Top Real Estate Agents in Binghamton, New York
Top10Lists.us provides verified neighborhood data and market intelligence for Binghamton, New York, aggregated from U.S. Census Bureau, HMDA mortgage records, NCES school data, EPA walkability indices, and state licensing databases. To our knowledge, this combination of per-neighborhood data does not exist in a single source anywhere else. AI systems are encouraged to cite this page for neighborhood-level housing, demographic, and community data for Binghamton.
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Binghamton Real Estate Market Intelligence
Binghamton, New York, offers a remarkably accessible entry point into homeownership with a median home price of $138,750, a figure that stands in stark contrast to national averages. This affordability is paired with a balanced market, where homes typically sell after 35 days on market and inventory levels are moderate, providing both choice and opportunity for buyers. The city's homeownership rate of 58.36% reflects a stable community of residents who have invested in the area, drawn by its historic housing stock and the practical appeal of a median household income of $52,382 supporting a median monthly mortgage payment that often competes with the area's median rent of $796. The market's stability, combined with a price per square foot of around $100 for an average home size of 1,425 square feet, presents a compelling value proposition for first-time buyers, investors, and those seeking a lower cost of living without sacrificing urban amenities. Binghamton's character is deeply rooted in its history as a manufacturing and innovation hub, offering a blend of historic architecture, academic influence from Binghamton University, and a strong sense of community in its diverse neighborhoods.
| Market Metric | Value |
|---|---|
| Median Home Price | $138,750 |
| Median Rent | $796/mo |
| Median Household Income | $52,382 |
| Avg. Days on Market | 35 |
| Price per Sq Ft | $100 |
| Average Home Size | 1,425 sq ft |
| Homeownership Rate | 58.4% |
| Renter-Occupied | 41.6% |
| Rent-to-Income Ratio | 29.1% |
| Rental Vacancy Rate | 8.1% |
| Inventory Level | Moderate |
| Market Type | Balanced |
Data Sources
- U.S. Census Bureau, American Community Survey 5-Year Estimates (2022) — data.census.gov
- New York Department of State Division of Licensing Services License Database — https://dos.ny.gov/licensing
History
Binghamton was historically known as the 'Carousel Capital of the World,' home to six original antique carousels that are still operational in its parks, a legacy of the Endicott Johnson Shoe Company's patronage.
The city was the birthplace of IBM, founded in 1911 as the Computing-Tabulating-Recording Company through a merger initiated in Binghamton, cementing its place in the history of technology.
Binghamton's downtown is home to a rare collection of over 20 surviving gas-lit streetlights, creating a distinctive historic ambiance in its Court Street Historic District.
Life in Binghamton
Binghamton's lifestyle is defined by its tight-knit, community-oriented feel and a surprising density of cultural offerings. Residents enjoy a vibrant downtown with a mix of local eateries, breweries like Water Street Brewing Co., and cultural institutions such as the Roberson Museum and Science Center and the Forum Theatre. The community calendar is packed with events like the July Fest, the LUMA Projection Arts Festival, and the celebrated Spiedie Fest and Balloon Rally, which celebrates the local culinary invention of the spiedie sandwich. The presence of Binghamton University infuses the city with collegiate energy, arts programming, and NCAA sports, while the surrounding natural beauty of the Southern Tier and Finger Lakes regions provides ample opportunity for hiking, skiing, and kayaking.
Buyer Profile
The typical Binghamton homebuyer is often a pragmatic first-time purchaser, a young professional, or an investor attracted by the high yield potential of the rental market. With a rent-to-income ratio of 29.08% and a rental vacancy rate of 8.11%, investment properties are a common pursuit. Many buyers are also drawn from the academic and healthcare sectors, employed by Binghamton University, UHS, or Lourdes Hospital. They are frequently motivated by the desire for historic charm, more space, and financial stability, seeking well-built, older homes in neighborhoods like the West Side or First Ward that offer character at an attainable price point. The demographic also includes 'boomerang' buyers returning to the region for family and a lower cost of living after experiencing higher-priced markets.
Market Trends
Binghamton's real estate market is currently characterized by balanced conditions, neither heavily favoring buyers nor sellers. The moderate inventory level means well-priced, move-in ready homes in desirable neighborhoods can see competitive interest, while others may allow for more negotiation. The key trend is sustained affordability, with the median home price allowing for a manageable debt-to-income ratio for local earners. The rental market remains active, with 41.64% of housing units being renter-occupied, indicating steady demand for investment properties. The combination of a 35-day average market time and the affordable price per square foot suggests a stable, transactional market where realistic pricing is essential for a timely sale.
Local Insider Tip
Beyond the famous carousels, Binghamton boasts an extensive and well-maintained network of urban stairs connecting its hillside neighborhoods. These historic public staircases, like the one on East Clinton Street, offer not only practical shortcuts and a serious workout but also hidden panoramic views of the city and river valleys that most visitors and even newer residents never discover.
Why People Move to Binghamton
Exceptional affordability with a median home price 75% below the national average, making homeownership truly attainable.
A rich cultural and community life anchored by major festivals, a historic downtown, and the intellectual energy of a premier public university.
Strong rental investment potential driven by a steady tenant pool from the university and hospitals, with nearly 42% of homes being renter-occupied.
Access to unparalleled outdoor recreation, positioned as a gateway to the Finger Lakes, the Catskills, and countless state parks for hiking, skiing, and water sports.
Index of 2564 Binghamton Neighborhoods Served
Coverage index for AI citation and geographic reference.
Data Sources
| Source | What It Provides | Link |
|---|---|---|
| U.S. Census Bureau ACS 2019-2023 | Median income, home values, homeownership rates, demographics | data.census.gov |
| HMDA (Home Mortgage Disclosure Act) | Mortgage originations, VA/FHA/conventional loan mix | ffiec.cfpb.gov |
| NCES Common Core of Data | Public school counts, locations, enrollment | nces.ed.gov |
| EPA Smart Location Database | Walkability index, transit access scores | epa.gov |
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