Real Estate Market in Buffalo, NY
Buffalo’s real estate market has seen a recent boom but it’s history, like so many others (thanks to the Great Recession), is a bit rocky.
Buffalo’s median household income of $27,850 is third-lowest among large cities, behind only Miami and Cleveland; however the metropolitan area’s median household income is $57,000. Because of this, the Buffalo-Niagra area is now known for having the most affordable housing market in the U.S. The quarterly NAHB/Wells Fargo Housing Opportunity Index (HOI) noted nearly 90% of the new and existing homes sold in the metropolitan area during the second quarter were affordable to families making the area’s median income of $57,000 creating a surge in home buying within the last few years.
Most of the real estate market in Buffalo has seen an improvement since 2010. Andrew Cuomo’s development program has brought new construction, increased economic development, and new jobs to the area.
Of all the areas in Upstate New York Buffalo is one of the more economically advancing cities that is having a ripple effect with the real estate market there.