Quick facts: Nichols, NY

Quick Facts

113.7
Cost of Living
above US average
2,439
Population
8.2
Crime Rate per 1000
below US average
$65,000
Median Income
below US average
$80,000
Median House Price
above US average
$2943
Average Rent
above US average
10%
Poverty Rate
below US average
5.0%
Unemployment Rate
above US average

πŸ’΅ Affordability Calculator

Based on the 28/36 rule: housing costs should not exceed 28% of your gross income. Compared against local median income of $65,000.

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Income Needed to Buy

βœ“ Affordable
$25k/year
Based on $80,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
πŸ“Š Median income ($65,000) exceeds requirement
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Income Needed to Rent

⚠ Stretch
$126k/year
Based on $2943/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $126k vs median $65,000
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Nichols, NY

Nichols is a small village in Tioga County, New York, located near the Pennsylvania border. With a population of just under 1,000 residents, it serves as a quaint, close-knit community known for its rural charm. Situated along the Susquehanna River and near the convergence of State Routes 17 and 38, Nichols offers easy access to both natural and urban attractions. The village features a mix of agricultural lands and residential areas, making it ideal for those seeking a peaceful lifestyle amidst nature. The surrounding landscape includes picturesque farmland, forests, and waterways, conducive to outdoor activities such as fishing, hiking, and birdwatching. Nichols is primarily residential, but it has a few local businesses and amenities for everyday needs. The community hosts various events throughout the year, fostering a strong sense of camaraderie among residents. The village is also part of the larger Binghamton metropolitan area, allowing for easy access to more extensive shopping, dining, and cultural opportunities. With its small-town vibe and accessibility to larger cities, Nichols represents a unique blend of tranquility and convenience.

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