Comparing Binghamton Area Rent In 2006 To What It Is Today
When almost more of us start out on our own, our first home away from home (aside from any stay in a college dorm) is renting an apartment or a house.
My first rental was the first floor of a house that I shared with two other friends. I don't remember exactly what we paid per month, but since it was decades ago, it surely wasn't anywhere near what rent would cost today for the same house. I'm guessing maybe a third of the price?
I made my first home purchase in the mid-1980s, so I was really out of touch as to what the cost of renting an apartment is these days. Have you seen those tiny one-room Manhattan apartments that rent for thousands per month?
According to Rent Cafe, the average price for an apartment in New York City is $4,614 and the average square feet is 703. The low-end price is around $1500 per month.
In our land of the Southern Tier of New York and Northeastern Pennsylvania, that sticker shock is much less. But how has it changed over the years? Obviously, rent has increased.
Rent Data states that compared to the national average, New York State has the 16th highest rent in the country out of 56 states and territories. The Binghamton area ranks average with the rest of the country.
In 2006, the average rent price in the Binghamton area was $456 for a one-bedroom apartment, $546 for a 2-bedroom rental, and $713 for a 3-bedroom rental according to Rent Data.
In 2022, rent for a two-bedroom home was $855 per month. Fair Market Rent for a two-bedroom apartment in Binghamton is now $964 per month (2023.) That comes to a 12.75% increase.
Southern Tier of New York Counties
Broome and Tioga Counties
One Bedroom - $758
Two Bedroom - $964
Three Bedroom - $1,261
One Bedroom - $696
Two Bedroom - $829
Three Bedroom - $1077
One Bedroom - $540
Two Bedroom - $681
Three Bedroom - $853
Northeast Pennsylvania Counties
One Bedroom - $686
Two Bedroom - $890
Three Bedroom - $1148
One Bedroom - $734
Two Bedroom - $872
Three Bedroom - $1111
One Bedroom - $882
Two Bedroom - $979
Three Bedroom - $1192