The Cost of Waiting to Buy a Condo in the Greater Portland Area
Why Continuing to Rent Could Be More Expensive Than You Think
Renting vs. Buying in Today’s Market (2021–2026 Comparison)
Recently, we came across some statistics detailing market changes over the last few years and comparing them to the money renters sink into their monthly rent. The numbers were honestly jaw dropping. It made us think, what if we take a lens and look closely at our local market, right here in Cumberland County? If you’re debating whether to buy a condo in the greater Portland area, you’re not alone. Since 2021, many buyers have paused, hoping the market would cool or interest rates would improve.
One of the most common questions The Scoville Foley Team hears is:
“Should I wait, or buy now?”
To help out potential buyers, we’ve gone hyper-local and crunched the numbers comparing market trends from 2021 to today, and how they stack up against rental costs in the same local market.
Cumberland County Condo Prices: 2021 vs. 2025–2026
The Cumberland County condo market — including Portland, South Portland, Scarborough, Falmouth, Yarmouth, and surrounding communities — has remained strong over the past several years.
Median Condo Prices (All Sizes)
Estimated Market Trends
- 2021 Median Condo Price: $396,250
- 2025–2026 Median Condo Price: $550,000
That’s a potential increase of $150,000+ in just a few years.
While inventory levels and interest rates have fluctuated, overall condo values in the greater Portland area have proven resilient due to continued demand and limited supply.
📈 Key takeaway: Buyers who waited may now be facing higher purchase prices — even if competition has slightly normalized.
Rental Costs in Cumberland County: Then vs. Now
Renting hasn’t stayed flat either.
Average Apartment Rental Prices
Over roughly four to five years, rental costs in Cumberland County have increased approximately 20–35%, depending on size and location.
Unlike homeownership, rent payments:
- Do not build equity
- Can increase annually
- Offer limited long-term financial return
Monthly Cost Comparison:
4 Condo Price Points
Estimates below assume a conventional mortgage, standard property taxes, insurance, and average HOA fees. Actual payments vary based on down payment and interest rate.
🏠 Condo Price Option 1 — $399,000
This price point often appeals to:
- First-time buyers
- Downsizers
- Buyers seeking entry-level condos in Cumberland County
Notably, this range can be very comparable to renting a 2-bedroom apartment.
🏠 Condo Price Option 2 — $450,000
This range often includes:
- Updated units
- Better locations
- More square footage
🏠 Condo Price Option 3 — $550,000 (Current Median Range)
This reflects much of the current median condo inventory across Cumberland County.
🏠 Condo Price Option 4 — $650,000
This range often includes:
- Premium locations
- Waterfront or luxury condos
- Larger or newer construction units
5-Year Equity Comparison
Even moderate appreciation can significantly change long-term wealth.
What are You Spending on Rent Over a 5 Year Period?
For many buyers, the $399K–$450K condo range is financially comparable to renting a 2-bedroom apartment, with the major difference being equity and long-term appreciation.
Over 5 Years:
Most renters will spend $150,000+
With $0 equity built
And that assumes no major rent increases.
The True Cost of Waiting to Buy Real Estate
When buyers delay purchasing a condo, the financial impact often shows up in several ways:
Potential Costs of Waiting:
- Higher condo prices
- Larger required down payments
- Rising rental expenses
- Lost appreciation
- Reduced buying power
Meanwhile, buyers who took the jump sooner often benefited from:
- Lower entry prices
- Equity growth
- Predictable principal payments
- Long-term financial leverage
In the towns within Cumberland County — where housing demand continues to outpace supply — waiting doesn’t always translate into a better financial decision.
Is It Better to Rent or Buy a Condo Right Now?
The answer depends on your timeline and financial goals.
Renting may make sense if:
- You plan to move within a few years
- You prioritize flexibility
- You’re building savings or improving credit
Buying may make sense if:
- You’re focused on building equity
- You want protection from rising rents
- You want to stabilize your housing costs
There’s no universal answer — only the right strategy for your situation.
The Scoville Foley Team’s Perspective
Cumberland County’s condo market has shown steady resilience over the last five years. While interest rates have shifted, property values and rental costs have both moved upward.
Waiting for the right moment, for rates to drop, or the market to cool isn’t always a winning strategy.
The key is understanding your numbers and having a strategy tailored to your goals.
Considering Buying a Condo in the Greater Portland Area?
Whether you're looking at a Scarborough Downs condo, a waterfront unit, or a low-maintenance property in the surrounding towns, we can help you evaluate:
- Current condo market trends
- Renting vs. buying comparisons
- Payment scenarios based on today’s rates
- Long-term equity projections
📍 Local knowledge.
📊 Real data.
🏡 Strategic guidance.
Contact The Scoville Foley Team to determine whether buying a condo in Cumberland County makes sense for you — now or in the future.
