Total monthly cost of ownership
Cost to Own a Home in Caribou, Maine
A $120,000 home here costs
$1,172per month, all in, with 20% down at today's 7.24% 30-year fixed rate. By the 28% rule that takes a household income of about $50,000 a year.
A standard mortgage calculator would have told you $654. The real number is $518 higher every month, 79% more than the payment most buyers budget for.
Compare Aroostook County with anywhere in America · full county breakdown
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Caribou against Aroostook County and Maine
| Measure | Caribou | Aroostook County |
|---|---|---|
| Median home value | $120,300 | $131,700 |
| Median property tax | $1,656 | $1,611 |
| Effective tax rate | 1.377% | 1.223% |
| Median gross rent | $696 | $736 |
| Population | 7,427 | 67,227 |
The weather behind that power bill
Caribou sits in Aroostook County, which averages a high of 77.1°F in its hottest month and a low of 2.6°F in its coldest, with 40.7" of precipitation a year and 29% of it in a single three-month stretch. That climate drives 225 cooling and 9,048 heating degree days, which is what sets the $177 electricity line above.
See the full climate breakdown for Aroostook County , month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Aroostook County
Full Aroostook County cost breakdown · Every county in Maine
Talk to someone who works this market
These are Caribou averages. What one specific house costs to own, or what it would sell for today, depends on the street and the condition of the place. We will connect you with one licensed local agent who works Caribou every week. Free, no obligation, and we never sell your details to a list.
I'm looking to buy in Caribou I already own here and may sell
Common questions
How much does it cost to own a home in Caribou?
A $120,000 home in Caribou, Maine costs approximately $1,172 per month with 20% down at 7.24%. That is $654 principal and interest, $138 property tax, $36 homeowners insurance, $245 utilities and $100 set aside for maintenance.
What is the property tax rate in Caribou?
Caribou has an effective property tax rate of 1.377%, based on a median home value of $120,300 and median real estate taxes of $1,656. That is higher than the Aroostook County average of 1.223%.
What is the average home price in Caribou?
The median owner-occupied home value in Caribou, Maine is $120,300, against $131,700 across Aroostook County.
Is it cheaper to rent or buy in Caribou?
Median gross rent in Caribou is $696 a month, against $1,172 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
What salary do you need to buy a home in Caribou?
Using the standard 28% rule, housing costs at no more than 28% of gross income, buying the median home in Caribou, Maine at today's rate takes a household income of roughly $50,000 a year. That covers the full $1,172 monthly cost, not just the mortgage payment.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Caribou, US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance, NAIC average premium for Maine.
- Electricity price, EIA Electric Power Monthly Table 5.6.A.
- Mortgage rate, Freddie Mac PMMS, refreshed weekly.
- Maintenance (1%/yr) and water and sewer ($68/mo) are national estimates. Every assumption above is editable.