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Binghamton's Housing Market: Average Home Values and Ownership Trends in a University City
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
Binghamton, a city in New York state, is known for its rich history and as the home of Binghamton University. Over the past decade, this city has experienced notable shifts in its housing market dynamics, with changing patterns in homeownership rates, average home prices, and average rent prices.
The homeownership rate in Binghamton has shown a gradual decline from 2013 to 2021, dropping from 46% to 42%. This trend coincides with fluctuations in average home prices, though specific figures for earlier years are not available. The relationship between homeownership rates and federal interest rates is evident, particularly in recent years. As interest rates remained low from 2013 to 2021, ranging from 0.08% to 2.16%, the homeownership rate stabilized around 42-45%. This stability during low interest rate periods aligns with the general trend of increased affordability of home financing.
Conversely, the percentage of renters in Binghamton has steadily increased from 54% in 2013 to 58% in 2021. This rise in the renter population correlates with an upward trend in average rent prices. The average rent in Binghamton rose from $774 in 2013 to $991 in 2021, representing a significant 28% increase over eight years. This trend suggests a growing demand for rental properties, possibly driven by factors such as population changes and shifting housing preferences.
In 2023 and 2024, Binghamton's housing market showed interesting developments. The average home price in 2024 reached $167,858, indicating a substantial increase from previous years. This rise coincides with higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates might impact future homeownership trends, potentially making mortgages less affordable for some buyers.
Looking ahead, based on current trends, it's projected that average home prices in Binghamton may continue to rise over the next five years, potentially reaching around $190,000 by 2029. Average rent prices are also expected to increase, possibly surpassing $1,100 per month in the same timeframe. These projections assume a continuation of current economic conditions and housing market trends.
In summary, Binghamton has experienced a shift towards a more renter-dominated housing market over the past decade, with increasing average rent prices. The recent rise in average home prices, coupled with higher interest rates, suggests a changing landscape for potential homeowners. These trends indicate a dynamic housing market in Binghamton, with implications for both renters and homeowners in the coming years.
