Housing Market Overview
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
Median Home Price Map: Nearby Counties
Housing Market Overview
| Metric | Penobscot County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,333 | $248,766 | $242,182 |
| Price Trend (Annual %) | 8.4% | 8.9% | 8.2% |
| Median Gross Rent | $996 | $1,084 | $1,342 |
| Rent Trend (Annual %) | 4.2% | 4.7% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Penobscot County is about 26% lower than in Maine. Rent is about 8% lower than the Maine average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2023
Median Rent Prices, 2015-2023
Both home prices and rent are rising in Penobscot County, up about 8.4% and 4.2% a year respectively. Home prices are changing faster.
Median rent in Penobscot County rose about 35.8% between 2015 and 2023, from $734 to $996. Over the same span, rent in Maine rose about 39.7%.
Affordability
On average, housing unit costs 2.9 yearly household incomes in Penobscot County.
Buying the median-priced home in Penobscot County costs roughly 15.3 years of rent at the median monthly rate. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Penobscot County. The price-to-rent ratio in Maine is about 19.1.
| Metric | Penobscot County | Maine Avg | US Average |
|---|---|---|---|
| Median Home Price | $183,333 | $248,766 | $242,182 |
| Median Household Income | $63,705 | $72,025 | $78,145 |
| Price-to-Income Ratio | 2.9 | 3.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2023, the median home price in Penobscot County rose about 67.8%, while median household income rose about 50.4% between 2009 and 2023 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Penobscot County | Maine Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 60.4% | 58.4% | 58.2% |
| Rental Rate | 25.5% | 20.5% | 31.3% |
| Vacancy Rate | 14.1% | 21.1% | 10.6% |
| Median Tenure (years) | 16.0 | 16.0 | 15.0 |
| Median Year Moved In | 2010 | 2010 | 2011 |
Penobscot County has a homeownership rate of 60.4%, higher than the Maine average of 58.4%. Its housing vacancy rate is 14.1%, compared with 21.1% in Maine.
Housing Stock
| Metric | Penobscot County | Maine Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.26 people | 2.27 people | 2.54 people |
| Median Structure Built Year | 1974 | 1973 | 1978 |
| Median Number of Rooms | 5.4 | 5.5 | 5.5 |
The typical housing unit in Penobscot County was built around 1974. On average, 2.3 people live in a home with about 5.4 rooms, staying for about 16.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Penobscot County, Maine.
What is the median home price in Penobscot County, Maine?
The median home price in Penobscot County, Maine is $183,333, lower than the Maine average of $248,766.
What is the average home price in Penobscot County, Maine?
The typical home price in %s, reported as the median sale price, is %s. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Penobscot County, Maine?
The median gross rent in Penobscot County, Maine is $996 per month, lower than the Maine average of $1,084.
What was the median gross rent in Penobscot County in 2020?
In 2020, the median gross rent in Penobscot County, Maine was $822 per month.
What is the price-to-rent ratio in Penobscot County, Maine?
The price-to-rent ratio in Penobscot County, Maine is about 15.3, meaning it would take roughly 15.3 years of rent payments at the median rent to equal the median home price. That is a moderate price-to-rent ratio, where buying and renting are often similarly cost-effective in Penobscot County.
Are home prices or rent rising faster in Penobscot County, Maine?
Both home prices and rent are rising in Penobscot County, up about 8.4% and 4.2% a year respectively. Home prices are changing faster.
What is the homeownership rate in Penobscot County, Maine?
60.4% of households in Penobscot County, Maine own their home, higher than the Maine average of 58.4%.
What is the vacancy rate in Penobscot County, Maine?
The housing vacancy rate in Penobscot County, Maine is 14.1%, lower than the Maine average of 21.1%.