Richest Cities in Maine (2024)

by Kristen Carney Kristen Carney

Updated: June 20, 2024

Richest City in Maine

The richest city in Maine is Falmouth with an average household income of $223,766 as of 2022 and 12,868 people as of 2023 according to the most current Census data available (citation).

Download the newest population data for Maine cities

Save 40+ hours of searching for data in the deep, dark internet rabbit hole, and get the most current Census income data for all Maine cities. Sort your Excel file from the most affluent cities to the least affluent cities in Maine with 2 mouse clicks. Download the sample below.

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20 Richest Cities in Maine

Rank City County Population Average Income Median Income
1 Falmouth Cumberland 12,868 $223,766 $144,118
2 Cumberland Cumberland 8,754 $211,376 $144,167
3 Isle au Haut Knox 88 $202,384 -$1
4 Cape Elizabeth Cumberland 9,592 $192,328 $144,250
5 Hamlin Aroostook 163 $177,225 $44,375
6 Hanover Oxford 301 $169,153 $32,222
7 Yarmouth Cumberland 9,026 $163,336 $108,063
8 Ogunquit York 1,599 $162,884 $100,455
9 Kennebunkport York 3,696 $154,856 $97,079
10 Arrowsic Sagadahoc 494 $152,876 $98,393
11 Scarborough Cumberland 23,656 $152,818 $113,289
12 North Yarmouth Cumberland 4,310 $151,809 $118,304
13 Carrabassett Valley Franklin 701 $144,316 $66,750
14 Norridgewock Somerset 3,316 $132,650 $55,865
15 Newcastle Lincoln 1,902 $132,041 $81,979
16 Dedham Hancock 1,658 $131,421 $89,844
17 Freeport Cumberland 8,781 $130,436 $95,398
18 Nashville Aroostook 26 $130,220 $106,875
19 Mount Desert Hancock 2,190 $130,177 $92,656
20 Gorham Cumberland 18,346 $129,978 $103,152

Median Income versus Average Income: Which Should You Use?

We usually suggest using median income data – either instead of or in addition to – average income data as a true indicator of wealth. If you haven’t thought about median versus average since your last standardized test, you aren’t alone. Here’s what they are:

  • average is the sum of a set of numbers divided by the count of numbers in the set
  • median is the middle number in the set of numbers
illustation of median vs average

Now let’s say you had the following simplified set of income data.

Household 1: $30,000
Household 2: $50,000
Household 3: $1,000,000

The average income for this set is $360,000. The outlier data point ($1,000,000) skews the average WAY up. Conversely, the average income would be skewed WAY down if someone had an income of $500. The median income for the same data set is $50,000. Outlier data doesn’t skew the median.

Most Business Owners Should Use Median Income

So most business owners should use the median income as a true indicator of wealth, because it provides a more accurate representation of a typical income, especially in areas with significant income disparity.

When Should You Use Average Income

If your target market is high-income households, the average income may be more relevant. This is because the average income can highlight the presence of a higher concentration of wealthy individuals, which is beneficial for luxury goods and services marketing. We’re using average income on this page because using the Census’s highest reported median value of $250,001 could result in multiple ties for the richest geography.

Why do so many cities have a median value of $250,001?

The Census' American Community Survey uses $250,000+ as a jam value for median income estimates to protect privacy, ensure data consistency, and simplify reporting. A "jam value" in survey data refers to a placeholder or default value used when actual data points are unavailable, incomplete, or exceed certain thresholds. We represent this jam value as $250,001 to make it easy for you to sort.

SOURCES

United States Census Bureau. Annual Estimates of the Resident Population: April 1, 2020 to July 1, 2023. U.S. Census Bureau, Population Division. Web. May 2024. http://www.census.gov/.

United States Census Bureau. B01001 SEX BY AGE, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. B19013 Median Household Income, 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 7 December 2023. http://www.census.gov/.

United States Census Bureau. “DP03 SELECTED ECONOMIC CHARACTERISTICS.” 2022 American Community Survey 5-Year Estimates. U.S. Census Bureau, American Community Survey Office. Web. 07 December 2023. http://www.census.gov/.

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