Buffalo, NY
Erie County · Pop. 276,807
Ranked #54 of 243 cities
52Moderate
Median Home Price
🏠$180K
5.5% YoY
Median Rent
🔑$1,050
3.5% YoY
Median Income
💰$40K
Rent Burden
📊32.0%
% of income to rent
Income to Buy
🏦$52K
annual income needed
Income to Rent
📝$42K
annual income needed
Price-to-Income
⚖️4.5x
Homeownership
🏡42.0%
Rent vs. Buy
Buy
$958/mo
Est. mortgage (7%, 20% down)
Need $52K/yr income
Rent
$1,050/mo
Median rent
Need $42K/yr income
How Buffalo Compares
| Metric | Buffalo | New York | National |
|---|---|---|---|
| Home Price | $180K | $420K | $410K |
| Rent | $1,050 | $1,561 | $1,500 |
| Income | $40K | $82K | $75K |
| Rent Burden | 32.0% | 39.5% | 30.0% |
Key Takeaways
- • Home prices in Buffalo are 56% lower than the national average.
- • Rent is 30% lower than the national average.
- • You need an income of $52K to comfortably buy a home here.
- • The homeownership rate is 42.0%, compared to 65.0% nationally.