Watcharu Finance

Binghamton, NY mortgage & affordability calculator

The typical home in Binghamton, NY is worth about $165,000. With 20% down that's a loan near $132,000 — the calculator is pre-filled with that figure. Binghamton's population has shrunk for decades since IBM and Endicott-Johnson scaled back, leaving some of the lowest home prices in the Northeast alongside Broome County property tax rates that rank among the highest in the nation as a shrinking tax base spreads the burden over fewer homes.

$857.03 / month

Total interest
$176,528
Total paid
$308,528
Payoff
30.0 years
Balance over YearBalance ends near $0 at 30.$0$33k$66k$99k$132k0612182430Year

How much you need to earn

Binghamton, NY's median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $166,741 with 20% down — comfortably above the $165,000 typical price.

$166,727 max home price

Max loan amount
$133,727
Housing payment budget
$1,353
P&I budget
$868
Bound by
front-end ratio

Uses the 28% front-end / 36% back-end DTI guidelines. Lenders vary.

Typical asking rent in Binghamton, NY is about $1,100 a month, so owning the median home costs roughly $242 more per month before tax effects, maintenance, and any change in home value.

Frequently asked questions

What is a typical mortgage payment in Binghamton, NY?
On the metro's roughly $165,000 typical home with 20% down, the loan is about $132,000. Principal and interest run near $857 a month at today's rate, and Binghamton, NY's property tax plus insurance add about $485, for a full payment near $1,342.
Can I afford a home in Binghamton, NY on the median income?
The median household income is about $58,000 a year. Under standard 28/36 lending rules that supports a home price around $166,741 with 20% down — above the $165,000 typical price, so a median home is within reach.
Is it cheaper to rent or buy in Binghamton, NY?
Typical asking rent is about $1,100 a month. The full owner payment on a median home is near $1,342, so owning costs roughly $242 more per month before tax effects, maintenance, and any appreciation.
How much are property taxes in Binghamton, NY?
The effective property tax rate in the core county is about 2.80% of market value — roughly $4,620 a year on the typical home. Your exact rate depends on the municipality and any exemptions.
Are home prices in Binghamton, NY rising or falling?
Home values are up about 4% over the past year. Binghamton's population has shrunk for decades since IBM and Endicott-Johnson scaled back, leaving some of the lowest home prices in the Northeast alongside Broome County property tax rates that rank among the highest in the nation as a shrinking tax base spreads the burden over fewer homes.

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