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Penobscot County, ME

RANK #428 / 996  ·  POP 152,640  ·  ME

PROJECTED GROWTH: +1.0%

Penobscot County sits in the middle of the pack — stable but not accelerating.

[01] Why Penobscot County?

Penobscot County, Maine, is defined by the Penobscot River, the longest river entirely within the state, which flows through its heart. The county seat, Bangor, sits on the river's west bank, approximately 23 miles from the Atlantic Ocean. Orono, another notable town, is home to the University of Maine, the state's flagship institution, situated on Marsh Island between the Penobscot and Stillwater rivers. The region offers extensive outdoor recreation, including whitewater rafting on the Penobscot River, with rapids ranging from Class III to Class V, and numerous trails for hiking, biking, and snowshoeing in areas like the Bangor City Forest and Penobscot River Trails. Life in Penobscot County reflects a blend of community-focused living and access to natural landscapes. Public transportation options are available, with services connecting towns throughout the county. The University of Maine in Orono contributes to a youthful atmosphere and provides educational opportunities. The economy has transitioned from a resource-based model, particularly forest products, to a modern services economy, with growth in sectors like healthcare, professional, and technical services. Recent economic developments include investments in research and development at the University of Maine and federal funding for rural hospitals.

[02] Market Snapshot

Housing Ratio
3.6x

Undervalued relative to economy

GDP Growth
+3.1%

Above national median

Home Prices
+0.9%

Below national median

Climate & Terrain
-0.5

Below-average climate & terrain

Price/Rent
10x

Strong rental yield

Housing looks undervalued at 3.6x — home prices are low relative to local economic output. The typical U.S. county is 4–6x.

[03] Signal Profile

[04] Home Value Growth vs National

Penobscot County U.S. National

The Numbers

DEMOGRAPHICS
Population
152,640
+0.28% YoY
Median Household Income
$59,438
Median Home Value
$176,700
+0.92% 12mo
Median Rent
$932
Average Annual Pay
$55,593
+3.7% YoY
Employment
71,983
+2.2% YoY
Income-to-Home-Value
0.3364
More affordable than average
Migration Inflow
2.7%
of pop. from another state

Market Activity

REAL ESTATE
Median Sale Price
$279,500
Days on Market
78
Slower market
Months of Supply
5.7
Buyer's market
Sale-to-List Ratio
96.0%
Negotiation room for buyers
Sold Above List
9.8%
Listings w/ Price Drops
19.1%
Building Permits (2024)
450
Single-Family Permits
367

Source: Redfin · Census BPS — Browse sales on Redfin →

[06] Score Breakdown

GDP Growth +3.1% 58 percentile
Population Growth +0.3% 42 percentile
Income Growth +7.8% 33 percentile
Vacancy Rate 1.2% 37 percentile
Home Price Change +0.9% 44 percentile
Rent Growth +4.6% 75 percentile
Price/Rent 10x 94 percentile

Bars show percentile rank among all 996 counties.

[07] Frequently Asked Questions

Is Penobscot County, ME a good place to move to?

Penobscot County has a Boom Town Index score of 57/100, ranking #428 among 996 U.S. counties. With job growth at +2.2% and a median household income of $59,438, it's an above-average county on economic indicators.

Is Penobscot County affordable?

The median home value in Penobscot County is $176,700 with median rent at $932/month. The income-to-home-value ratio is 0.3364, which is more affordable than the national average.

Is Penobscot County growing or shrinking?

Population growth: +0.3% year-over-year. Job growth: +2.2%. Home values changed +0.9% in the past 12 months.

Are people moving to Penobscot County?

Yes — 2.7% of Penobscot County's population moved from another state, which is above the national average and indicates strong in-migration.

[08] Similar Metros

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