Buffalo, New York has one of the most diverse home buying markets in the country. People of all races, ages, and backgrounds are becoming homeowners across the region. The largest group of people buying homes in Buffalo are millennials, but there is a growing number of retirees and seniors getting into the market for the first time. Here a few reasons why:
Owning is Less Expensive Than Renting
According to the Zillow's Home Value Index, the median price of a home in Buffalo, New York is $85,100. When using a financial product geared towards first-time home buyers, that have down payments as low as 3 percent, a mortgage on the price of the median home, including taxes and insurance, is $638.
Compared to the $1,050 a month median cost of a one-bedroom apartment rental, homeowners save over $400 a month*.
Homeownership is a Path to Prosperity
In addition to being a monthly financial win, owning a home is a proven step towards building wealth. Home prices have increased steadily since January 2014, and by the end of January 2020, the average home price in Buffalo are expected to rise 16.7% to $99,295.
This means buyers who purchased just five years ago, on average for $51,300, have seen their homes almost double in value.
Homeownership is a Journey
Owning a home doesn’t begin or end at closing, it starts long before walking into a bank or calling a realtor, and doesn’t have to end at the first home you buy. There are plenty of options available to buyers in Buffalo, no matter your income or starting point, and organizations like the Buffalo Urban League, a HUD-approved housing counseling organization, offer financial education and individualized financial coaching from certified housing counselors to help prepare you to purchase your first home, and even the home of your dreams.
If you’re in the Buffalo area and want to take the first step towards buying your first home, learn about how the Buffalo Urban League can support you in your journey.