Binghamton, NY

Very Low · 53

New York · Population 47,357 · Updated March 2026

$867
Median Rent / Month
$44,331
Median Income
$117,400
Median Home Value
$898
Owner Costs / Month

Affordability

How far your income goes in Binghamton

23.5%
Rent-to-Income Ratio
Affordable
Rent takes less than 25% of median income — considered affordable by HUD standards.

Tax Burden in New York

State-level tax rates that affect your costs

10.9%
Income Tax (Top Rate)
4.0%
Sales Tax
1.62%
Property Tax Rate

Estimated Annual Costs

$10,404
Annual Rent
$4,832
State Income Tax
$1,902
Property Tax (est.)

Cost of Living Overview

Binghamton is significantly cheaper than the national average, making it an attractive option for budget-conscious individuals and families. With a cost index of 53 (where 100 equals the national median), Binghamton residents can expect to pay median rent of $867/month while earning a median household income of $44,331/year.

The median home value in Binghamton, NY is $117,400, with typical monthly owner costs around $898 including mortgage, insurance, and taxes. The median rent-to-income ratio of 23.5% means housing is relatively affordable here — well below the 30% threshold that HUD considers cost-burdened.

New York's top income tax rate of 10.9% is among the highest in the nation, adding to the overall cost burden. Combined with a 4.0% sales tax rate and 1.62% effective property tax rate, the overall tax environment is a factor in the total cost of living in Binghamton.

Frequently Asked Questions

Common questions about living costs in Binghamton

What is the cost of living in Binghamton, NY?
The cost of living index in Binghamton, NY is 53 (US average = 100). Median monthly rent is $867, median household income is $44,331/year, and the median home value is $117,400.
Is Binghamton, NY affordable?
Yes, Binghamton is more affordable than the national average with a cost index of 53. The rent-to-income ratio is 23.5%—below the 30%% threshold considered affordable by HUD.
What is the average rent in Binghamton, NY?
The median gross rent in Binghamton, NY is $867 per month according to the US Census Bureau ACS 2023 data. Annual rent costs approximately $10,404.
What is the median household income in Binghamton?
The median household income in Binghamton, NY is $44,331 per year. This compares to the national median of approximately $80,000.
What are the taxes like in New York?
New York has a top income tax rate of 10.9%, a sales tax of 4.0%, and an effective property tax rate of 1.62%.