CARIBOU — The most northeastern city in The County is also the most affordable place to live in Maine, according to a study done by the financial technology company SmartAsset.
The County’s three largest municipalities ranked top in the study, Caribou placing first, followed by Houlton and Presque Isle.
SmartAsset ranked the municipalities based on average closing costs of homes, annual property tax, average homeowners 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 homeowners insurance was from 2013.
“It’s nice to be recognized for some of the good qualities Caribou has to offer,” City Manager Austin Bleess said. “We’re been named the fourth safest place to live in Maine and the most affordable, it goes to show that we’re the all-season community to work, play, grow in and call home.”
Ranking first, Caribou’s figures included an average closing cost of $1,767, annual property tax of $1,229, annual homeowners 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 homeowners 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 homeowners insurance of $425, average annual mortgage payment of $5,261 and a median income of $37,630.
Also making the list, from fourth to tenth place respectively, were Gardiner, Waterville, Brewer, Gorham, Ellsworth, Topsham and Skowhegan.
Company officials with SmartAsset explained that the study was done to complete a comprehensive study on the most affordable housing across the country.
“To ensure this, we ranked cities in each state as well as nationally,” the official said.
An interactive map of the nationwide study can be found by visiting SmartAsset.com.
