Portland, Maine, Among Top ‘Cost-Burdened’ Cities in America for Renters

The city of Portland, Maine, certainly has plenty going for it. The development that Maine's largest city has seen in just the last 10 to 15 years is astounding. Waterfront condos and hotels, restaurants and shops as well as new infrastructure elements.

But all that development comes at a cost. And according to data from the United States Census Bureau, much of that cost is being passed on to renters within the city limits. To the point where Portland, Maine, has the 5th worst 'cost-burden' for renters in the entire country.

According to the San Fransisco Chronicle, the U.S. Census Bureau compiled a series of data points and compared them. Those data points include household income, rent expense as well as utility expense.

Unsurprisingly, some of the largest cities in America are home to several 'cost-burdened' renters. But what may be more surprising is that a small city of roughly 70,000 people is neck and neck with Los Angeles, Dallas and Miami.

The data from the U.S. Census Bureau shows that 52% of renters in Portland, Maine, are 'cost-burdened'. That means they spend beyond 30% of their household income on rent and utilities.

Perhaps a more telling and damning sign for the city is that 24% of those same renters are severely 'cost-burdened'. Meaning, they spend 50% or more of their household income on rent and utilities. Those individuals are likely living paycheck to paycheck and are in danger of becoming homeless.

Will the high rent prices in Portland continue? Most likely. Renters saw their household income nearly double over the last 5 years but their rent and utilities have gone up nearly just as fast, offsetting any potential gains they could have made.