Why Live in Buffalo
Buffalo's revitalized Canalside waterfront buzzes with year-round activities, while the historic Delaware Park, designed by Frederick Law Olmsted, provides 350 acres of green space for recreation. Cultural attractions include Frank Lloyd Wright's Martin House, the Buffalo AKG Art Museum's contemporary art collection, and Shea's Performing Arts Center hosting Broadway shows. The city's culinary scene features the original Buffalo wing at Anchor Bar, upscale dining at Oliver's Restaurant, and contemporary Mexican cuisine at Las Puertas.
The Buffalo housing market presents diverse options across distinct neighborhoods. The median sale price in Buffalo is $246,000, with median townhome prices at $305,000. One bedroom condos have a median price of $194,600, while two bedroom condos typically sell for $239,900. The Elmwood Bryant area commands the highest median single family home prices at $658,500, followed by Elmwood Bidwell at $597,500. More affordable single family homes exist in University Heights, with a median price of $225,000.
Buffalo's cost of living sits 3.9% below the national average. A family with school age children needs approximately $101,000 annually to live comfortably, while renters should aim for $50,000. Monthly grocery costs average $1,500 for families and $700 for renters. The Erie County property tax rate is 2.08%, with a combined sales tax rate of 8.53%. Top rated schools include City Honors School and private institutions like Nichols School and Buffalo Seminary. The University at Buffalo, Canisius College, and D'Youville College provide higher education options. Buffalo experiences distinct seasons with warm summers reaching 70 to 80°F and snowy winters averaging 95 inches annually.
Frequently Asked Questions
What is the average home price in Buffalo, NY?
Homes for sale in Buffalo, NY have an average home price of $295,255.
How many homes have sold over the last 12 months in Buffalo, NY?
4,124 homes have sold in Buffalo, NY over the last 12 months.
Is Buffalo, NY a safe city?
What are the most popular zip codes in Buffalo, NY?
What are the most popular neighborhoods in Buffalo, NY?
How much do you need to make to afford a house in Buffalo?
The median home price in Buffalo is $234,973. If you put a 20% down payment of $47,000 and had a 30-year fixed mortgage with an interest rate of 6.72%, your estimated principal and interest payment would be $1,220 a month plus property taxes, HOA fees, home insurance, PMI, and utilities. Using the 28% rule, you would need to make at least $52K a year to afford the median home price in Buffalo.
How are the schools in Buffalo, NY?
Home Trends in Buffalo, NY
On average, homes in Buffalo, NY sell after 29 days on the market compared to the national average of 50 days. The median sale price for homes in Buffalo, NY over the last 12 months is $247,000, up 10% from the median home sale price over the previous 12 months.
Median Sale Price
$247,000
Median Single Family Sale Price
$242,800
Median Townhouse Sale Price
$299,999
Median 2 Bedroom Sale Price
$254,900
Median 1 Bedroom Sale Price
$191,250
Average Price Per Sq Ft
$182
Number of Homes for Sale
390
Last 12 months Home Sales
4,124
Median List Price
$234,973
Median Change From 1st List Price
-3%
Median Home Sale Price YoY Change
10%
