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New York, NY vs Binghamton, NY
A 2-bedroom in Binghamton costs $1,807 less per month than New York ($1,103 vs $2,910). Median income is $97,334 in New York and $63,347 in Binghamton. That's a difference of $21,684 per year in housing costs.
Side-by-Side Comparison
| Metric | New York | Binghamton |
|---|---|---|
| Studio FMR | $2,529 | $783 |
| 1BR FMR | $2,655 | $868 |
| 2BR FMR | $2,910 | $1,103 |
| 3BR FMR | $3,644 | $1,412 |
| 4BR FMR | $3,959 | $1,622 |
| Median Income | $97,334 | $63,347 |
| Rent Burden | 35.9% | 20.9% |
| Actual Median Rent | $1,780 | $914 |
| Median Home Value | $587,400 | $146,700 |
| Population | 19.8M | 246K |
| Renter % | 48.5% | 32.7% |
| Vacancy Rate | 7.9% | 11.2% |
| Poverty Rate | 12.4% | 17.6% |
| YoY Change | +5.7% | - |
| Min Wage | $15.50/hr | $15.50/hr |
Income Required to Afford a 2-Bedroom
New York, NY
Annual Income Needed
$116,400
Hourly Wage Needed
$56/hr
Min Wage Work Hours/Week
144.4 hrs
at $15.50/hr (NY min wage)
Binghamton, NY
Annual Income Needed
$44,120
Hourly Wage Needed
$21/hr
Min Wage Work Hours/Week
54.7 hrs
at $15.50/hr (NY min wage)
Frequently Asked Questions
Binghamton, NY is more affordable with a 2BR FMR of $1,103/mo, which is $1,807 less than New York at $2,910/mo. However, when considering local incomes, New York has a rent burden of 35.9% vs 20.9% in Binghamton.
A 2-bedroom in New York, NY costs $2,910/mo at Fair Market Rent, while in Binghamton, NY it's $1,103/mo, a difference of $1,807/mo or $21,684/year.
To afford a 2BR without spending more than 30% of income on rent: New York requires $116,400/year ($56/hr). Binghamton requires $44,120/year ($21/hr).
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