Rent vs Buy in Binghamton, NY
Monthly cost of renting vs owning a median-priced home · 30-yr fixed, 20% down
Buying looks favorable in Binghamton, NY
Price-to-rent ratio is 13.1 (under 15 favors buying, over 21 favors renting). Renting costs $1,219/mo; owning runs about $1,409/mo — $190/mo more to own.
| Monthly cost to own | Amount |
|---|---|
| Mortgage (P&I, 6.80% rate) | $996 |
| Property tax | $175 |
| Home insurance | $80 |
| Maintenance | $159 |
| Total to own | $1,409 |
| Average 2BR rent | $1,219 |
Based on a median home value of $190,913 with a $38,183 down payment. Owning also builds equity over time, which a monthly comparison doesn't capture. Estimates use national averages for taxes, insurance and maintenance — your actual costs will vary.