Penobscot County Real Estate and Livability Trends
Penobscot County, Maine’s real estate market shows promising affordability with median home values increasing from $137,400 in 2015 to $176,700 in 2022, remaining below the state median of $244,800. The area sees a fluctuating yet significant rise in residential energy tax credits, peaking at $2,170.00 in 2018, potentially highlighting varying trends in energy-efficient home improvements.... Read more
Penobscot County Market Trends
Penobscot County's median home values have climbed from $137,400 in 2015 to $176,700 in 2022, offering potentially more affordable investment prospects compared to Maine's median of $244,800. Average residential energy tax credit per tax return has varied, peaking at $2,170.00 in 2018, indicating fluctuating energy-efficient improvements among residents. Real estate taxes per tax return have... Read more
Median Value of Occupied Housing Units in Penobscot County, Maine Over the Last 8 Years
Penobscot County's median home values have seen a consistent upward trend over the past eight years, climbing from $137,400 in 2015 to $176,700 in 2022. While these values have been on the rise, they generally remain lower than both state and national averages. For comparison, Maine's median home value in 2022 was $244,800, and the national figure stood at $179,400. This suggests that Penobscot County might offer more affordable investment and living opportunities, particularly for those looking to capitalize on the state's overall appreciation in home values while possibly avoiding the higher costs seen statewide.
Residential Energy Tax Credit Per Tax Return in Penobscot County, ME Over the Last 9 Years
Penobscot County, Maine has seen significant fluctuations in the average residential energy tax credit per tax return over the past nine years, peaking sharply at $2,170.00 in 2018. Most years hover between approximately $300.00 and $700.00, with 2019 and 2020 showing consistent values around the mid-$500.00 range. These changes may suggest varied levels of energy-efficient improvements among residents, potentially influenced by regional economic conditions or incentives. Such trends could be valuable for investors, real estate agents, and policy makers assessing the energy efficiency landscape and its financial implications for property in the area.
Average Real Estate Taxes Per Tax Return in Penobscot County, ME Over the Last 10 Years
In Penobscot County, Maine, average real estate taxes per tax return have shown a steady increase over the past decade, rising from around $3,173.22 in 2012 to roughly $5,091.48 in 2021. This trend may be of interest to prospective investors, as it indicates potentially higher ongoing costs associated with property ownership in the area. For real estate agents and appraisers, this data might suggest shifting market dynamics and potential impacts on property values. Additionally, for insurance agents and those looking to build property, this information could influence considerations around coverage costs and overall property investments.
Percentage of Farm Returns in Penobscot County, ME Over the Last 10 Years
Over the past decade, Penobscot County, Maine, has seen a slight downward trend in the percentage of farm returns, starting at approximately 0.69% in 2012 and dipping to around 0.54% in 2021. Farm tax returns, indicating the number of farms filing income taxes, serve as a sign of agricultural activity and vitality in the region. For those looking to invest or build property in Penobscot County, this could imply shifting economic conditions, potentially affecting the local real estate and investment landscape.
Number of Mortgages by Occupancy Type in Penobscot County, ME Over the Last 5 Years in Penobscot County
In Penobscot County, Maine, the number of mortgages for principal residences has exhibited significant variability over the past five years, peaking around 2021 with 7,749 mortgages and dropping to 5,620 in 2022. Investment properties and second residences have seen more subdued fluctuations, but they also reflect interesting trends. For instance, investment property mortgages slightly increased from 392 in 2018 to 594 in 2021 but then dipped to 483 in 2022. Changes in occupancy types, such as the rise and fall of principal residence mortgages, may impact future housing market stability and community dynamics. These shifts are crucial for investors, builders, and real estate agents to consider, as they influence local housing demand, property values, and even insurance risk assessments.
Economic Outlook
Penobscot County, Maine has seen its average taxable income per tax return rise from $48,707.97 in 2013 to $68,647.59 in 2021, potentially signaling a strengthening local economy. At the same time, average state and local income taxes per tax return increased significantly to $16,852.81 in 2021 from $6,539.36 in 2012, hinting at growing fiscal pressures. Total tax liability also spiked to $10,780.46 in 2021. Notably, poverty rates have fluctuated, peaking at 19.7% in 2015 and settling at 15.8%... Read more
Average Taxable Income per Tax Return in Penobscot County, ME over the last 9 years
Over the last nine years, Penobscot County, Maine has seen a steady rise in the average taxable income per tax return, starting at $48,707.97 in 2013 and reaching $68,647.59 in 2021. This upward trend indicates a potentially strengthening local economy, which could be appealing to investors and property developers. For those considering a move, the increasing income levels might suggest improved job prospects and economic stability. Appraisers and insurance agents might also find this data useful for assessing risk and property value trends in the area.
Average State and Local Income Taxes Per Tax Return in Penobscot County, ME Over the Last 10 Years
Penobscot County, Maine has seen a notable increase in average state and local income taxes per tax return over the past decade, climbing from around $6,539.36 in 2012 to approximately $16,852.81 by 2021. This significant rise points toward growing fiscal pressures or changes in tax structures, which could influence the cost of living and financial planning for residents and potential investors. Such trends might be indicative of broader economic shifts, making it essential for those interested in the area to consider potential long-term financial impacts.
