Binghamton University cost of living index

The above illustration supplies generalized information for the Binghamton University, NY cost of living index. Compared to other cities in New York and cities across the country, the cost of living index in Binghamton University, NY is 99, which is 17% lower than the New York average and 1% lower than that for the entire country. The index is comprised of the following criteria: cost of retail goods and services (33%), groceries (13%), health care (5%), housing (30%), cost of public/private transportation (9%) and utilities (10%). Everyday goods and services, along with housing account for 63 percent of the total cost of living index. Goods and services that are a necessity regardless of location provide an accurate general sense of the cost of living in one city versus another. As seen above, the cost of retail goods and services in Binghamton University, NY are 7% lower than the average for New York and 1% higher than the rest of the country.

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Salary Calculator

Use the salary calculator to compare your current income in Binghamton University, NY to any other city in the country. The calculator will tell you how much income you would need to make in a particular city to live at the same level based on the cost of living in each city. For example, if the cost of living in the city you are looking to move to is higher than that of Binghamton University, NY, then you would need to earn a higher salary in order to enjoy the same standard of living. To use the Binghamton University, NY salary calculator, enter the name of the new city, then move the slider to your current salary level. The salary calculator will do the rest and let you know if your salary would need to increase or decrease for the new city. You will also see a complete overview of the cost of living.

Median Income & Debt-To-Income Ratio

The percent of monthly income spent on housing can be a good indicator of the affordability of housing in Binghamton University, NY as well as the overall cost of living. As a general rule of thumb, the debt-to-income ratio (DTI) for homeowners or renters should be not more than 28 percent of gross income to be spent on housing related costs and not more than 36 percent of income on all expenses, including debts. The median income for Binghamton University, NY homeowners, is $0. This would allow for a maximum of $0 per month to be spent on housing costs. For renters, the median monthly income is $0 which would result in a maximum of $0 to be spent on rental costs.

New York Sales Tax

New York Income Tax

The New York sales tax and New York income tax rates should definitely be considered when determining the overall cost of living in Binghamton University, NY. Sales taxes are taxes that are imposed onto goods and services sold. Sales taxes do vary by state and can range from no tax at all to upwards of 7%. The New York sales tax is 4% and the maximum surtax is 8.875%. Income tax is the tax imposed on income by the government. The income tax rates will vary by state and will also increase or decrease depending on the corresponding tax bracket. State income tax rates can range from anywhere from no tax at all to more than 9%. The New York income tax rates range from 4% to 8.82%.

Goods & Services

Groceries

Health Care

Housing

Transportation

Utilities

Although the cost of living data is updated regularly, this cost of living information is to be used as estimates only as prices can change on an ongoing basis.

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Source: The Binghamton University, NY cost of living data displayed above is derived from the Council for Community and Economic Research (C2ER) for 2017.