Cost of Living in Bingham, ME

With a cost of living index of 55, Bingham, ME is one of the most affordable cities in the country. Living here is 45% cheaper than the national average and 31% below the Maine state average of 87. Bingham is a small community of 613 residents.

Housing costs are the biggest factor in Bingham's cost of living. The median monthly rent is $367 (72% below the US median of $1,319), and the median home value sits at $108,900 (64% below the national median of $304,900). At current prices, the median home costs roughly 2x the median household income — well within traditional affordability guidelines.

The median household income in Bingham is $53,750, which is 28% lower than the national median of $75,149. Residents spend roughly 8% of household income on rent. This is a comfortable ratio, well below the 30% threshold that financial experts recommend as a maximum. Lower incomes here are balanced by the significantly lower cost of living, stretching each dollar further.

Climate is another factor for anyone considering a move to Bingham. The area sees an average annual temperature of 41.2°F, with summers averaging 64°F and winters around 17°F. Annual rainfall totals 44.5 inches spread over roughly 160 days. Cold winters mean higher heating bills, an important cost-of-living consideration.

Data sources: US Census Bureau (ACS 2023), Zillow Home Values, HUD Fair Market Rents, BEA Regional Price Parities, BLS Average Prices, and NOAA Climate Normals. Updated monthly.