Department of Numbers

Bangor, Maine Home Affordability

The data below measures home affordability for the Bangor, Maine metropolitan area using price-to-income and price-to-rent metrics.1 The maximum affordable loan amount for the median household income is also calculated. You can also compare Bangor home affordability to other cities.

Bangor, Maine Home Price-to-Income Ratios

The second chart shows a history of the ratio as an index calculated from the Federal Housing Finance Agency's Bangor HPI series. Median household income data for Bangor is from the Census American Community Survey.

Price-to-Income Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Bangor, Maine Home Price-to-Income Ratio History

Date FHFA (Index Ratio)
September 2011 129.8
June 2011 134.0
March 2011 137.0
December 2010 139.1
September 2010 138.1
June 2010 135.7
March 2010 133.9
December 2009 149.0
September 2009 151.8

Bangor, Maine Home Price-to-Rent Ratios

The chart below shows an index of the rent ratio calculated from the metro FHFA HPI series and the Bangor median contract rent data from the Census ACS.

Price-to-Rent Index Ratio: FHFA

Note: Index set to 100 in Q1 of 2000

Bangor, Maine Home Price-to-Rent Ratio History

Date FHFA (Index Ratio)
September 2011 111.0
June 2011 114.6
March 2011 117.1
December 2010 119.0
September 2010 118.1
June 2010 116.1
March 2010 114.6
December 2009 118.1
September 2009 120.4

Bangor, Maine Inferred Affordable Mortgage

The inferred affordable mortgage value is determined by taking the median household income for Bangor, Maine and calculating the mortgage 30% of that income could afford. Traditionally, 30% of income is the maximum amount a homeowner could use towards a home loan. Inferred affordable loan values are calculated from ACS median household income and average monthly mortgage rates.

Inferred Affordable Mortgage

Bangor, Maine Inferred Affordable Mortgage History

Date Inferred Mortgage
November 2011 $225,254
October 2011 $223,092
September 2011 $222,023
August 2011 $217,820
July 2011 $210,748
June 2011 $211,737
May 2011 $208,547
April 2011 $203,780
March 2011 $203,780
February 2011 $201,228
January 2011 $205,667
December 2010 $206,860
November 2010 $217,046

1. Specifically, home prices are from the non seasonally adjusted FHFA all-transactions quarterly series. Dollar ratios are calculated using NAR metro prices when available. Rent and income data are from the Census ACS and are carried forward into the following year prior to release of the new data. ↩

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