Binghamton, NY

Rent vs buy in Binghamton

Median home $146,700. A 1 bedrooms rents for $1,016 a month. Ownership is modelled at 20% down, 6.5% APR, property tax and upkeep.

Rent · 1 bedrooms: $1,016; per month
Own the median home: $1,193; P&I, tax, insurance, upkeep
Owning costs extra: $177; per month, same metro

What a purchase actually costs

20% down payment$29,340
Mortgage at 6.5%$742
Property tax (2.59% of value)$317/mo · $3,800/yr
Insurance and upkeep (1.1%/yr)$134
Total monthly ownership$1,193

Months of leftover to save the down payment

At $2,197 left over a month, it takes about 14 months (1.2 years) to save $29,340 if every leftover dollar goes to the down payment — which it won't.

Rent is asking rent for a new lease. Home value is the Census ACS median. The mortgage is a 30-year fixed at 6.5% with 20% down — a yardstick, not a quote. Not housing or lending advice.