Rent, population, and median household income are important factors to consider for a 1031 exchange in Binghamton due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Binghamton, New York is a part of the Binghamton, NY metropolitan area, and contains 5 zip codes: 13904, 13901, 13903, 13905, and 13902.
Binghamton Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Binghamton, NY metropolitan area was $784, which is 6.52% lower than 2014 average rent. This represents a compounded annual growth rate of 1.27%. 2019 vacancy in Binghamton, NY was 2.00%.
The total population of the city of Binghamton, NY has decreased 5.47% since 2010. As of 2018, the population was 44,785. The median household income of the Binghamton was $31,905, which is 47.08% lower than the national average.
- metropolitan area Binghamton, NY
- avg rent $784
- rent growth 6.52%
- vacancy 2.00%
- median income $31,905
- population (2018) 44,785
- population growth -5.47%
- vs. nat'l avg 47.08%
- zip codes 13901 13902 13903 13904 13905