60% of Portlanders can't afford average rent

Maine Public Broadcating - A new report by Portland housing staff finds that a majority of city residents do not make enough money to rent a home within what are considered standards of affordability.

The standard rule of thumb holds that to be affordable, a house or apartment should cost no more than 30 percent of household income. By that measure, the report found that last year, more than 60 percent of Portland renters could not afford the average monthly rent of $1,052 dollars for a two-bedroom home in the city.

The report also found that an even larger proportion of city residents could not afford the median price of buying a home in the city. It comes in the wake of a sharp increase in city property values and rents over this decade — and just before a November vote on a ballot item that would limit rent hikes.