Binghamton New York Residential Rent and Rental Statistics
The median monthly gross residential rent in Binghamton, NY (the Binghamton metro area) was $778 in 2019 according to the Census ACS survey.1 Average gross rent in Binghamton was $829 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Binghamton median and average rent data will be released in September of 2021.
Data is also available below for Binghamton rental vacancy rates, Binghamton rent as a percent of median income and the fraction of renters in Binghamton.
Real Gross Rent in Binghamton New York (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New York Median Gross Rent | $1,309 | +0.93% | +4.72% |
| Binghamton, NY Median Gross Rent | $778 | 0.00% | +2.64% |
Binghamton, NY Real Gross Rent Trends
Median gross rent for Binghamton peaked in real terms in 2018 at $778 and is now $0 (0.00%) lower. At $829, real average gross rent in Binghamton was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Binghamton: Binghamton NY Median, Binghamton NY Average, New York Median, US Median
Real Gross Rent History for Binghamton
| Date | US Median |
New York Median |
Binghamton, NY Median |
Binghamton, NY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,309 | $778 | $829 |
| 2018 | $1,077 | $1,297 | $778 | $789 |
| 2017 | $1,043 | $1,264 | $765 | $796 |
| 2016 | $1,027 | $1,250 | $758 | $773 |
| 2015 | $1,017 | $1,244 | $745 | $806 |
| 2014 | $986 | $1,212 | $773 | $801 |
| 2013 | $953 | $1,168 | $672 | $706 |
| 2012 | $940 | $1,148 | $719 | $743 |
| 2011 | $941 | $1,143 | $701 | $737 |
| 2010 | $955 | $1,140 | $729 | $734 |
| 2009 | $960 | $1,121 | $705 | $707 |
| 2007 | $927 | $1,066 | $683 | $681 |
| 2005 | $910 | $1,051 | $678 | $688 |
Binghamton Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Binghamton New York was 10.14% according to Census ACS data.
Rental Vacancy Rate in Binghamton New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
| Binghamton, NY | 10.14% | +0.63% | +4.83% |
Trends in Binghamton, NY Rental Vacancy Rate
At 10.14%, Binghamton residential rental vacancy rate in 2019 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Binghamton NY, New York, US
Historical Rental Vacancy Rate data for Binghamton
| Date | US | New York | Binghamton, NY |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | 10.14% |
| 2018 | 6.15% | 4.20% | 9.51% |
| 2017 | 6.18% | 4.19% | 10.03% |
| 2016 | 5.89% | 4.42% | 5.31% |
| 2015 | 5.85% | 4.41% | 6.04% |
| 2014 | 6.32% | 4.34% | 7.95% |
| 2013 | 6.49% | 4.17% | 8.21% |
| 2012 | 6.77% | 4.34% | — |
| 2011 | 7.40% | 4.48% | 4.98% |
| 2010 | 8.17% | 5.03% | 7.68% |
| 2009 | 8.43% | 4.78% | 4.92% |
| 2007 | 7.87% | 4.70% | 7.60% |
| 2005 | 7.74% | 4.80% | 7.61% |
Rent as a Fraction of Income
Using median household income data for Binghamton, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Binghamton, median monthly gross rent as a fraction of median household income was 17.36% in 2019 according to the ACS.
Binghamton New York Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New York | 21.78% | -0.75% | -0.99% |
| Binghamton, NY | 17.36% | +0.13% | +0.45% |
Trends in Binghamton, NY Rent as a Fraction of Income
The fraction of median Binghamton household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.23%. Since then it has fallen by 0.87% to 17.36%.
Fraction of Income towards Rent: Binghamton NY, New York, US
Historical Data for Annual Rent as a Fraction of Income in Binghamton New York
| Date | US | New York | Binghamton, NY |
|---|---|---|---|
| 2019 | 20.03% | 21.78% | 17.36% |
| 2018 | 20.50% | 22.53% | 17.23% |
| 2017 | 20.13% | 22.67% | 17.62% |
| 2016 | 20.43% | 22.78% | 16.92% |
| 2015 | 20.63% | 23.13% | 17.06% |
| 2014 | 20.89% | 23.40% | 18.23% |
| 2013 | 20.78% | 23.20% | 16.35% |
| 2012 | 20.65% | 22.94% | 16.85% |
| 2011 | 20.70% | 22.98% | 16.81% |
| 2010 | 20.50% | 22.60% | 17.02% |
| 2009 | 20.12% | 21.60% | 16.78% |
| 2007 | 18.66% | 20.34% | 15.41% |
| 2005 | 18.89% | 20.40% | 16.96% |
Renter Fraction in Binghamton New York
You can calculate the renter fraction in Binghamton in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Binghamton as a fraction of total Binghamton households. In 2019 33.38% of households were renters according to Census ACS data.
Binghamton Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New York | 46.48% | +0.15% | -0.24% |
| Binghamton, NY | 33.38% | -0.28% | -0.19% |
Trends in the Binghamton, NY Renter Fraction
The Binghamton household renter fraction peaked in in 2018 at 33.66% and is now 0.28% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Binghamton NY, New York, US
History of Binghamton Renter Fraction
| Date | US | New York | Binghamton, NY |
|---|---|---|---|
| 2019 | 35.89% | 46.48% | 33.38% |
| 2018 | 36.05% | 46.33% | 33.66% |
| 2017 | 36.13% | 46.20% | 32.40% |
| 2016 | 36.88% | 46.72% | 33.57% |
| 2015 | 36.97% | 46.93% | 32.61% |
| 2014 | 36.90% | 47.02% | 33.25% |
| 2013 | 36.50% | 46.35% | 30.18% |
| 2012 | 36.09% | 46.35% | 30.99% |
| 2011 | 35.42% | 46.41% | 31.56% |
| 2010 | 34.65% | 45.75% | 29.78% |
| 2009 | 34.13% | 44.97% | 31.73% |
| 2007 | 32.80% | 44.48% | 30.97% |
| 2005 | 33.10% | 44.67% | 31.60% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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