A middle-management executive locating in Bangor should expect to pay $167,000 for a house.
This would be a “reasonable” price, according to a study of 204 U.S. markets conducted by Coldwell Banker real estate.
The executive home would contain 2,200 square feet of living area, four bedrooms, 2 1/2 baths, a family room or equivalent, and a two-car garage. Overall, the best prices for such homes were in the South and Midwest. And the prices ranged from $81,666 in Corpus Christi, Texas, to $916,666 in Beverly Hills, Calif.
According to Coldwell Banker, the middle-management home in Bangor appreciated by 14 percent between 1988 and 1989. This was the greatest rate of appreciation for any of the 46 markets in the Northeast that were included in the Coldwell Banker study. The Northeast included the New England states and New York, New Jersey and Pennsylvania.
The Bangor home would cost $76 per square foot and would be subject to annual property taxes of $2,126, or 1.27 percent of the price. Other Maine cities included in the study were Portland and Brunswick.
The executive home would cost $181,333 in Portland, and would carry an annual tax bill of $2,813. The Brunswick home would cost $212,666, and its tax bill would amount to $2,829.
The most expensive executive homes in the Northeast, with a pricetag of $623,000, were found in Greenwich, Conn. Compared with other Northeastern states, cities in New York and Connecticut tended to have the most expensive homes.
For purposes of the Coldwell Banker study, homes priced below $125,000 were considered “economical,” homes with pricetags between $125,000 and $180,000 were “reasonable,” prices between $180,000 and $250,000 were “moderate,” and “expensive” homes cost more than $250,000.