04401, Bangor, ME

Bangor, Maine is a city of about 50,000 people located in the eastern part of the state. The city is home to Eastern Maine Community College and Bangor University. The economy of Bangor is based largely on government services and health care. Manufacturing, retail trade, and construction are also important parts of the local economy.

The median household income in Bangor was $50,711 in 2016. About one-third of households earn less than $30,000 a year, while about one-fifth earn more than $75,000 a year. The cost of living in Bangor is relatively low compared to other cities in Maine. Housing costs are especially low; the average monthly rent for an apartment in Bangor is just over $700 a month.

Home prices in Bangor have been increasing rapidly over the past few years. In March 2017, the median price for a single-family home was just under $200,000. This price has increased by almost 50% since March 2015! In addition to rising home prices, there has been an increase in the number of homes available for sale in Bangor over this same period of time. As a result, there has been an increase in competition for homes available for purchase; currently there are only about 3% more homes available for sale than there were six months ago!

Despite these strong market conditions, it seems likely that home prices will continue to rise over the next few years; indeed they may even continue to increase at a faster rate than current inflation rates! This trend could have significant implications for homeowners who are looking to sell their homes; if prices continue to rise significantly above inflation rates then it may be difficult for homeowners to recoup their original investment (i.e., their home equity) when they decide to sell their homes!