To provide a high-level summary of its contents this page highlights the introductions and key findings of each section within the countywide housing needs assessment. Visit each respective section in the assessment for addtional context, information and figures.
Section 1: Demographic Analysis
Introduction
This section is comprised of population characteristics, household characteristics, and demographic maps. Population characteristics describe the qualities of individual people, while household characteristics describe the qualities of people living together under one roof. This helps establish who lives in Hancock County, the size and composition of county households, and how the total population and number of households are changing over time.
Key Findings and Issues
- The county grew by 1,060 residents, an increase of 1.9%, between 2010 and 2020. It is projected that the county will grow another 1.6% to 56,707 residents by 2030.
- Individuals 65 and over will account for the largest change in population. This age group is projected to comprise 32.8% of the county population in 2030, up from 26.4% in 2020.
- It is estimated that 46% of the county population will be 55 and over by 2030.
- There was a 3% increase in total households in the county between 2010 and 2020. Since then, the number of households has and is projected to continue to increase. By 2028 there is projected to be 25,769 households in the county.
- Hancock County is observing a slower rate of growth in total households than the state as a whole
- An estimated 77% of households in the county are owner-occupied. This percentage is projected to increase slightly by 2028.
- The average household size in the county has been declining since 2000.
- A 15.9% increase in the county’s median household income from 2023-2028 is projected for a MHI of $78,867 in 2028.
- An estimated 89% of individuals in the county live in the same residence that they did one year ago.
- Individuals 18-34 comprised the largest percentage of movers in the past year
Section 2: Economic Analysis
Introduction
The need for housing within the county is influenced by the number of households choosing to live here. One of the primary reasons for residency is the opportunity for employment. In this section, the workforce and employment trends that affect Hancock County are examined as well as how the composition of the workforce and the economy impact housing needs.
Key Findings and Issues
- There were 28,728 people in the Hancock County labor force and an unemployment percentage of 3.2% in 2023. The county labor force and unemployment rate vary by season.
- The county lost over 2,000 jobs during the COVID-19 Pandemic but has returned to pre- pandemic levels of employment opportunities
- Nearly one-third of all county employees worked in the Retail Trade or Accommodation and Food Services in 2023, the top two industries in the county. Many of the average annual wages of occupations in these industries fall below $40,000
- Several of the county’s major employers are in the Healthcare & Social Assistance and Educational Services industries, the third and fourth largest industries in the county, respectively.
- The tourism and fishing industries remain a significant component of the county economy
Section 3: Mobility and Transportation Analysis
Introduction
Just as significant as the cost or availability of housing is its location relative to work and other places of importance. The ability of a person or household to travel easily, quickly, safely, and affordably influences the desirability of a housing market. Additionally, the availability and affordability of transportation services can affect the connectivity of a community and influence housing decisions.
Key Findings and Issues
- Roughly 70% workers in the county commute alone
- 63% of residents living in Hancock County also work in the county
- 32.4% of those working in Hancock County live outside of the county
- A base of almost 7,000 commuters represents a population that may consider moving to Hancock County if available and affordable housing was offered
- Over 70% of workers in the county travel less than 25 miles to work
- The public transportation system is serviceable but does fully support all the needs that a rural county requires.
- Most municipalities in the county are not considered walkable or bikeable
Section 4: Community Services
Introduction
The location, type, and number of community attributes can have a significant impact on housing market performance and the ability of a market to support existing and future residential development. Examples of community services include but are not limited to grocery stores, pharmacies, gas stations, medical facilities, child care facilities and schools, along with public safety services such as police, fire, and EMS stations. Libraries, community centers and public parks and green space are other area amenities that can make a community a desirable place to live.
An interactive map of county community services and public bus stops can be accessed by clicking here. This web application will provide a stronger understanding of where services are concentrated, their ability to be accessed by public transportation, and where it makes sense to create new housing. These community attributes were examined in Hancock County and summarized below by geographical area.
Key Findings and Issues
- Hancock County has sufficient access to most essential community services, which are concentrated in service centers throughout the county.
- Community service locations can be used to determine where in the county new housing should be created and where in the county certain services are lacking
Section 5: Short-Term and Vacation Rental Analysis
Introduction
Hancock County’s geographic location makes it a very desirable destination for day trips, planned vacations and seasonal residences. The seasonal population increase associated with this visitation has led to the opening of many seasonal businesses and the creation of additional employment opportunities throughout the county. It also drives up the demand and necessity for lodging and stresses occupancy limitations. As such, homeowners and property managers utilize their own residences as a place for visitors to stay. These existing residences used for the purpose of lodging temporary visitors in exchange for payment are usually referred to as short-term rentals (STR) or vacation rentals. These rentals have grown in popularity over recent years and impact the year-round housing and rental markets in many places nationwide, including Hancock County. This section takes a deeper dive into the STR and seasonal housing market in the county to further understand its impact relative to the market in its entirety.
Key Findings and Issues
- Vacant units for seasonal, recreational, or occasional use comprised 31% of the county’s total housing units in 2020.
- Between July 2021 to June 2024 there were a total of 4,500 unique short-term rental listings in Hancock County listed on AirDNA.
- Since July 2021 an estimated 11% of the county housing stock has previously been or is currently listed as an active short-term rental.
- In this analysis, short-term rental listings on AirDNA were primarily single-family residences. 30% offer one bedroom and 40.9% were listed as available between 91-180 nights.
- The Southwest Harbor, Bar Harbor and Tremont/Seal Cove submarkets have the highest percentage of housing units listed as short-term rentals on AirDNA.
