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Cost of Living in Binghamton

Is it better to rent or buy in Binghamton? Explore median costs, utility estimates, and run the numbers on your own budget to see how far your income goes.

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Rent vs. Buy Affordability Calculator

Adjust the sliders to match your scenario. We recommend keeping total housing costs under 40% of your gross income.

$68,179
$1,021/mo

Median in area: $1,021

$157,888

Median in area: $157,888

$31,578

If you Rent

🔑
$1,234 /mo
Base Rent$1,021
Est. Utilities$213
% of Income21.7%
Pre-tax Residual$4,448

If you Buy

🏠
$1,411 /mo
P&I (6.5%)$798
Taxes & Ins$400
Est. Utilities$213
% of Income24.8%
Pre-tax Residual$4,270

Cost of Living FAQs

Is it cheaper to rent or buy in Binghamton?›

Based on median housing data, renting is currently more affordable on a monthly basis in Binghamton. The estimated all-in monthly cost for renting is $1,234, while owning a median-priced home with a 20% down payment is roughly $1,411 per month (a difference of $177).

How much do utilities cost in Binghamton?›

The average monthly utility cost (electricity and natural gas) for a typical home in Binghamton is approximately $213. This estimate uses local utility rate schedules combined with median energy consumption profiles.

What is a good salary to live comfortably in Binghamton?›

To comfortably afford the median rent and utilities in Binghamton without exceeding the recommended 30% housing-to-income threshold, a household should earn a gross salary of approximately $49,360 per year.