change the overall pace quite a bit for part of the year.
Winters are the opposite. Things get very quiet, and there’s not a ton going on locally outside of skiing, small local events, or just day-to-day routines. If you’re someone who likes a lot of activity, restaurants, or things to do year-round, it can feel pretty slow.
Another adjustment is how early things close. Even in southern Maine, a lot of places shut down around 8 or 9 PM, and it can be even earlier in smaller towns. Late-night options are pretty limited, so you have to plan ahead more than you might be used to.
You’re also dealing with limited shopping options locally, which can mean higher prices and more driving for essentials. It’s a beautiful place to live, but it’s definitely not as “affordable” or convenient as people sometimes assume.
I’m near Portland, Maine but I grew up in the area you’re looking at. I’d say your best bet is Camden or Rockport given you want community and good schools. Be warned though, it’s a rural area so making new friends is difficult for new people sometimes. Also finding a good primary doc, dentist, etc can be tough in that area. And some towns are starting to restrict short term rentals so that’s something to think about if you’re trying to do that. At the end of the day, I don’t think moving to Maine is an answer to increase your wealth or be life changing. Everything is surprisingly expensive and will eat away at any small gains you might make. In the past few years, I actually know a few people who moved from Maine to upstate NY and PA due to housing costs and job prospects. Do what you want but the grass isn’t always greener.
I have visited family in S. Maine annually for a very long time. Don’t know the area you are looking at but I would try to get a sense of what stays open in the off-season. We’re always a little sad if we go late in the year to miss a lot of our favorite spots or only having them open on the weekend.
Camden is so beautiful. Great place to be
I wonder what that $255k combined income looks like when the remote work field declines? I also predict a lot more regulation & higher taxes for STR’s in the future as well, so that’s something to consider. Housing is one of the top issues for us here, and STR’s are a big part of that I think.
The local Maine economies can’t really support the high rental costs that exist, so I would assume those are propped up by remote work as well. I personally think Maine real estate is in a bubble. I don’t know how long it’ll keep going, but I expect a market correction at some point.
A cost of comparison between Buffalo NY and Portland Maine puts the COL at 17% higher here. I would expect mid coast be to similar. I don’t know exactly where in Upstate NY you guys are based, so I took a guess.
This is a quality of life move, not an investment.
Hubby and I are in education as well and moved for quality of life and never regretted it. Hard to afford what we wanted, but it worked out.