Portland is the most populous city in Maine and the economic center of the state. While the city’s population is around 67,000, the Greater Portland Metropolitan Area has a population of over half a million people. This makes it the largest metropolitan area in Northern New England. The city’s importance as an innovation and economic anchor for the area makes it a desirable place to live.
The median listing price for homes in Portland, Maine is $314,800. Home listings have a median square footage of 1,488. This makes the price per square foot for Portland $212. These values are 41 percent above the national median. This is reflective of Portland’s significance and desirability.
Portland houses Maine’s largest port. It’s also relatively close to Boston, the most important economic center in all of New England. These qualities have made it both an economically significant and growing city.
Like many cities in the United States, Portland has gradually moved from local industries such as fishing and agriculture towards a service-based economy. Major financial businesses base their Maine and Northern New England operations in Portland. These companies are headquartered in Portland and are some of its larger employers:
- TruChoice Federal Credit Union
- People’s United Bank
- ImmuCell Corp
- Pioneer Technologies
The city has a low unemployment rate, only three percent in 2017, and attracts new businesses and investments from national brands. Additionally, the port is undergoing a revival that is increasing its shipping capacity.
As a historic port, Portland has many sites to see such as the Portland Head Light, the city’s 19th-century custom house and the Cathedral of the Immaculate Conception. Additionally, the city is home to more than 700 acres of public parks and open space.
Downtown Portland includes an arts district and the Old Port. These areas are home to galleries, restaurants, bars, and shops. The Portland Farmers Market is also a major draw for both tourists and locals. Portland has a lot to offer any home buyer in terms of attractions.