Here’s how much you need for a down payment to buy a house in Maine

Maine’s average home cost has soared this year, forcing potential buyers to better plan how they will afford a house in the state.

The average cost of a home in Maine reached nearly $425,000 in recent months, the Maine Association of Realtors reported, meaning a 20% down payment would cost a buyer roughly $85,000.

That’s a far cry from where prices stood before the demand for housing surged during the pandemic and caused prices to skyrocket. While there’s more housing on the market now, asking prices — and down payments — have remained high while wages have stayed stagnant. This disconnect has made it increasingly difficult for people to move within the state.

Housing in Maine’s most populous and coastal areas is the priciest in the state, but things get more affordable in the state’s m