Analytics built by: Location, Inc.
Raw data sources: American Community Survey (U.S. Census Bureau), U.S. Department of Housing and Urban Development, Federal Housing Finance Agency.
Methodology: NeighborhoodScout uses over 600 characteristics to build a neighborhood profile… Read more
With a population of 258,071, 110,549 total housing units (homes and apartments), and a median house value of $74,514, house prices in Buffalo are some of the most affordable in New York as well as the nation.
Duplexes, homes converted to apartments or other small apartment buildings are the single most common housing type in Buffalo, accounting for 47.63% of the city's housing units. Other types of housing that are prevalent in Buffalo include single-family detached homes ( 33.06%), large apartment complexes or high rise apartments ( 16.28%), and a few row houses and other attached homes ( 2.82%). Cities with mostly row houses, apartments, and other high density housing types are relatively uncommon, and characteristic of compact cities that frequently have a downtown or other neighborhoods where amenities are within walking distance and a lot of street life can be seen.
The most prevalent building size and type in Buffalo are three and four bedroom dwellings. The city has a mixture of owners and renters, with 40.05% owning and 59.95% renting.
The housing in Buffalo was primarily built before 1939 ( 64.22%), making the housing stock in Buffalo some of the oldest overall in America, although there is a range of ages of homes in Buffalo. The next most important housing age is between 1940-1969 ( 25.42%), followed by between 1970-1999 ( 8.19%). There's also some housing in Buffalo built between 2000 and later ( 2.18%).
Vacant housing appears to be an issue in Buffalo. Fully 16.34% of the housing stock is classified as vacant. Left unchecked, vacant Buffalo homes and apartments can be a drag on the real estate market, holding Buffalo real estate prices below levels they could achieve if vacant housing was absorbed into the market and became occupied. Housing vacancy rates are a useful measure to consider, along with other things, if you are a home buyer or a real estate investor.
In the last 10 years, Buffalo has experienced some of the highest home appreciation rates of any community in the nation. Buffalo real estate appreciated 39.08% over the last ten years, which is an average annual home appreciation rate of 3.35%, putting Buffalo in the top 10% nationally for real estate appreciation. If you are a home buyer or real estate investor, Buffalo definitely has a track record of being one of the best long term real estate investments in America through the last ten years.
Appreciation rates are so strong in Buffalo that despite a nationwide downturn in the housing market, Buffalo real estate has continued to appreciate in value faster than most communities. Looking at just the latest twelve months, Buffalo appreciation rates continue to be some of the highest in America, at 7.51%, which is higher than appreciation rates in 79.41% of the cities and towns in the nation. Based on the last twelve months, short-term real estate investors have found good fortune in Buffalo. Buffalo appreciation rates in the latest quarter were at 3.62%, which equates to an annual appreciation rate of 15.30%.
Importantly, this makes Buffalo one of the highest appreciating communities in the nation for the latest quarter, and may signal the city's near-future real estate investment strength.
Relative to New York, our data show that Buffalo's latest annual appreciation rate is higher than 90% of the other cities and towns in New York.
One very important thing to keep in mind is that these are average appreciation rates for the city. Individual neighborhoods within Buffalo differ in their investment potential, sometimes by a great deal. Fortunately, you can use NeighborhoodScout to pinpoint the exact neighborhoods in Buffalo - or in any city or town - that have the best track record of real estate appreciation, by the latest quarter, the last year, 2 years, 5 years, 10 years, or even since 2000, to assist you in making the best Buffalo real estate investment or home purchase decisions.
|$916,001 - $1,222,000||0.6|
|$611,001 - $916,000||1.6|
|$489,001 - $611,000||1.8|
|$367,001 - $489,000||3.2|
|$244,001 - $367,000||6.8|
|$122,001 - $244,000||17.2|
|$61,001 - $122,000||34.9|
|$0 - $61,000||33.8|
|Value Relative to Nation||Value Relative to State|
|Time Period||Total Appreciation||Avg. Annual Rate||
2017 Q1 - 2017 Q2
Last 12 Months:
2016 Q2 - 2017 Q2
Last 2 Years:
2015 Q2 - 2017 Q2
Last 5 Years:
2012 Q2 - 2017 Q2
Last 10 Years:
2007 Q2 - 2017 Q2
2000 Q1 - 2017 Q2
|* 10 is highest|
|AGE OF Buffalo HOMES|
|2000 or Newer||2.2|
|1970 - 1999||8.2|
|1940 - 1969||25.4|
|1939 or Older||64.2|
|TYPE OF Buffalo HOMES|
|Small Apt. Buildings||47.6|
|SIZE OF Buffalo HOMES|
|5 or more bedrooms||4.91|