30I always find WalletHub studies to be interesting, especially with all of the data that's used to come up with the results. Maine ranks impressively in a lot of their studies, but not always.

According to a new study from WalletHub, Maine has the 5th lowest median household income in the entire country. Not exactly a brag-worthy stat, but here are a few likely reasons why we landed where we did.

Maine is really rural. Like, most-of-the-state-is-woods kind of rural. Outside of bigger cities like Portland, Bangor and Lewiston, there just aren’t a lot of high paying job opportunities. Fewer people, fewer businesses. That alone can bring the numbers down.

And if you're from here, you probably know a lot of Maine’s economy leans on industries like farming, fishing, and tourism. All of which are awesome if you’re into lobsters, blueberries, or lighthouses—but they’re also seasonal and often don’t pay as much as bigger city jobs.

Then there’s housing. WalletHub also found that Mainers are spending a big chunk of their income—about 42% if they rent—just to keep a roof over their heads. That’s a lot, and in result it makes the money that is coming in feel even tighter.

Add in some struggles with educational equity—WalletHub says Maine’s school districts rank low in funding fairness—it's unknown if those numbers were factored in based on the Trump administration pausing nearly $50 million in federal funding to Maine’s public university system earlier this year, affecting research grants and student aid — in part because of a Title IX dispute over transgender athletes in school sports. Maine has since won a court order to restore the funds and have since reached a settlement.

So yeah, according to WalletHub, it’s not just one thing holding back incomes in Maine. It’s a combo of rural life, job types, housing costs, and potential school funding that makes climbing the income ladder here a little tricky.

Here's how things shook out with the rest of the country.

Source: WalletHub

These Are The Top 25 High Schools in Maine - Did Yours Make The List?

The top 25 high schools in Maine

Gallery Credit: Jeff Parsons

Here Are The Top 10 Cheapest Towns To Live in Maine

Are you looking for a place to live in Maine that won't break the bank? Here is a list of the 5 most affordable towns to live in, in 2022.

Gallery Credit: Google Maps

More From 94.3 WCYY