How much rent can you afford in Cape Elizabeth, ME?
Run your salary against Cape Elizabeth's current rent, or find the income you'd need for a target rent. Powered by live RentDataNow medians.
The 30% rent rule, in Cape Elizabeth
At a median rent of $2,908/mo, Cape Elizabeth is stretched for most renters when measured against Maine median income of $73,733/yr. Rent would consume roughly 47% of pre-tax income, and a salary of about $116,320 keeps rent at the recommended 30% threshold.
Based on Maine median income. Cape Elizabeth-specific income data isn't available yet, so state-level medians are used as a proxy.
How Cape Elizabeth compares nearby
Median rent for the closest cities with data.
Frequently asked
How much rent can I afford in Cape Elizabeth?
On a $73,733 salary (the Maine median income), the recommended ceiling is 30% of pre-tax income, or about $1,843/mo. Cape Elizabeth's median rent is $2,908/mo. Use the calculator on this page to run your own salary.
What salary do I need to live in Cape Elizabeth?
To keep Cape Elizabeth's $2,908/mo median rent under 30% of income, you'd need about $116,320/yr. Lower your target share (e.g. 25%) to need more, or raise it (e.g. 40%) to need less.
Is Cape Elizabeth affordable on the median Maine income?
Cape Elizabeth is stretched for most renters on a $73,733 income. Rent would take 47% of pre-tax pay, outside the recommended 30% threshold.
What's the 30% rent rule?
The 30% rule is a long-standing budgeting guideline that keeps rent at or below 30% of gross (pre-tax) income. It leaves enough room for utilities, transit, savings, and debt service. In high-cost markets, many renters exceed 30%, and the Census Bureau classifies households paying more than 30% of income on rent as "cost-burdened".