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Kennebec County, ME

RANK #686 / 996  ·  POP 124,003  ·  ME

PROJECTED GROWTH: +0.1%

Kennebec County ranks in the bottom tier of U.S. counties on economic momentum.

[01] Why Kennebec County?

Hallowell, Maine, a small city on the Kennebec River, offers a distinctive blend of historic charm and artistic flair, often called "The Little Easy" or "New Orleans on the Kennebec." Located just south of Augusta, the state capital, Kennebec County provides a mix of urban amenities and natural beauty. Commuting within the county is generally manageable, with Augusta and Waterville serving as central hubs, though some residents experience commutes over 30 minutes. The Kennebec River Rail Trail connects Augusta, Hallowell, and Gardiner, offering a scenic route for walking and biking. The region features rolling hills, numerous lakes, and access to the Kennebec Highlands, providing ample outdoor recreation opportunities.

Life in Kennebec County appeals to a range of residents, from families drawn to communities with local schools like those in Winthrop and Oakland, to individuals seeking a balance of small-city vibrancy and outdoor access. The economy, historically rooted in industries along the Kennebec River, is seeing new activity. Recent developments indicate investment in infrastructure, including broadband expansion, and growth in clean energy. Efforts are also underway to support small businesses and entrepreneurs, with a focus on revitalizing downtown areas in towns like Augusta, Gardiner, and Waterville.

[02] Market Snapshot

Housing Ratio
3.7x

Undervalued relative to economy

GDP Growth
+4.8%

Well above national median

Home Prices
-0.0%

Prices declining

Climate & Terrain
-0.1

Below-average climate & terrain

Price/Rent
12x

Strong rental yield

Housing looks undervalued at 3.7x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Kennebec County U.S. National

The Numbers

DEMOGRAPHICS
Population
124,003
+0.58% YoY
Median Household Income
$62,118
Median Home Value
$198,300
-0.03% 12mo
Median Rent
$900
Average Annual Pay
$60,846
+7.1% YoY
Employment
62,487
+1.1% YoY
Income-to-Home-Value
0.3133
More affordable than average
Migration Inflow
3.09%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$260,000
Days on Market
80
Slower market
Months of Supply
3.7
Balanced market
Sale-to-List Ratio
97.5%
Negotiation room for buyers
Sold Above List
28.0%
Listings w/ Price Drops
17.3%
Building Permits (2024)
480
Single-Family Permits
447

Source: Redfin · Census BPS — Browse sales on Redfin →

[05] Capital Investment

$540M
TOTAL
PROJECT AMOUNT STATUS
Kennebec Valley Natural Gas Pipeline Expansion
Summit Natural Gas of Maine, Inc.
$240M Operating
Three Corners Solar
Longroad Energy
$200M Operating
Amazon Distribution Center (Waterville/Sidney)
Amazon
$50M Proposed
Community Solar Portfolio (multiple projects)
Various (e.g., AES Distributed Energy, Maine DG Solar Monmouth, LLC, BD Solar Augusta LLC, BD Solar 2 LLC)
$50M Operating

Source: public records, news, corporate announcements. Amounts are estimates where noted.

[06] Score Breakdown

GDP Growth +4.8% 83 percentile
Population Growth +0.6% 56 percentile
Income Growth +6.9% 17 percentile
Vacancy Rate 0.6% 92 percentile
Home Price Change -0.0% 30 percentile
Rent Growth +6.6% 89 percentile
Price/Rent 12x 72 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Kennebec County, ME a good place to move to?

Kennebec County has a Boom Town Index score of 31/100, ranking #686 among 996 U.S. counties. With job growth at +1.1% and a median household income of $62,118, it faces some economic headwinds compared to faster-growing counties.

Is Kennebec County affordable?

The median home value in Kennebec County is $198,300 with median rent at $900/month. The income-to-home-value ratio is 0.3133, which is more affordable than the national average.

Is Kennebec County growing or shrinking?

Population growth: +0.6% year-over-year. Job growth: +1.1%. Home values changed -0.0% in the past 12 months.

Are people moving to Kennebec County?

Yes — 3.09% of Kennebec County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

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