Is It Worth Buying a Home in Buffalo, NY?
The decision to rent or buy in Buffalo, New York depends on how long you plan to stay, your down payment, and current mortgage rates. With a median home price of $195,000 and median monthly rent of $1,200, the math plays out differently depending on your personal situation.
Buffalo has an average property tax rate of 1.72% annually, which adds approximately $280/month to the cost of homeownership on a median-priced home.
Historically, home values in Buffalo have appreciated at roughly 1.8% per year, which works in favor of buyers who plan to stay long-term. Use the calculator above to find your personal break-even point.
Key Factors for Buffalo Buyers
- Down payment of 20% on a median home = $39,000
- Monthly mortgage (30yr at 6.99%) ≈ $1,037/mo
- Property tax ≈ $280/mo
- Estimated maintenance ≈ $163/mo