The typical owner-occupied home in Oakland is worth about $167,000, 44% below the Maine median of $296,600 and 50% below the national median of $332,700. Owners pay a median $2,149 a year in property taxes, about 1.29% of their home's value, higher than the Maine rate of 1.02%. The median household earns $44,848 a year, so the median home costs 3.7 times the median income (4.0 times for Maine). 67% of occupied homes here are lived in by their owners, and 60% of those owners still have a mortgage.
Oakland at a glance
| Oakland | Maine | U.S. | |
|---|---|---|---|
| Median home value | $167,000 | $296,600 | $332,700 |
| Median property tax paid per year | $2,149 | $3,036 | $3,119 |
| Property tax as a share of value | 1.29% | 1.02% | 0.94% |
| Median household income | $44,848 | $74,733 | $80,734 |
| Homes lived in by their owners | 67% | 74% | 65% |
| Owner homes with a mortgage | 60% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,159 | $1,729 | $1,963 |
| Those costs as a share of the owners' income | 20.2% | 20.6% | 21.0% |
| Median rent | $956 | $1,139 | $1,413 |
| Rent as a share of renters' income | 36.4% | 29.4% | 30.6% |
| Median year homes were built | 1974 | 1977 | 1980 |
| Vacant homes | 6.1% | 20.6% | 10.1% |
| Population | 2,710 | 1,387,817 | 334,922,499 |
What a typical home costs per month in Oakland
At this week's average 30-year rate of 7.11%, buying the median Oakland home of $167,000 with 20% down costs about $1,148 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $1,426, 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 $49,194 for the 20%-down payment. That payment is 31% of the median Oakland household income of $44,848; at that income and 20% down, the 28% guideline points to a home of about $152,000.
The median rent here is $956 a month, so owning the median home costs about $192 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $33,400 |
|---|---|
| Loan amount | $133,600 |
| Principal and interest | $899 |
| Property taxes (1.29% a year) | $180 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| PMI | $0 |
| Total per month | $1,148 |
Change the numbers in the calculator
| Down payment | $5,845 |
|---|---|
| Loan amount | $163,975 |
| Principal and interest | $1,103 |
| Property taxes (1.29% a year) | $180 |
| Homeowners insurance (our estimate, 0.5% a year) | $70 |
| FHA mortgage insurance | $74 |
| Total per month | $1,426 |
Change the numbers in the calculator
Questions about home buying in Oakland
What is the median home value in Oakland?
About $167,000 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Oakland?
Homeowners pay a median $2,149 a year, which is about 1.29% 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 Oakland?
For the median home with 20% down at 7.11%, the payment is about $1,148 a month. Keeping that under 28% of gross income takes about $49,194 a year.
More about Oakland
- Mortgage Refinance in Oakland
- Debt Relief in Oakland
- Home Equity Loans in Oakland
- 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