Wednesday, February 24, 2016

Buffalo: One of the Most Affordable Housing Markets in the United States

Families looking to relocate often have questions about their new communities and their future finances. For people eyeing the Buffalo area, some of those worries can be laid to rest knowing that the city is one of the most affordable in the country. Low-cost housing combined with economical living expenses makes this a particularly desirable locale.

Buffalo Real Estate Prices Consistently Affordable
The Buffalo area is remarkably affordable. Forbes Magazine ranked Buffalo as the most economical housing market in America in 2014. During the final quarter of that year, homes sold at a median price of $118,000. This makes home buying financially realistic for more than 80 percent of area residents, according to Forbes.

This year, Business First rated Buffalo the second most affordable place to buy a house in the United States. Researchers came to this conclusion by reviewing median income and property value data from the Census Bureau. Buffalo outranked 50 major cities across the nation.

When investors want to buy or start businesses, they're often impressed with the low commercial real estate prices in the area as well.

Low Cost of Living Attractive for All Ages
Some cities and towns have inexpensive housing, but a higher cost of living can wipe out those savings. That isn’t a problem in Buffalo.

Overall living expenses are 14 percent lower than the nationwide average, according to the University at Buffalo. Residents spend about 7 percent less than the U.S. average when they pay utility bills or buy groceries, according to Forbes. Medical care costs and transportation are also below the national average.

During 2014, U.S. News and World Report named Buffalo as one of the most attractive cities for seniors with limited incomes. It noted that the average retiree pays just over $1,000 per month in housing-related bills if he or she continues to make mortgage payments. Seniors also benefit from a special discount card supplied by the city government. It cuts the cost of local restaurant meals, drugstore products, haircuts and various other services. If you're still working, you can look forward to an affordable retirement in this area.

The bottom line is that homeowners in Buffalo can pay their bills more easily than people in most large cities. This helps them lead more enjoyable lives and set money aside for emergencies. Residents also have convenient access to higher education, exciting cultural events, Lake Erie recreation and diverse eateries.

If you're interested in moving to western New York, HUNT can assist you. We help customers find affordable homes, acquire financing and protect their investments with dependable insurance.