Mortgage payment estimates, closing cost breakdowns, and homebuying data for Binghamton, New York.
Pre-filled with Binghamton median home price and New York tax/insurance rates. Adjust for your property.
Estimated closing costs based on New York rates and fees applied to Binghamton prices.
The median home price in Binghamton is $125,000, 71% below the New York state median of $430,000. With a population of 47,969, Binghamton is a smaller market where home prices tend to be more accessible than in many parts of New York.
Property taxes in New York average 1.72% annually. This higher-than-average tax rate means a $125,000 home in Binghamton would carry roughly $179/month in property taxes alone — plan accordingly. Homeowners insurance in New York runs approximately $2,100 per year. This is within the normal range nationally.
Average rent in Binghamton is $850/month. With a price-to-rent ratio under 15, buying may be more cost-effective than renting in Binghamton over the long term.
Binghamton offers strong affordability. With median prices under $250K, first-time buyers have realistic paths to homeownership, especially combined with New York's SONYMA Achieving the Dream program.