Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more about Scout's Real Estate Data
With a population of 1,987, 716 total housing units (homes and apartments), and a median house value of $221,546, house prices in Bangor are solidly below the national average.
Single-family detached homes are the single most common housing type in Bangor, accounting for 69.74% of the city's housing units. Other types of housing that are prevalent in Bangor include large apartment complexes or high rise apartments ( 12.95%), duplexes, homes converted to apartments or other small apartment buildings ( 8.84%), and a few mobile homes or trailers ( 6.97%).
Owner-occupied, three and four bedroom dwellings, primarily in single-family detached homes are the most prevalent type of housing you will see in Bangor. Owner-occupied housing accounts for 65.36% of Bangor's homes, and 51.56% have either three or four bedrooms, which is average sized relative to America.
The housing in Bangor was primarily built before 1939 ( 31.26%), making the housing stock in Bangor some of the oldest overall in America, although there is a range of ages of homes in Bangor. The next most important housing age is between 1970-1999 ( 26.53%), followed by between 1940-1969 ( 25.78%). There's also some housing in Bangor built between 2000 and later ( 16.44%).
Vacant housing appears to be an issue in Bangor. Fully 10.83% of the housing stock is classified as vacant. Left unchecked, vacant Bangor homes and apartments can be a drag on the real estate market, holding Bangor real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Bangor has experienced some of the highest home appreciation rates of any community in the nation. Bangor real estate appreciated 146.15% over the last ten years, which is an average annual home appreciation rate of 9.43%, putting Bangor in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Bangor definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Bangor that despite a nationwide downturn in the housing market, Bangor real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Bangor appreciation rates continue to be some of the highest in America, at 16.31%, which is higher than appreciation rates in 98.19% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Bangor. Bangor appreciation rates in the latest quarter were at 0.88%, which equates to an annual appreciation rate of 3.56%.
Relative to Michigan, our data show that Bangor's latest annual appreciation rate is higher than 90% of the other cities and towns in Michigan.
$221,546
for Michigan
for nation
716
$1,002 / per month