A Strong Housing Market
The country's problems with overinflated housing values never really affected Buffalo. The market stayed stable and as a result, home prices in the region are steadily increasing and make Buffalo an attractive market for relocation, both for individuals and companies.
The chart at right, courtesy of The Buffalo News, illustrates the fact that the Buffalo market is doing much better than most of the rest of the country and has actually increased over the pre-crash prices.
From The Buffalo News:
"For the first time in decades – maybe even ever – Buffalo leads the nation in real estate appreciation. In a region known for low-cost homes and a stodgy, slow-to-appreciate market, being the tortoise has paid off. By avoiding the home sales boom and bust that plagued much of the country, a new study shows Buffalo-area home prices appreciated more than any major U.S. city since prices peaked nationally seven years ago."
Perhaps that's why CNBC ranked Buffalo as No. 2 in its list of the top relocation cities in the country.
"2. Buffalo-Niagara Falls, NY Buffalo is an older, industrial city that has “gone through a sort of gut-wrenching transition into the 21st Century,” Sperling says. And now that it’s gotten over the bumps, it’s a great place to live.
The Buffalo-Niagara Falls area has a growing arts scene and it’s affordable: The cost of living is 14.4 percent below the national average, and the average home price is $119,700, well below the national average of $171,700.
There are more than 20 parks in Buffalo, earning it the nickname, “City of Trees,” and for all you sports fans, it’s home of the Buffalo Bills football team and Buffalo Sabres hockey team. As for Niagara Falls, the city has moved from an industrial center to a more sustainable tourism-based economy, and with the opening of the Conference Center Niagara Falls a few years ago, it now attracts more business travelers.
The unemployment rate in the region is below the national average. Health care and education are the fastest growing industries here."
Click here for a searchable database of available homes for in the Buffalo area listed through MLS real estate agencies.
The chart at right, courtesy of The Buffalo News, illustrates the fact that the Buffalo market is doing much better than most of the rest of the country and has actually increased over the pre-crash prices.
From The Buffalo News:
"For the first time in decades – maybe even ever – Buffalo leads the nation in real estate appreciation. In a region known for low-cost homes and a stodgy, slow-to-appreciate market, being the tortoise has paid off. By avoiding the home sales boom and bust that plagued much of the country, a new study shows Buffalo-area home prices appreciated more than any major U.S. city since prices peaked nationally seven years ago."
Perhaps that's why CNBC ranked Buffalo as No. 2 in its list of the top relocation cities in the country.
"2. Buffalo-Niagara Falls, NY Buffalo is an older, industrial city that has “gone through a sort of gut-wrenching transition into the 21st Century,” Sperling says. And now that it’s gotten over the bumps, it’s a great place to live.
The Buffalo-Niagara Falls area has a growing arts scene and it’s affordable: The cost of living is 14.4 percent below the national average, and the average home price is $119,700, well below the national average of $171,700.
There are more than 20 parks in Buffalo, earning it the nickname, “City of Trees,” and for all you sports fans, it’s home of the Buffalo Bills football team and Buffalo Sabres hockey team. As for Niagara Falls, the city has moved from an industrial center to a more sustainable tourism-based economy, and with the opening of the Conference Center Niagara Falls a few years ago, it now attracts more business travelers.
The unemployment rate in the region is below the national average. Health care and education are the fastest growing industries here."
Click here for a searchable database of available homes for in the Buffalo area listed through MLS real estate agencies.