- The Ellsworth, Bar Harbor and Southwest Harbor submarkets have the highest percentage of total listings, the highest average number of listings per month and the highest percentage of total county revenue from short-term rentals.
- Some municipalities in the county have short-term rental regulations in place.
Section 6: Housing Market Analysis
Introduction
This section provides an overview of the Hancock County housing market, including for-sale, rental, and senior housing. The current housing stock, affordability and availability of housing within each of these markets is discussed. Understanding the historical trends, as well as market performance, characteristics, composition, and availability provides critical information relating to conditions of the current housing market and future housing potential.
Key Findings and Issues
- Almost half (49.2%) of the housing units in Hancock County were built before 1980
- The total number of housing units in the county increased by an estimated 1.5% between 2010-2023, compared to 18.4% from 2000-2010.
Owner-Occupied Housing
- Households in the county are predominantly single unit, and an estimated 77% of households are owner-occupied. By 2028 owner-occupied households are projected to increase while renter-occupied households are projected to decrease.
- As of 2023 the estimated median value of an owner-occupied housing unit in Hancock County is $275,350. By 2028 the median home value is projected to be $296,432
- Homeownership is not affordable for the majority of residents. The median price of a home was $405,000 in 2023. 81.3% of households in the county are unable to afford a median- priced home.
- An estimated 21.9% of owner-occupied households in Hancock County are cost burdened. An estimated 8.4% are severely cost-burdened.
Rental Housing
- The median gross rent in the county is $949.
- Of the over 1,100 multifamily rental units that were surveyed in this analysis there were an estimated three total vacancies, resulting in an occupancy percentage of 99.7%.
- Nearly two-thirds of the rental units surveyed (62.7%) were one-bedroom units. 24.2% of the units surveyed serve individuals that earn 60% of the AMHI or greater
- 61.3% of all units that were surveyed currently serve individuals 55 and over. These units were 100% occupied or any vacancies will be filled by a waiting list
- Of the units surveyed targeting seniors 55+, over 90% of them also serve households that earn 60% or less of the Area Median Household Income.
- An estimated 46.5% of renter-occupied households in Hancock County are cost burdened. An estimated 21.7% are severely cost-burdened.
Section 7: Housing Gap Analysis
Introduction
Hancock County does not currently have enough housing to meet the needs of current and future residents. This is also the case statewide, and efforts have been made at the state level to establish housing production goals for both the state and individual counties. While not limited to those listed below, the existing gap in and future demand for housing units needed in Hancock County is influenced by several different factors.
Key Findings and Issues
- Hancock County needs an additional 3,400-3,700 housing units by 2030 to accommodate for a historic underproduction and future needs.
- It is estimated that nearly 300 owner-occupied units and over 250 renter-occupied units are needed just to create a balanced, healthy market
- Currently the maximum affordable home price for 14 of the 22 occupation groups in Hancock County is less than $200,000
- Accounting for population changes, commuter support, the replacement of substandard housing, and relieving cost-burdened households are among the other factors that should be considered when creating new housing in the county
Section 8: Development Trends
Introduction
Residential development in Hancock County has historically followed a pattern of building single- family homes on individual lots. Building permit information shows that this pattern has continued in recent years. Additional units have been added over the last several years, and more are currently under construction or in various stages of the development pipeline.
Key Findings and Issues
- Building permits authorized are most common for single-unit structures
- The number of single-unit structures authorized by building permits in the county has increased since 2021.
- Multifamily units have also been constructed in the county over the past decade. Additional single family and multifamily units are in various stages of the development pipeline
Section 9: Suitability for Development
Introduction
Certain factors provide opportunities for development throughout the county while others limit or restrict where development can take place. This section provides a high-level overview of various factors that impact residential development in Hancock County.
Key Findings and Issues
- Environmental protection areas, conserved lands, soil suitability, land placed in protection programs, and climate change projections are all potential constraints to development
- Identifying existing public utilities and infrastructure, the possible expansion of these systems, and land in designated growth areas present potential opportunities for development
Section 10: Other Development Factors
Introduction
The construction industry at both the county and state levels, as well as active development opportunities, further impact how and where development can occur. While there are also statewide regulations, housing created in Hancock County is largely impacted by decisions at the municipal level.
Key Findings and Issues
- Construction jobs have increased at both the county and state levels since 2020.
- Compared to other counties in Maine, Hancock County had the highest rate of construction imports from other parts of the state at 2.93% In 2021.
- Residential development in Hancock County is guided by language within local ordinances, which vary by municipality.
- In August 2024 there were a total of 206 parcels totaling 3,466.70 acres of for-sale vacant or undeveloped land in Hancock County.
- There are opportunities for purchasing land or redeveloping existing non-residential properties that are listed as for-sale.
Section 11: Housing Equity
Introduction
Persons with disabilities, households in poverty and individuals considered homeless are among the population groups that have difficulty finding housing that is adequate for their needs. When designing and developing future housing projects consideration should be given to vulnerable populations such as those listed below as a way to provide equitable housing for all.
Key Findings and Issues
- When identifying the location of future housing data, mapping tools such as those provided by the EPA and the CDC can be useful in determining vulnerable populations and areas of the county.
- In 2022, 10.9% of the Hancock County population had an income below the poverty level within the last 12 months and 1.4% of households had greater than 1.0 occupants per room.
- MaineHousing’s annual Point-In-Time Count (PIT) of homeless individuals identified 73 individuals in Hancock and Washington counties that were experiencing homelessness in January 2024, a number that is likely underestimated.
- In 2023, the average length of stay in one of H.O.M.E. Inc’s emergency shelters was about 71 days compared to an average of 55 days in 2019, an over 25% increase.