Executive Financial Report: Bingham (04920)
Evaluating relocation options in Somerset? The financial benchmark for residing in Bingham, ME (04920) indicates that a single worker needs roughly $2,950 monthly ($35,398.954 annually) to maintain an adequate standard of living.
With typical rent and housing utilities averaging an affordable $527 per month—just 18% of baseline expenses—Bingham offers exceptionally competitive housing costs compared to wider metropolitan averages across Maine.
Local earnings in Bingham (04920) demonstrate strong purchasing power. The area median family income of $56,636 significantly exceeds the annual baseline living threshold ($35,398.954) by a ratio of 1.60x. This economic buffer allows local households to comfortably absorb inflationary spikes and build long-term wealth.
On the expenditure side, groceries and essential nutrition require approximately $291 per month in Bingham. Direct tax liabilities consume an estimated $454 monthly (15% of total baseline expenses). Factoring local tax structures into annual compensation planning is highly recommended.
Overall, Bingham (04920) presents a distinct economic profile within Somerset. Whether you are relocating for career advancement or evaluating localized living expenses, utilizing our interactive tools below will help you tailor these baseline figures to your exact household composition and salary.