Average Total Tax Liability Per Tax Return in Penobscot County, ME Over the Last 10 Years
Penobscot County, Maine has seen a general increase in average total tax liability per tax return over the past decade, with a notable spike to $10,780.46 in 2021. After a steady climb from $7,034.49 in 2012 to $8,158.41 in 2017, there was a slight dip in 2018 to $7,651.44 followed by a return to upward trajectory. Investors and new residents should be aware of potentially rising financial commitments, while appraisers and real estate agents might consider this an indicator of economic growth. For insurance agents and builders, understanding these trends are crucial in assessing future market behaviors and client needs.
Cost of Living in Penobscot County
| Family Size | Housing | Food | Heath Care | Child Care | Taxes |
|---|---|---|---|---|---|
| 2 adults 4 children | $1,379 | $1,601 | $2,000 | $1,464 | $1,462 |
| 1 adult 4 children | $1,379 | $1,307 | $1,537 | $1,464 | $1,620 |
| 2 adults 3 children | $1,379 | $1,308 | $1,731 | $1,464 | $1,180 |
| 1 adult 3 children | $1,379 | $1,067 | $1,269 | $1,464 | $1,319 |
| 2 adults 2 children | $1,096 | $1,070 | $1,463 | $1,307 | $960 |
| 1 adult 2 children | $1,096 | $800 | $1,000 | $1,307 | $962 |
| 2 adults 1 child | $1,096 | $846 | $1,194 | $794 | $876 |
| 1 adult 1 child | $1,096 | $546 | $731 | $794 | $765 |
| 2 adults | $845 | $680 | $925 | $0 | $655 |
| 1 adult | $770 | $371 | $463 | $0 | $587 |
Safety trends & Data
Penobscot County, Maine has experienced a fluctuating trend in property crime over the last five years. Larceny-theft incidents dropped from 902 cases in 2018 to 650 in 2022, while vandalism also decreased from 171 incidents to 106 in the same period. However, arson cases have seen a slight increase. These crime trends may indicate a need for enhanced security measures and careful insurance considerations for potential investors or builders in the... Read more
Property Crime Trends in Penobscot County, ME Over the Last 5 Years
Over the last five years, Penobscot County, Maine has seen a fluctuating trend in property crime. While 2018 recorded high incidents of larceny-theft at 902 cases, there's been a noticeable decrease, with the latest figures in 2022 showing 650 cases. Vandalism peaked in 2018 with 171 incidents but saw a significant drop to 106 in 2022. Interestingly, arson, though relatively low, has seen a slight increase over the years. For those planning to invest, appraise, or build in this area, these trends suggest a need for enhanced security measures and insurance considerations due to the variability in property crime rates.
Demographics
In Penobscot County, Maine, the population shows a slight female majority and a varied age distribution, with the largest groups being those aged 55 to 64 and 25 to 34. The region has a predominantly white demographic, with small representations from other racial groups. Educational attainment spans a wide range, though high school graduates and those with some college but no degree form significant portions of the population. These patterns could possibly influence local policies and resource... Read more
Race Distribution in Penobscot County, Maine (2022)
Educational Attainment in Penobscot County, Maine (2022)
Age Distribution in Penobscot County, Maine
Citizen Population in Penobscot County, Maine (2022)
Political Trends & Data
Penobscot County, Maine, might lean towards Republican preferences in elections, with the 2020 U.S. Presidential results showing Republicans possibly capturing about 52% of the vote, while Democrats trailed with around 44%. Minor parties, such as Libertarian and Green, had minimal impact, indicating a strong two-party system in the region. This could suggest that political inclinations might influence other areas of life in the... Read more
Percentage of Votes in the 2020 U.S. Presidential Election by Party
In Penobscot County, Maine, the 2020 U.S. Presidential Election results hint at a predominantly Republican preference, with the party capturing possibly around 52% of the vote. Democrats trailed, potentially garnering close to 44%. Libertarian and Green parties, alongside other candidates, collectively contributed to a minor portion of the vote share, seemingly indicating a strong two-party dominance in the region. This trend might reflect broader political inclinations within the county.
52.04% of voters voted for the Republican party in the 2020 Presidential Election
43.78% of voters voted for the Democrat party in the 2020 Presidential Election
2.15% of voters voted for the Livertarian party in the 2020 Presidential Election
0.87% of voters voted for the Green party in the 2020 Presidential Election
1.16% of voters voted for the Other party in the 2020 Presidential Election
School Data
Penobscot County, Maine has seen a relatively stable student-to-teacher ratio over the last decade, peaking at 12.59 in 2017 and gradually decreasing to 11.53 in 2023. This lower ratio consistently remains below the U.S. national average of 14 students per teacher, suggesting a more personalized and potentially higher-quality education environment. Families and investors might find this appealing, as it indicates a strong community investment in education, which real estate agents could... Read more
Student-to-teacher ratio in Penobscot County, Maine over the last 10 years
Over the last decade, Penobscot County, Maine has seen a relatively stable student-to-teacher ratio, peaking at 12.59 in 2017 and gradually decreasing to 11.53 in 2023. Despite minor fluctuations, the ratio has consistently remained below the U.S. national average of 14 students per teacher. This lower student-to-teacher ratio may appeal to families and investors, as it suggests a more personalized and potentially higher-quality education environment. Real estate agents might highlight this trend to potential buyers, emphasizing the more individualized attention children might receive in local schools. Appraisers and insurance agents might also view this as a positive indicator of community investment in education, which could reflect on property values and insurance rates.
