The typical owner-occupied home in Island Falls is worth about $81,000, 73% below the Maine median of $296,600 and 76% below the national median of $332,700. Owners pay a median $1,431 a year in property taxes, about 1.77% of their home's value, higher than the Maine rate of 1.02%. The median household earns $55,227 a year, so the median home costs 1.5 times the median income (4.0 times for Maine). 82% of occupied homes here are lived in by their owners, and 41% of those owners still have a mortgage.
Island Falls at a glance
| Island Falls | Maine | U.S. | |
|---|---|---|---|
| Median home value | $81,000 | $296,600 | $332,700 |
| Median property tax paid per year | $1,431 | $3,036 | $3,119 |
| Property tax as a share of value | 1.77% | 1.02% | 0.94% |
| Median household income | $55,227 | $74,733 | $80,734 |
| Homes lived in by their owners | 82% | 74% | 65% |
| Owner homes with a mortgage | 41% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $713 | $1,729 | $1,963 |
| Those costs as a share of the owners' income | 18.5% | 20.6% | 21.0% |
| Median rent | $636 | $1,139 | $1,413 |
| Rent as a share of renters' income | 22.5% | 29.4% | 30.6% |
| Median year homes were built | 1938 | 1977 | 1980 |
| Vacant homes | 12.6% | 20.6% | 10.1% |
| Population | 359 | 1,387,817 | 334,922,499 |
What a typical home costs per month in Island Falls
At this week's average 30-year rate of 7.11%, buying the median Island Falls home of $81,000 with 20% down costs about $589 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $724, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $25,249 for the 20%-down payment. That payment is 13% of the median Island Falls household income of $55,227; at that income and 20% down, the 28% guideline points to a home of about $177,000.
The median rent here is $636 a month, a little more than the monthly cost of owning the median home with 20% down.
| Down payment | $16,200 |
|---|---|
| Loan amount | $64,800 |
| Principal and interest | $436 |
| Property taxes (1.77% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| PMI | $0 |
| Total per month | $589 |
Change the numbers in the calculator
| Down payment | $2,835 |
|---|---|
| Loan amount | $79,533 |
| Principal and interest | $535 |
| Property taxes (1.77% a year) | $119 |
| Homeowners insurance (our estimate, 0.5% a year) | $34 |
| FHA mortgage insurance | $36 |
| Total per month | $724 |
Change the numbers in the calculator
Questions about home buying in Island Falls
What is the median home value in Island Falls?
About $81,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Island Falls?
Homeowners pay a median $1,431 a year, which is about 1.77% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Island Falls?
For the median home with 20% down at 7.11%, the payment is about $589 a month. Keeping that under 28% of gross income takes about $25,249 a year.
More about Island Falls
- Mortgage Refinance in Island Falls
- Debt Relief in Island Falls
- Home Equity Loans in Island Falls
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data