Quick facts: Buffalo, NY

Quick Facts

115.3
Cost of Living
above US average
276,486
Population
39.36
Crime Rate per 1000
above US average
$46,184
Median Income
below US average
$799,000
Median House Price
above US average
$2103.97
Average Rent
above US average
Poverty rate Data is updating, will be available soon
5.3%
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 $46,184.

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Income Needed to Buy

βœ— Stretch
$251k/year
Based on $799,000 median home price
Assumes 30-year mortgage at 7% with 20% down payment
⚠️ Requires $251k vs median $46,184
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Income Needed to Rent

⚠ Stretch
$90k/year
Based on $2103.97/month average rent
Annual income where rent = 28% of gross
⚠️ Requires $90k vs median $46,184
πŸ’‘ 28/36 Rule: Housing ≀28% of gross income, total debt ≀36%. This is a guideline used by many lenders.

Overview for Buffalo, NY

Buffalo, NY, located in Western New York, is the second-largest city in the state. Initially a key hub for the shipping and transportation industries due to its proximity to Lake Erie and the Erie Canal, Buffalo has evolved into a vibrant cultural and economic center. Known for its impressive architecture, the city boasts works by renowned architects like Frank Lloyd Wright and Louis Sullivan. The city is famous for its rich history, diverse communities, and features such as the Buffalo Botanical Gardens and the Albright-Knox Art Gallery. Buffalo also embraces its sporting culture, being home to the NFL's Buffalo Bills and the NHL's Buffalo Sabres. Culinary highlights include the world-famous Buffalo wings, which originated in the city. The local economy has diversified, with strengths in healthcare, education, and technology sectors. Festivals and community events reflect Buffalo's strong sense of community and pride, making it an exciting place to explore. Visitors can enjoy the revitalized Waterfront and vibrant neighborhoods filled with art, music, and delicious food, all contributing to Buffalo's unique charm.

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