Renting In Binghamton, New York: Are Tenants Paying Too Much?

Are you planning to rent in Binghamton anytime soon? Well, here is something that are going to want to know first!

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A recent study by Assurance IQ looked at the cities where renters pay the highest and lowest percentages of their landlord's mortgage payment every month. Hold onto your shorts, Binghamton came in #1 over every other city in the USA.

When it comes to the percentage of the landlord's mortgage payment, the Parlor City came in at 166%. I have a feeling that they won't put that in their "Come live in Binghamton" brochure.

Binghamton renters pay the most of their landlord’s mortgage payment

The study looked at the most recent Zillow estimates on rent and home values across the 250 largest metropolitan areas in the United States. They wanted to find out which renters pay the most toward their landlord's mortgage. In Binghamton's case, the data reveals some concerning figures for future renters.

On average, the mortgage payment for landlords in Binghamton is $935.48. However, tenants in the area are paying an average rent of $1,551.76, which means they are contributing 165.9% towards their landlord's mortgage.

This means that renters in Binghamton are essentially overpaying by nearly two-thirds of their landlord's monthly mortgage costs. To put this into perspective, let's compare that to the city with the lowest percentage - San Jose, California.

In San Jose, the average rent is $3,385.56, renters pay 40.6% of their landlord's mortgage payment. With an average monthly mortgage cost of $8,343.96, renters in San Jose are paying less than half of what people in Binghamton are paying.

However I have to admit that I feel much better when I realize that on average, we are paying a little over $1,550 a month, compared to over $3,000 a month in San Jose. Here is another way that we can look at it, we are paying less then half per month then Teal Town in total dollars.

We like to say all the time that it's "all about perspective" and that is certainly the case here. If you're a landlord then you love that your mortgage is being paid plus some. If you're a tenant, you can take comfort that not as much moola is flying out of your pocket.