2017 Housing Facts and Affordability Index for Bangor, ME MA Housing Market

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1 207 Housing Facts and Affordability Index for Bangor, ME MA Housing Market Homeownership Affordability Index Bangor, ME MA Housing Market Year Median Home Median Home Price Affordable to Index Price Income 2 Median Home Price Median Income.20 $5,500 $7,02 $,80 $62,6.5 $,000 $,27 $8,078 $5,58.20 $2,000 $5,82 $7,678 $58,20.20 $7,500 $7, $,88 $65,52.07 $50,000 $7,2 $,26 $6,68 Veazie 0.7 $226,5 $8,70 $68, $6,87 Orono 0.7 $65,000 $,8 $5,728 $20,808 Clifton 0.8 $6,500 $0,5 $8,5 $0,227 Bangor 0.8 $6,000 $6,0 $,05 $,7 Kenduskeag 0.2 $5,200 $0,5 $,2 $, Maine 0. $7,000 $5,0 $57,08 $8,56 Old Town 0.5 $6,00 $,7 $6,72 $0,86 Holden 0.5 $225,000 $62,650 $65,77 $2,02 Dixmont 0.6 $52,000 $0,67 $2,286 $6,6 Newburgh 0.7 $2,00 $58,500 $60,5 $87,0 Dedham 0.8 $20,000 $58,685 $60,55 $8,00 Glenburn.0 $8,000 $57,526 $55,8 $8,070 Corinth.0 $56,500 $7,0 $5,0 $6, Newport.06 $7,750 $7,888 $5,685 $25,020 Levant.07 $6,00 $50,8 $7,5 $8,2 Bangor, ME MA Housing Market.07 $50,000 $7,2 $,26 $6,68 Brewer.0 $5,000 $,08 $5,205 $60,086 Hermon. $20,000 $6,27 $58,57 $22,7 Bradley.2 $26,000 $0,55 $6,7 $0,627 Hudson.2 $5,000 $50,06 $0,7 $78,6 Carmel.25 $68,200 $5,6 $7,572 $20,75 Stetson.28 $,250 $50,5 $,785 $7,806 Plymouth. $6,500 $5, $,20 $78,766 Orrington. $65,750 $6,82 $7,2 $27,20 Enfield.7 $08,600 $,87 $,55 $,07 Hampden.2 $0,200 $7,87 $56,0 $26,6 Frankfort.5 $6,000 $7,00 $,00 $68,26 Milford.6 $,000 $52,6 $5,68 $7,86 Winterport.56 $5,500 $67,522 $,228 $2,767 Howland.7 $65,750 $6,6 $2,28 $,6 The Homeownership Affordability Index is the ratio of Home Price Affordable at Median Income to Median Home Price. An index of less than means the area is generally unaffordable - i.e., a household earning area median income could not cover the payment on a median priced home (0 year mortgage, taxes and insurance) using no more than 28% of gross income. 207/Bangor, ME MA Housing Market/Housing Facts & Affordability Index Page of 5

2 Households Unable Median Home Households Unable Median Home Total Median Median Home Location Percent Number Households Home Price Annual Hourly Veazie 65.% $226,5 $68, $2.8 Orono 60.%,720 2,862 $65,000 $5,728 $25.8 Holden 5.6% 766,285 $225,000 $65,77 $.6 Clifton 5.6% 2 5 $6,500 $8,5 $2.56 Bangor 57.0% 8,26,02 $6,000 $,05 $20.82 Kenduskeag 56.0% $5,200 $,2 $2.2 Maine 5.% 05,5 565,5 $7,000 $57,08 $27.5 Newburgh 5.7% $2,00 $60,5 $28.2 Old Town 5.5%,68,278 $6,00 $6,72 $7.65 Dedham 5.% 0 80 $20,000 $60,55 $28.2 Dixmont 50.% 2 7 $52,000 $2,286 $20. Glenburn.0% 82,820 $8,000 $55,8 $26.2 Newport 8.2% 685,2 $7,750 $5,685 $7.6 Corinth 8.% 5,2 $56,500 $5,0 $2.68 Bangor, ME MA Housing Market 7.6% 26, 5, $50,000 $,26 $2.2 Levant 6.5% 56,52 $6,00 $7,5 $22.8 Hermon 6.%,0 2,226 $20,000 $58,57 $27.6 Brewer 5.%,87,6 $5,000 $5,205 $2.7 Bradley.6% $26,000 $6,7 $7. Hudson.% 2 58 $5,000 $0,7 $.58 Stetson.2% 20 $,250 $,785 $. Plymouth.% $6,500 $,20 $8.85 Carmel 8.%, $68,200 $7,572 $22.87 Orrington 6.% 52, $65,750 $7,2 $22.7 Milford 5.2% 5,28 $,000 $5,68 $7.6 Frankfort.6% 6 65 $6,000 $,00 $5.87 Hampden.% 77 2,882 $0,200 $56,0 $27.2 Howland 0.% 7 76 $65,750 $2,28 $0.2 Enfield 0.7% 7 6 $08,600 $,55 $5.6 Winterport 28.5%,5 $5,500 $,228 $ /Bangor, ME MA Housing Market/Housing Facts & Affordability Index Page 2 of 5

