| Index | Binghamton | New York | National |
| Cost of living | 94 | 121 | 100 |
| Groceries | 104 | 106 | 100 |
| Health care | 109 | 110 | 100 |
| Housing | 59 | 144 | 100 |
| Transportation | 114 | 113 | 100 |
| Utilities | 113 | 112 | 100 |
| Lifestyle & Entertainment | 112 | 111 | 100 |
| Household Items | 104 | 106 | 100 |
| Education & Childcare | 113 | 118 | 100 |
The cost of living in Binghamton affects the quality of life one can afford in this new location. It allows people to assess whether they can maintain their preferred lifestyle, including housing, leisure activities and dining options. Your total monthly expenditures can varry depending on the area, as well as many other factors. The cost of living in Binghamton is 94, which is 6% lower than the national average. Knowledge of the cost of living can help individuals make informed decisions about retirement savings, investments, and financial goals.
The cost of living in Binghamton closely mirrors the national average in comparison to other cities nationwide. Essential items such as groceries, houshold expenses, health care and utilities are priced at a level consistent with similar urban areas. This means that residents of Binghamton can anticipate that their daily expenses will remain reasonably in line with those of an average city, contributing to a manageable cost of living.
Housing expenses can absorb a substantial portion of your net income, sometimes exceeding 30%. Thankfully, Binghamton stands out by reporting housing costs that are 41.1% lower than the national average. This signifies that both homeownership and rental expenses in this region are considerably more budget-friendly compared to the rest of the country. With such favorable housing affordability, residents of Binghamton can allocate a more reasonable portion of their income to housing, allowing for greater financial flexibility.
Is Binghamton affordable? This is a pivotal question, especially when mulling over a move, as affordability carries substantial weight in your decision-making process. Factors such as the cost of living index (discussed earlier), housing expenses and income levels all contribute to a location's affordability. For instance, in Binghamton, the median home price is 49% lower than the national average and monthly rent prices are 22.6% lower than the typical rates. Additionally, the median income levels play a role in affordability, with Binghamton boasting a median household income of $53,827, 33.8% lower than the national average.
Urbanization: Larger, urban hubs brimming with ample amenities and robust employment opportunities often showcase a heightened cost of living. This surge is primarily attributed to the amplified demand for services and increased residential migration, culminating in elevated home prices and elevated rental rates. Conversely, less densely populated rural locales or regions characterized by reduced demand tend to offer a more limited array of amenities and undergo slower job market growth, ultimately yielding a more affordable cost of living.
Utilities: As with the prices of anything else, utility costs can exhibit significant variations, contingent on factors like climate, energy source availability, geographic location and state regulations. The expenses associated with electricity, water, heating, and waste disposal can fluctuate, either upward or downward, depending on the particular city or state. In Binghamton, the utilities index registers 13.4% higher than the national average.
Taxes: Locations with elevated tax rates, encompassing both sales and income taxes, can be a factor in driving up the cost of living. When you're paying more in taxes for everyday household expenses, it naturally translates into higher expenses. Similarly, a higher income tax rate can also contribute to an overall higher cost of living. In Binghamton, the standard sales tax rate starts at 4%, and the income tax rates commence at 4%.
The Binghamton cost of living estimates above use a normalized U.S. average of 100 as the baseline for comparison. Housing values incorporate local home price and rental information from the U.S. Census, while all other estimates are AI-assisted and modeled using expected everyday expenses, local market trends, climate, and transportation-related cost pressures. The results are intended for practical city-to-city comparisons.
| Cost of living index | |
| Groceries index | |
| Health care index | |
| Housing index | |
| Transportation index | |
| Utilities index | |
| Lifestyle index | |
| Household index | |
| Educare index |
| Median Income | Per Year | Per Month | Max Budget (28% DTI) | Max Budget (36% DTI) |
| Owners | $90,464 | $7,539 | $2,111 | $2,714 |
| Renters | $33,378 | $2,782 | $779 | $1,001 |
| State | General Sales Tax | With Max Surtax |
| New York | 4% | 8.875% |
| State | Income Tax (Low) | Income Tax (High) |
| New York | 4% | 10.9% |
| City | Population | Cost of Living Index | National Avg. |
| Binghamton University, NY | 6,351 | 110 | 9.6% |
| Hallstead, PA | 1,251 | 93 | 6.6% |
| Glen Aubrey, NY | 268 | 94 | 6.4% |
| Windsor, NY | 1,125 | 94 | 6.2% |
| Endicott, NY | 12,939 | 94 | 6.2% |
| Binghamton, NY | 46,285 | 94 | 5.6% |
| City | Population | Cost of Living Index | National Avg. |
| Winter Garden, FL | 46,274 | 121 | 21.5% |
| Pearl City, HI | 46,316 | 188 | 88.4% |
| Strongsville, OH | 46,328 | 103 | 2.7% |
| Mission, BC | 46,224 | n/a | |
| Rockwall, TX | 46,220 | 113 | 12.8% |
| Binghamton, NY | 46,285 | 94 | 5.6% |
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