Binghamton, New York Housing Market Prices
Binghamton Home Prices and Rent at a Glance
The median home price (often called the average home price), rent costs, affordability metrics, and housing stock characteristics for this housing market.
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Median home price 73% below the New York median$128,704
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Median rent 46% below the New York median$869
Housing Market Overview
| Metric | Binghamton | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,704 | $471,885 | $248,835 |
| Price Trend (Annual %) | 9.0% | 7.1% | 7.5% |
| Median Gross Rent | $869 | $1,621 | $1,407 |
| Rent Trend (Annual %) | 3.5% | 4.3% | 5.1% |
| Household Income Trend (Annual %) | — | — | — |
The median home price in Binghamton is about 73% lower than in New York. Rent is about 46% lower than the New York average.
Median Home and Rent Price Trends
Median Home Prices, 2015-2024
Median Rent Prices, 2015-2024
Both home prices and rent are rising in Binghamton, up about 9.0% and 3.5% a year respectively. Home prices are changing faster.
Median rent in Binghamton rose about 32.3% between 2015 and 2024, from $657 to $869. Over the same span, rent in New York rose about 43.2%.
Affordability
On average, housing unit costs 2.8 yearly household incomes in Binghamton.
Buying the median-priced home in Binghamton costs roughly 12.3 years of rent at the median monthly rate. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Binghamton. The price-to-rent ratio in New York is about 24.3.
| Metric | Binghamton | New York Avg | US Average |
|---|---|---|---|
| Median Home Price | $128,704 | $471,885 | $248,835 |
| Median Household Income | $45,746 | $86,556 | $80,455 |
| Price-to-Income Ratio | 2.8 | 5.5 | 3.1 |
Home Prices vs Income Over Time
Between 2015 and 2024, the median home price in Binghamton rose about 76.9%, while median household income rose about 45.9% between 2009 and 2025 — the home price grew faster than income.
Income Growth vs Housing Cost Growth (Year-over-Year %)
Compare income and housing cost trends.
Occupancy & Tenure
| Metric | Binghamton | New York Avg | US Average |
|---|---|---|---|
| Homeownership Rate | 37.0% | 48.8% | 58.5% |
| Rental Rate | 47.1% | 41.1% | 31.2% |
| Vacancy Rate | 16.0% | 10.1% | 10.2% |
| Median Tenure (years) | 13.0 | 17.0 | 15.0 |
| Median Year Moved In | 2013 | 2009 | 2011 |
Binghamton has a homeownership rate of 37.0%, lower than the New York average of 48.8%. Its housing vacancy rate is 16.0%, compared with 10.1% in New York.
Housing Stock
| Metric | Binghamton | New York Avg | US Average |
|---|---|---|---|
| Average Household Size | 2.14 people | 2.49 people | 2.53 people |
| Median Structure Built Year | 1948 | 1960 | 1978 |
| Median Number of Rooms | 5.3 | 5.0 | 5.5 |
The typical housing unit in Binghamton was built around 1948. On average, 2.1 people live in a home with about 5.3 rooms, staying for about 13.0 years on average.
Frequently Asked Questions
Common questions about the housing market in Binghamton, New York.
What is the median home price in Binghamton, New York?
The median home price in Binghamton, New York is $128,704, lower than the New York average of $471,885.
What is the average home price in Binghamton, New York?
The typical home price in Binghamton, New York, reported as the median sale price, is $128,704. The median is used instead of a mathematical average because it is not skewed by a small number of very expensive or very cheap homes, so it better reflects what a typical buyer pays.
What is the median rent in Binghamton, New York?
The median gross rent in Binghamton, New York is $869 per month, lower than the New York average of $1,621.
What was the median gross rent in Binghamton in 2020?
In 2020, the median gross rent in Binghamton, New York was $753 per month.
What is the price-to-rent ratio in Binghamton, New York?
The price-to-rent ratio in Binghamton, New York is about 12.3, meaning it would take roughly 12.3 years of rent payments at the median rent to equal the median home price. That is a relatively low price-to-rent ratio, which tends to favor buying over renting in Binghamton.
Are home prices or rent rising faster in Binghamton, New York?
Both home prices and rent are rising in Binghamton, up about 9.0% and 3.5% a year respectively. Home prices are changing faster.
What is the homeownership rate in Binghamton, New York?
37.0% of households in Binghamton, New York own their home, lower than the New York average of 48.8%.
What is the vacancy rate in Binghamton, New York?
The housing vacancy rate in Binghamton, New York is 16.0%, higher than the New York average of 10.1%.
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