The typical owner-occupied home in Bingham is worth about $104,500, 65% below the Maine median of $296,600 and 69% below the national median of $332,700. Owners pay a median $1,036 a year in property taxes, about 0.99% of their home's value, close to the Maine rate of 1.02%. The median household earns $34,688 a year, so the median home costs 3.0 times the median income (4.0 times for Maine). 84% of occupied homes here are lived in by their owners, and 50% of those owners still have a mortgage.
Bingham at a glance
| Bingham | Maine | U.S. | |
|---|---|---|---|
| Median home value | $104,500 | $296,600 | $332,700 |
| Median property tax paid per year | $1,036 | $3,036 | $3,119 |
| Property tax as a share of value | 0.99% | 1.02% | 0.94% |
| Median household income | $34,688 | $74,733 | $80,734 |
| Homes lived in by their owners | 84% | 74% | 65% |
| Owner homes with a mortgage | 50% | 58% | 61% |
| Median monthly costs, owners with a mortgage | $1,003 | $1,729 | $1,963 |
| Those costs as a share of the owners' income | 21.2% | 20.6% | 21.0% |
| Median rent | $354 | $1,139 | $1,413 |
| Rent as a share of renters' income | 25.4% | 29.4% | 30.6% |
| Median year homes were built | 1947 | 1977 | 1980 |
| Vacant homes | 28.9% | 20.6% | 10.1% |
| Population | 564 | 1,387,817 | 334,922,499 |
What a typical home costs per month in Bingham
At this week's average 30-year rate of 7.11%, buying the median Bingham home of $104,500 with 20% down costs about $692 a month, including property taxes and insurance. With an FHA loan and 3.5% down, it's about $866, because the loan is bigger and FHA adds mortgage insurance.
Lenders usually want housing costs under about 28% of gross income, which means an income of roughly $29,663 for the 20%-down payment. That payment is 24% of the median Bingham household income of $34,688; at that income and 20% down, the 28% guideline points to a home of about $122,000.
The median rent here is $354 a month, so owning the median home costs about $338 a month more than renting, before you count the equity you build and any tax benefits.
| Down payment | $20,900 |
|---|---|
| Loan amount | $83,600 |
| Principal and interest | $562 |
| Property taxes (0.99% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| PMI | $0 |
| Total per month | $692 |
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| Down payment | $3,658 |
|---|---|
| Loan amount | $102,607 |
| Principal and interest | $690 |
| Property taxes (0.99% a year) | $86 |
| Homeowners insurance (our estimate, 0.5% a year) | $44 |
| FHA mortgage insurance | $46 |
| Total per month | $866 |
Change the numbers in the calculator
Questions about home buying in Bingham
What is the median home value in Bingham?
About $104,500 for owner-occupied homes, according to the Census Bureau's 2020–2024 American Community Survey.
How much are property taxes in Bingham?
Homeowners pay a median $1,036 a year, which is about 0.99% of the median home value. Your bill depends on your home's assessed value and local rates.
What income do you need to buy a home in Bingham?
For the median home with 20% down at 7.11%, the payment is about $692 a month. Keeping that under 28% of gross income takes about $29,663 a year.
More about Bingham
- Mortgage Refinance in Bingham
- Debt Relief in Bingham
- Home Equity Loans in Bingham
- Guides and quotes for mortgage refinance on our sister site, MortgageRefinance.com
Sources: U.S. Census Bureau, American Community Survey 2020–2024 5-year estimates; Freddie Mac Primary Mortgage Market Survey, week of November 12, 2026. Estimates for small places have wide margins of error. About our data