Key Economic Benchmarks
Median Household Income
$62,616$5,218 per month · U.S. Census Bureau ACS 5-YearFair market rent & 30% rule in Broome County, NY
Official HUD Fair Market Rents evaluated against local household income benchmarks.
2026 HUD Fair Market Rent Schedule: Broome County, NY
Official FY2026 HUD Fair Market Rents for Binghamton, NY MSA. Under the federal 30% housing affordability standard, housing costs are sustainable when they consume 30% or less of gross household income.
| Unit Size | Monthly Rent | Annual Rent | 30% Rule Min. Income | % of Median Income |
|---|---|---|---|---|
| Studio / Efficiency | $783 | $9,396 | $31,320 | 15% |
| 1-Bedroom Apartment | $868 | $10,416 | $34,720 | 16.6% |
| 2-Bedroom ApartmentBenchmark | $1,103 | $13,236 | $44,120 | 21.1% |
| 3-Bedroom Home | $1,412 | $16,944 | $56,480 | 27.1% |
| 4-Bedroom Home | $1,622 | $19,464 | $64,880 | 31.1% |
50/30/20 Living Budget in Broome County, NY
Based on the local median household income of $62,616/year ($5,218/month), here is how a balanced budget allocates expenses:
Take-Home Pay & Tax Explorer in New York
Explore net income after federal income tax, FICA, and New York state income tax based on the local median baseline.
Related Regional & Financial Profiles
Compare earnings and living costs across New York with official federal datasets:
Frequently Asked Questions About Living in Broome County, NY
What is the median household income in Broome County, NY?
According to the latest U.S. Census Bureau ACS 5-Year survey, the median household income in Broome County, NY is $62,616 per year (approximately $5,218 per month).
What is the average rent in Broome County, NY?
According to HUD Fair Market Rent (FMR) benchmarks for 2026, standard monthly rents in Broome County, NY are $783 for a studio, $868 for 1 bedroom, $1,103 for 2 bedrooms, $1,412 for 3 bedrooms, and $1,622 for 4 bedrooms.
How does the cost of living in Broome County, NY compare to the national average?
Based on the Bureau of Economic Analysis (BEA) Regional Price Parity index, the general price level in Broome County, NY is 92.9 (7.1% lower than the U.S. national baseline of 100.0).
How much do you need to earn to comfortably afford rent in Broome County, NY?
Under the standard 30% housing affordability standard, renting a median 2-bedroom home ($1,103/month) in Broome County, NY requires a minimum gross household income of $44,120 per year ($3,677 per month).
What is a balanced 50/30/20 monthly budget in Broome County, NY?
For a typical household earning the median income of $62,616/year ($5,218/month) in Broome County, NY, a balanced 50/30/20 budget allocates $2,609/month to essential needs (rent, utilities, groceries), $1,565/month to discretionary spending, and $1,044/month to savings and debt repayment.
What are typical electricity and utility costs in Broome County, NY?
Residential electricity rates in New York average 29.5¢ per kWh according to the U.S. Energy Information Administration (EIA). For an average home using 900 kWh per month, the estimated electric bill is approximately $265 per month.