10 Richest Towns in Maine

By PropertyClub Team
May 6th 2024
Ever dream of living in a place where the lobster rolls are overflowing and the locals stroll around in boat shoes? Well, buckle up because Maine might just be your dream state. While the median household income in Maine sits comfortably at $68,251, there are pockets of pure affluence waiting to be explored. Dive into our list of the wealthiest towns in Maine and discover where life truly is a lobster bake!

hash-markIs Maine a Rich US State?

No, Maine is not considered a rich US state. Overall, Maine residents are close to the national average in terms of wealth. The  per capita income in Maine is $39,718, which falls just below the national average of $41,261. However, the national average poverty rate is around 11.5%, and Maine's poverty rate is 10.8% which is slightly lower. These two indicators suggest that Maine's overall economy is about as strong as the national average.

hash-mark10 Richest Towns in Maine

  1. Cape Elizabeth
  2. Falmouth
  3. Cumberland
  4. Scarborough
  5. Kennebunk
  6. North Berwick
  7. Yarmouth
  8. South Portland
  9. Saco
  10. Westbrook

hash-mark1. Cape Elizabeth

Cape Elizabeth, the richest town in Maine, has a population of 9,313. People here earn a median household income of $144,250 and homes have a median price of $806,180. It's famous for hosting the Beach to Beacon 10K road race. Additionally, Cape Elizabeth is home to Ledgemere Country Day School, one of the oldest preschools in the greater Portland area, which has been operating continuously for years.

hash-mark2. Falmouth

Falmouth is another rich town in Maine, sitting north of Portland along the coast. With a median household income of $144,118 and a median home price of $839,845, it's a well-to-do area. Around 11,000 people call Falmouth home. The town's schools are among the top-ranked in Maine, making it an attractive place for families.

hash-mark3. Cumberland

Cumberland, the third richest town in Maine, is a cozy small town nestled on the coast of Southern Maine. With a median household income of $137,028 and a median home price of $693,914, it offers a comfortable lifestyle for its roughly 8,400 residents. Known as one of the safest places to live in Maine, Cumberland combines the charm of a quaint coastal community with the security of a tight-knit neighborhood.

hash-mark4. Scarborough

Located in Cumberland County, Scarborough stands out as the fourth richest town in the state. With a population of 20,352, it's the most populous town around. The folks here boast a median household income of $113,289 and a median home price of $667,704. Notably, Scarborough proudly hosts the headquarters of Hannaford supermarkets, adding to its charm and economic significance.

hash-mark5. Kennebunk

Kennebunk, another rich town in Maine, is brimming with tradition and history. It started as a farming and shipbuilding community. The median household income here is $96,814, and the median home price is $599,599. From the grand Sea Captain's mansions on Summer Street to the serene Mousam and Kennebunk rivers, there's something for everyone to enjoy in Kennebunk.

hash-mark6. North Berwick

Number six on our list is North Berwick, once known as Kittery Commons back in 1693. It's a cozy town with a median household income of $90,785 and a median home price of $453,376. About 4,714 people call North Berwick home, and it boasts the beautiful Bauneg Beg Pond, perfect for outdoor fun.

hash-mark7. Yarmouth

Yarmouth, a cozy town nestled in Maine, shines bright as one of the richest spots in the state. With a population of 8,518 and a median household income of $89,770, it's a bustling community. The median home price here is $744,779, reflecting its prosperity. 

Yarmouth's charm lies in its coastal allure, situated by the Atlantic Ocean and the tranquil banks of the Royal River, making it an ideal harbor spot. Every year, the town hosts the lively Yarmouth Clam Festival, drawing in roughly 80,000 visitors, adding to its vibrant atmosphere.

hash-mark8. South Portland

South Portland, ranked eighth richest town in Maine, is home to a community of almost 27,000 people. With a median household income of $82,489 and a median home price of $498,053, it's a prosperous area. Situated on the scenic Casco Bay, it boasts over 1,500 businesses. As the fourth largest municipality in Maine, South Portland offers a blend of residential comfort and bustling commerce.

hash-mark9. Saco

Saco, found at the end of our list of wealthy towns in Maine, sits where the Saco River meets the Atlantic Ocean in southern Maine. The folks here enjoy a median household income of $81,326 and a median home price of $483,907. With over 19,000 friendly residents, Saco is growing steadily. It's known for its stunning beaches, charming downtown, and welcoming community.

hash-mark10. Westbrook

Westbrook, which became a town in 1814, wraps up our list of the richest towns in Maine. It used to be a classic mill city, but it's changed a lot in the last twenty years. Now, it's much more diverse and bigger, with over 20,000 people living there. The median household income is $81,198, and the median home price is $438,808.