Turns Out Binghamton Is One Of New York’s Best-Kept Secrets For First-Time Buyers

Ask anyone who's tried to buy a first home around here lately, and they'll tell you the market has changed a lot in a short amount of time.

PortlandRealEstate.com surveyed 3,034 prospective first-time buyers across the country, asking each one where in their state they'd most want to put down roots for a first home. In New York, Binghamton came in at number two, trailing only Kingston in the Hudson Valley and edging out Utica for the number three spot.

Binghamton Offers First-Time Buyers Affordable Way Into New York's Housing Market

Buyers pointed to Binghamton's universities, healthcare employers, and established neighborhoods as reasons the city gives purchasers a practical foundation without the price tag attached to the New York City region or the pricier stretches of the Hudson Valley.

That doesn't mean it's a perfect trade. Buyers surveyed said they'd likely need to accept an older property, slower population growth, or a smaller local job market in exchange for that affordability. But for someone trying to get a foot in the door of New York's housing market, that's a trade a lot of people said they'd happily make.

What New York Buyers Are Willing To Give Up For Their First Home

Across the survey, price was the single biggest factor in whether a zip code felt appealing, with 30% of respondents naming it their top priority. Being close to family and friends came in a distant second at 15%, followed by good schools at 10%.

Buyers also got honest about what they'd sacrifice. Square footage topped the list, with 17% saying they'd give up space before anything else. Access to restaurants and entertainment and a longer commute tied for second, each cited by 12% of respondents. Living farther from family and friends came in close behind at 12% as well.

Smaller Towns Are Becoming The Realistic Choice For New York Homebuyers

Maybe the most telling number in the whole survey: 27% of respondents said they'd realistically consider a smaller town or rural area for their first home, more than any other option offered. Another 23% said they'd take a smaller property in a desirable neighborhood over a bigger one somewhere less appealing, and 19% said they'd move to a suburb farther from the city center.

That shift toward smaller towns and smaller square footage is exactly the kind of thing that puts a place like Binghamton in a strong position. You get a real city with real institutions behind it, at a price that still leaves room to breathe.

Get our free mobile app

Kingston held onto the top spot statewide thanks to its Hudson Valley setting and growing arts scene, and Utica rounded out the top three with its diverse local economy.