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Hallowell

Learn about the people, housing, costs and businesses in Hallowell, Maine

Median Home$295,300
Median Rent$890/month
Population2,592
Leading IndustryEducation2% of local workforce
Home Value Growth⬆⬆⬆+22.6% over 2 years
Retirees24% of residentsslightly above average
Homeowners58% of occupied units
NotableAmenity Score72/100 · highly walkable area
NotableVeteran Community10% of residents · top 14% nationally
Hallowell
ME

Frequently Asked Questions

What are today's mortgage rates in Hallowell?

As of today, the 30-year fixed mortgage rate for Hallowell is approximately 6.891% (6.927% APR). Rates vary based on your credit score, loan type, down payment, and other factors. Safe Rate updates rates daily using live investor pricing.

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What is the median home price in Hallowell?

The median home value in Hallowell is $295k. The median monthly rent is $890. Annual property taxes average $4k. Home values are based on U.S. Census Bureau American Community Survey estimates.

Are home values rising in Hallowell?

Home values in Hallowell have increased 22.6% over the past two years. This indicates a strong appreciation trend. This data is sourced from the Federal Housing Finance Agency (FHFA) House Price Index.

How much income do you need to buy a home in Hallowell?

Based on a typical all-in ownership cost of $1,020/month (mortgage, taxes, insurance), you'd generally need a household income of approximately $44k/year to keep housing costs at or below 28% of gross income — a common lender guideline. The median household income in Hallowell is $68k/year.

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What industries drive the economy in Hallowell?

The largest employment sectors in Hallowell are public administration (23%) and healthcare (11%) of the local workforce. Industry data is sourced from the U.S. Census Bureau American Community Survey.