CALCMONEY // HOME AFFORDABILITY // ME // BANGOR
How much house can you afford in Bangor? Based on local median home prices, current ME mortgage rates, and Bangor property tax data.
$265,000
$1,779/mo
$76,232/yr
$158,229
Monthly housing costs of $1,779 represent 41.0% of Bangor's median gross monthly income ($4,333/mo). At 41.0%, median-income buyers in Bangor are significantly stretched — well above the 28% guideline. A larger down payment or higher income is required.
| Median Home Price | $265,000 |
| Down Payment (20%) | $53,000 |
| Loan Amount | $212,000 |
| Monthly PI Payment | $1,403 |
| Monthly Property Tax | $265 |
| Monthly Insurance Est. | $110 |
| Total Monthly PITI | $1,779 |
| Housing Cost % of Income | 41.0% |
| Required Income (28% rule) | $76,232/yr |
| Max Affordable Home | $158,229 |
$9,275
$2,249/mo
Bangor Home Affordability Quick Reference 2026
| Metric | Value | Notes |
|---|---|---|
| Median Home Price | $265,000 | Bangor city median |
| Down Payment (20%) | $53,000 | Conventional loan |
| Monthly PITI | $1,779 | 6.95% rate, 30yr fixed |
| Required Income (28% rule) | $76,232 | Annual gross |
| Max Affordable Home | $158,229 | Based on median income |
| FHA Down (3.5%) | $9,275 | Minimum FHA |
| Housing Cost % of Income | 41.0% | Median income: $52,000/yr |
| Property Tax Rate | 1.2% | $3,180/yr on median home |
Monthly PITI includes principal, interest, property tax, and homeowners insurance. Estimates only.
The median home price in Bangor is $265,000, with a local 30-year mortgage rate of 6.95%. A buyer putting 20% down carries a loan of $212,000, generating a monthly P&I payment of $1,403. Adding property taxes ($265/mo) and homeowners insurance ($110/mo) brings total monthly PITI to $1,779.
Bangor's property tax rate of 1.2% is near the national average, adding a standard increment to monthly housing costs. On the Bangor median home, that is $265/month, or $3,180 per year.
Maine levies a state income tax, which affects take-home pay and effective buying power. High-income earners in Bangor should factor state tax liability into their overall housing budget — mortgage interest may be deductible on both federal and state returns.
Using the 28% rule, a household earning Bangor's median income of $52,000/year can afford up to $1,213/month in total housing costs. Based on Bangor's mortgage rate of 6.95% and property tax rate of 1.2%, that translates to a maximum affordable home price of approximately $158,229 with 20% down on a 30-year loan.
To afford the median Bangor home priced at $265,000, you need an annual gross income of approximately $76,232. Total monthly housing costs (principal and interest of $1,403, property taxes of $265, and insurance of $110) come to $1,779/month, which equals 28% of the required income.
At the median home price of $265,000 and median household income of $52,000, the total monthly housing cost of $1,779 represents 41.0% of gross monthly income. This is well above the standard 28% threshold, making Bangor a challenging market for buyers at median income.
A conventional 20% down payment on the median Bangor home of $265,000 is $53,000. An FHA loan requires just 3.5% down — $9,275 — but adds mortgage insurance of roughly $181/month, bringing total FHA payments to $2,249/month.
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