Total monthly cost of ownership
Cost to Own a Home in Binghamton, New York
A $117,000 home here costs
$1,354per month, all in — with 20% down at today's 6.66% 30-year fixed rate.
A standard mortgage calculator would have told you $601. The real number is $753 higher every month — 125% more than the payment most buyers budget for.
Where every dollar goes
Only the first line is a mortgage payment. Change any assumption above and every figure below recalculates.
Binghamton against Broome County and New York
| Measure | Binghamton | Broome County |
|---|---|---|
| Median home value | $117,400 | $145,100 |
| Median property tax | $3,519 | $3,824 |
| Effective tax rate | 2.997% | 2.635% |
| Median gross rent | $867 | $914 |
| Population | 47,357 | 197,738 |
The weather behind that power bill
Binghamton sits in Broome County, which averages a high of 78.4°F in its hottest month and a low of 15.5°F in its coldest, with 42.04" of precipitation a year and 30% of it in a single three-month stretch. That climate drives 383 cooling and 7,162 heating degree days, which is what sets the $269 electricity line above.
See the full climate breakdown for Broome County — month by month temperatures, rainy season timing, snowfall and heating and cooling costs.
Other cities in Broome County
Full Broome County cost breakdown · Every county in New York
Common questions
How much does it cost to own a home in Binghamton?
A $117,000 home in Binghamton, New York costs approximately $1,354 per month with 20% down at 6.66%. That is $601 principal and interest, $292 property tax, $26 homeowners insurance, $337 utilities and $98 set aside for maintenance.
What is the property tax rate in Binghamton?
Binghamton has an effective property tax rate of 2.997%, based on a median home value of $117,400 and median real estate taxes of $3,519. That is higher than the Broome County average of 2.635%.
What is the average home price in Binghamton?
The median owner-occupied home value in Binghamton, New York is $117,400, against $145,100 across Broome County.
Is it cheaper to rent or buy in Binghamton?
Median gross rent in Binghamton is $867 a month, against $1,354 to own the median home all in. Renting costs less month to month here, though renting builds no equity.
Sources & methodology
- Median home value, real estate taxes, gross rent and population for Binghamton — US Census Bureau, American Community Survey ACS 2023 5-Year, place-level tables.
- Homeowners insurance — NAIC average premium for New York.
- 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.