Binghamton, NY is an attractive city for potential residents due to its relatively low costs. The average rent for a two bedroom apartment is $960 in the area, which is significantly lower than the US average of $1,430. Groceries are also cheaper, with a grocery cost index of 98 compared to the US baseline of 100. The low cost of living makes Binghamton an appealing place for those looking to save money on housing or groceries.
The local economy has many companies that make it even more appealing to live in Binghamton. Companies like Linked Technologies, IBM, UHS, and Delta College bring jobs with good wages and benefits to the city. There are also many smaller businesses that offer unique products and services such as restaurants and boutiques. With these great job opportunities available in the area, it makes Binghamton a great place for anyone looking for a place to live with plenty of economic opportunities.
Binghamton has an unemployment rate of 7.7%. The US average is 6.0%.
Binghamton has seen the job market decrease by -0.3% over the last year. Future job growth over the next ten years is predicted to be 18.2%, which is lower than the US average of 33.5%.
Tax Rates for Binghamton
- The Sales Tax Rate for Binghamton is 8.0%. The US average is 7.3%.
- The Income Tax Rate for Binghamton is 6.5%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Binghamton
- The average income of a Binghamton resident is $19,946 a year. The US average is $28,555 a year.
- The Median household income of a Binghamton resident is $39,012 a year. The US average is $69,021 a year.