CARIBOU, Maine — Three of the most northeastern communities in the country are also the most affordable places to live in Maine, according to a study done by the financial technology company SmartAsset.
The County’s three largest municipalities ranked tops in the study, Caribou placed first, followed by Houlton and Presque Isle.
SmartAsset ranked the municipalities based on average closing costs of homes, annual property tax, average homeowner’s insurance costs and average annual mortgage payment in addition to the median income. Company officials explained that data used for the rankings was from 2012, except mortgage rates were from October of 2014 and homeowner’s insurance was from 2013.
“It comes as no surprise to many of us here in Houlton that there are some amazing deals on homes,” said Jane Torres, executive director of the Greater Houlton Chamber of Commerce. “People who come to our town and check out the real estate will find beautifully kept properties, challenging fixer uppers, and everything in between. The added bonus to buying a home here is that, not only do you find excellent prices, but more often than not you have helpful neighbors, a wonderful community and a great place to raise a family. Hopefully this designation will encourage people to take a second look at our town.”
Ranking first, Caribou’s figures included an average closing cost of $1,767, annual property tax of $1,229, annual homeowner’s insurance of $365, average annual mortgage payment of $4,534, and a median income of $42,359.
In second place, Houlton had an average closing cost of $1,753, an annual property tax of $1,147, annual homeowner’s insurance of $341, average annual mortgage payment of $4,245 and a median income of $35,581.
Coming in third was Presque Isle, with average closing costs of $1,903, annual property taxes at $1,430, annual homeowner’s insurance of $425, average annual mortgage payment of $5,261 and a median income of $37,630.
Also making the list, from fourth to 10th place respectively, were Gardiner, Waterville, Brewer, Gorham, Ellsworth, Topsham and Skowhegan.
The study did not factor into account topics such as the cost of heating, gasoline or food products. Instead, company officials with SmartAsset explained that the study was done to be a comprehensive study on the most affordable housing across the country.
An interactive map of the nationwide study can be found by visiting SmartAsset.com.