3 Unattainable Homes as a Percentage of Homes Sold Percentage of Affordable Unattainable Location Unattainable Homes Homes Sold Homes Sold Clifton 7.% Bangor 68.5% 2 26 Orono 68.2% 2 5 Kenduskeag 6.% 5 Veazie 6.5% 0 6 Newburgh 56.% 7 Maine 5.%,5, Old Town 52.7% 5 Dedham 50.0% Holden 50.0% Dixmont 7.% 8 Bangor, ME MA Housing Market.8% Corinth.7% 0 Glenburn.% 7 26 Brewer 6.6% 85 Newport 6.0% 2 8 Hermon 5.6% 65 6 Bradley.6% 6 Plymouth 25.0% 5 5 Hampden 2.8% 2 7 Carmel 2.2% 25 8 Stetson 2.% 0 Hudson 22.2% Levant.% 2 7 Orrington 7.% Howland.6% Milford 2.% 2 Frankfort 8.% Winterport 8.0% 6 Enfield 7.% Relative Increases in Income and Home Price 0% 80% 70% 60% 50% 0% 0% 20% 0% 0% Median Home Price Median Income /Bangor, ME MA Housing Market/Housing Facts & Affordability Index Page of 5

4 Rental Affordability Index Bangor, ME MA Housing Market Year Index Average 2 BR Rent (with utilities) Renter Household Median Income 2 Average 2 BR Rent 2 BR Rent Affordable to Median Income 0.8 $88 $2,677 $5,62 $ $5 $26,76 $8,5 $ $87 $27,7 $5,888 $ $0 $28,88 $6,72 $ $22 $26,7 $6,880 $67 Newport 0.2 $,2 $8, $5,7 $7 LaGrange 0.6 $7 $7,272 $7,88 $2 Brewer 0.5 $,508 $2,72 $60, $80 Howland 0.62 $8 $20,68 $,07 $57 Old Town 0.68 $6 $25,7 $7,2 $67 Bangor 0.7 $87 $2,58 $,857 $65 Passadumkeag 0.72 $87 $2, $,52 $625 Bangor, ME MA Housing Market 0.7 $22 $26,7 $6,880 $67 Orono 0.7 $855 $25,2 $,8 $60 Orrington 0.7 $,8 $,2 $,72 $8 Maine 0.7 $77 $0,80 $,0 $770 Hermon 0.8 $,02 $6,76 $,687 $ Hampden.2 $,050 $50,65 $2,000 $,266 The Rental Affordability Index is the ratio of 2-Bedroom Rent Affordable at Median Renter Income to Average 2-Bedroom Rent. An index of less than means the area is generally unaffordable i.e., a renter household earning area median renter income could not cover the cost of an average 2-bedroom apartment (including utilities) using no more than 0% of gross income. Renter Households Unable Average 2 Bedroom Rent Location Households Unable Average 2 BR Rent Percent Number Total Average Renter 2 BR Rent Average 2 BR Rent Households (with utilities) Annual Hourly LaGrange 8.% 5 $7 $7,88 $8.02 Newport 80.% 50 7 $,2 $5,7 $2.72 Brewer 77.2%,275,65 $,508 $60, $2.0 Howland 70.8% 80 $8 $,07 $6.0 Old Town 6.%,005,5 $6 $7,2 $8.00 Bangor 6.5% 5,00 7,75 $87 $,857 $6.76 Bangor, ME MA Housing Market 62.%,265 7,08 $22 $6,880 $7.7 Orono 6.8% 0,60 $855 $,8 $6. Orrington 60.6% 26 $,8 $,72 $2.50 Maine 5.6% 6,8 6,76 $77 $,0 $8.7 Hermon 58.5% 20 $,02 $,687 $2.00 Passadumkeag 57.% 6 28 $87 $,52 $6.80 Hampden.6% $,050 $2,000 $ /Bangor, ME MA Housing Market/Housing Facts & Affordability Index Page of 5

5 Relative Increases in Renter Income and Average 2BR Rent 70% 60% 50% 0% 0% 20% 0% Average 2BR Rent Renter Median Income 0% Demographics % Change Population 0.% 22,2 5,6 5, 5,06 5,78,755 Households 22.7%,76 5,6 5, 55, 55,5 5, Endnotes This data is derived from Maine Real Estate Information System ("MREIS") and MREIS reserves all rights including all proprietary rights in the data set forth herein and any use or publication of this data or any portion thereof without the express written consent of MREIS is prohibited. Any reproduction, sale or exchange of this data, in whole or in part, is likewise prohibited. All rights to the data remain the exclusive property of MREIS to the extent owned by MREIS. 2 Source: Claritas The Y axis is an index defined as the ratio of the annual value to the year 2000 value. Source: MaineHousing Quarterly Rent Survey. All rent data reported adjusted to include the cost of utilities (heat, hot water, and electricity). 207/Bangor, ME MA Housing Market/Housing Facts & Affordability Index Page 5 of 5