Department of Numbers

Binghamton New York Residential Rent and Rental Statistics

The median monthly gross residential rent in Binghamton, NY (the Binghamton metro area) was $724 in 2016 according to the Census ACS survey.1 Average gross rent in Binghamton was $738 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Binghamton median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Binghamton New York (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New York Median Gross Rent $1,194 +0.51% +7.09%
Binghamton, NY Median Gross Rent $724 +1.83% +12.77%

Binghamton, NY Real Gross Rent Trends

Median gross rent for Binghamton peaked in real terms in 2014 at $738 and is now $14 (1.90%) lower. Average gross rent for Binghamton peaked in real terms in 2015 at $770 and is now $32 (4.16%) lower.

Real Gross Rent in Binghamton: Binghamton NY Median, Binghamton NY Average, New York Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Binghamton

Date US
Median
New York
Median
Binghamton, NY
Median
Binghamton, NY
Average
2016 $981 $1,194 $724 $738
2015 $972 $1,188 $711 $770
2014 $942 $1,157 $738 $765
2013 $910 $1,115 $642 $674
2012 $898 $1,096 $687 $709
2011 $898 $1,091 $669 $703
2010 $912 $1,089 $696 $701
2009 $916 $1,071 $674 $675
2008 $932 $1,078 $674 $716
2007 $885 $1,018 $652 $651
2006 $895 $1,026 $643 $652
2005 $869 $1,004 $647 $657

Binghamton Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Binghamton New York was 5.31% according to Census ACS data.

Rental Vacancy Rate in Binghamton New York

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New York 4.42% +0.01% +0.25%
Binghamton, NY 5.31% -0.73% -2.90%

Trends in Binghamton, NY Rental Vacancy Rate

The rental vacancy rate in Binghamton peaked in 2008 at 9.62%. Since then it has fallen by 4.31% to 5.31%. Data records for this series originated in 2005.

Rental Vacancy Rate: Binghamton NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for Binghamton

Date US New York Binghamton, NY
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%
2008 7.86% 4.68% 9.62%
2007 7.87% 4.70% 7.60%
2006 7.70% 4.94% 4.63%
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 16.92% in 2016 according to the ACS.

Binghamton New York Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New York 22.78% -0.36% -0.42%
Binghamton, NY 16.92% -0.14% +0.57%

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 1.31% to 16.92%.

Fraction of Income towards Rent: Binghamton NY, New York, US

Percent of median household income going towards median monthly gross rent in Binghamton New York

Historical Data for Annual Rent as a Fraction of Income in Binghamton New York

Date US New York Binghamton, NY
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%
2008 19.00% 20.41% 15.83%
2007 18.66% 20.34% 15.41%
2006 18.90% 20.43% 15.36%
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 2016 33.57% of households were renters according to Census ACS data.

Binghamton Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New York 46.72% -0.21% +0.37%
Binghamton, NY 33.57% +0.96% +3.39%

Trends in the Binghamton, NY Renter Fraction

At 33.57%, the 2016 household based renter fraction in Binghamton was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Binghamton NY, New York, US

Fraction of renters in Binghamton

History of Binghamton Renter Fraction

Date US New York Binghamton, NY
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%
2008 33.36% 44.71% 31.03%
2007 32.80% 44.48% 30.97%
2006 32.73% 44.40% 30.29%
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.